Noesis Launches Promotional Financing, Hires Capital One/Walmart Vet
JUN 17, 2015 - 7:35 am
Noesis, an online lending marketplace for financing industrial equipment, such as lighting, HVAC, and other energy-saving commercial building improvements, announced the launch of a promotional financing program. The company also announced the appointment of Capital One and Walmart veteran, Hiren Patel, as chief credit officer, who will lead the new finance program.
Patel, formerly with Capital One’s small business and auto finance divisions, and most recently the new product and business development lead on the Sam’s Club Financial Services team at Walmart, will oversee the launch of the promotional financing program. He will also work with both new and existing institutional credit providers to the Noesis marketplace. Patel brings a track record of product and credit risk experience.
The addition of Patel is the latest in a series of hires to address the interest in Noesis’ equipment finance credit offerings. Patel joins other recent hires from LendingClub, A+ Credit Union, National Cooperative Bank and IBM’s equipment financing group, expanding Noesis’ expertise in vendor equipment financing for small and medium commercial customers.
“As we continue to grow our lending marketplace, we recognized there was a need to offer promotional financing for our partners, similar to what fin-tech companies have offered in other commercial and consumer sectors,” said Scott Harmon, founder and chief executive officer of Noesis. “Our promotional financing is directly applicable to the $18 billion in energy-saving equipment sold annually to commercial building owners, but there is a much bigger opportunity to offer attractive, point-of-sale financing to overcome budgeting and other purchase constraints across all industrial equipment sales, from refrigeration to elevators.”
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