While the COVID-19 pandemic has caused many equipment finance companies to drastically reduce their operations and service levels, NewLane Finance a subsidiary of WSFS Bank, continues to operate at full scale and remains focused on providing critical equipment financing and other support to businesses nationwide.

“NewLane is committed to doing whatever it can to help businesses during this unprecedented time,” said George Pelose, President of NewLane. “By continuing to fund new equipment loans and leases and by providing personalized customer service and support, the NewLane team is working to mitigate the impact of COVID-19 on customers, equipment dealers, and lease brokers.”

“We understand that it’s a challenging time for many businesses. To help ease the burden, we provided immediate solutions to help customers navigate through this difficult time,” said Daniel P. Dyer, NewLane’s CEO.

NewLane established and implemented the following customer assistance efforts and sales programs for all customers, equipment dealers, and lease brokers:

• Personalized service during all hours of business operations: NewLane associates are available from 8 a.m. to 7 p.m. EDT to provide customized financing solutions.
• Businesses that sell equipment or need to acquire equipment can contact the Sales Support team
• Current customers who have questions or need assistance can contact the Customer Solutions team
• Accepting new equipment dealers and brokers: Backed by WSFS Bank, NewLane has committed capital to continue the funding for equipment sold by dealers and brokers.
• Processing new equipment loans and leases: NewLane continues to approve and fund new equipment loans to help businesses conserve their cash and working capital.
• Same-day approval and funding on lease applications: NewLane’s virtual office technology provides fast credit decisioning and funding, which is critical in the COVID-19 environment.
• Flexible repayment options: NewLane provides payment deferrals to existing customers most impacted by the crisis and offers program deferrals on new leases and loans to qualified businesses.
• Late fee waivers: Existing customers who do not require payment deferrals but need more time to make their payments can contact the Customer Solutions team to request late fee waivers.
• Small Business Quick Reference Guide: NewLane assembled a resource guide for small businesses that includes links to COVID-19 federal responses, information to COVID-19 data from leading medical institutions, and information about the CARES Act.

Although no one knows how long the impact of COVID-19 will last, NewLane remains committed to providing customized equipment financing solutions and personalized service to the business community. Whether the priority is now or in the future, NewLane stands behind its mission to provide Business Lending Done Right. For more information, visit newlanefinance.com.