Lenovo Extends Financial Services Program with CIT, LBC Capital
MAY 22, 2020 - 6:55 am
CIT Group (CIT) and Lenovo extended a three-year program extension to their Lenovo Financial Services program, continuing the decade-long relationship. LBC Capital also extended its partnership with Lenovo.
Under the extensions, CIT will continue to provide vendor financing solutions for U.S. clients and customers who utilize Lenovo’s technology products and services and LBC Capital continue as the exclusive lessor for the Lenovo Financial Services program in Canada until 2023.
“We’re excited to continue our longstanding and successful relationship with Lenovo,” said Mike Jones, president of CIT’s Business Capital division. “CIT is committed to providing customers with the financial agility and flexibility to meet their unique needs. Our Lenovo Financial Services program demonstrates that commitment by showcasing CIT’s ability to deliver the right financing solutions for customers.”
“We are thrilled to extend our agreement after a successful 10-year partnership. Lenovo’s continued confidence in our services demonstrates our client-focus, commitment to performance, and leadership position in the equipment financing industry. We look forward to supporting Lenovo for years to come,” said Eric Provost, president of LBC Capital.
“For 10 years, CIT has served as a trusted financing and services provider for Lenovo, giving our U.S. customers the flexibility they may need to incorporate technology solutions into their businesses,” said Rob Makin, Lenovo executive director of Worldwide Device as a Service and Lenovo Financial Services. “Extending this relationship strengthens our ability to make smarter technology available for all, whether through outright leases or participation in Lenovo’s Device as a Service Program.”
“LBC Capital has been a trusted partner of Lenovo’s for more than a decade, offering an end-to-end leasing technology platform and a deep understanding of the markets they serve,” said Rob Makin, Lenovo Executive Director of Worldwide Device as a Service and Lenovo Financial Services. “By extending our relationship, we will continue offering Lenovo clients best-in-class solutions through our leasing and Device as a Service programs that enable them to lower their total cost of ownership and reserve capital.”
Through the Lenovo Financial Services program, CIT offers solutions for commercial customers seeking to lease or finance Lenovo’s technology products and services. CIT supports all of Lenovo’s direct and indirect sales channels, from small business e-commerce to Fortune 100 clients. Options range from traditional fair market value leasing and loan products to integrated managed service offerings.
LBC Capital is a subsidiary of Laurentian Bank of Canada specialized in equipment and floorplan financing. Fuelled by growth through the acquisitions of CIT Group Inc.’s Canadian activities (2016) and Northpoint Commercial Finance (2017), an inventory finance lender in the U.S., LBC Capital has established a solid, end-to-end equipment financing platform.
CIT’s Business Capital division empowers small and mid-size businesses by providing equipment financing solutions via technology-enabled platforms and structuring expertise.
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