Pelagic Capital, BitX Funding Form Strategic Partnership
MAY 29, 2019 - 7:10 am
Transportation finance company Pelagic Capital and BitX Funding pooled resources to expand their offerings for business financing, combining the sophisticated funding network of online marketplace BitX with the comprehensive leasing and dealership universe of Pelagic.
With core competencies that complement one another and their customer base, the seasoned entities will build on the opportunity they have reputably created for local business within the non-bank niche between captive and subprime lending.
Individually, BitX and Pelagic help to push valued clients through the borrower bottleneck and streamline access to working capital. Together, they will amplify lending and leverage the business lifecycle to include equipment financing that can broaden their collective range and take clients to the next level in any economic environment.
“We’re excited to blend our expertise with long-standing relationships across business categories to offer more products and services,” said Todd Rowe, president of BitX Funding, “Process, procedure and a deep bench of lenders and dealers will allow our clients to gain access to the asset funding needed to grow their business.”
For over 35 years, Pelagic Capital provided financial solutions for a wide range of commercial assets, specializing in transportation. Direct-lending expertise and well-cultivated collaborations with dealers nationwide add value to its offerings that secure non-bank lending and financing for income producing equipment.
“We want the bankers and lenders to look at us and realize we are doing something that not everybody can procure,” said Greg Minsky, managing director at Pelagic Capital. “We understand the hard asset side of the business, what it takes to get transactions closed and how to get to the yes.”
Pelagic secures financial matches for asset-based investment for both first-time buyers looking for credit and established businesses that are seeking growth.
Since 2013, BitX Funding has generated over $10 million in financing for small businesses nationwide through its online marketplace that pairs small-business owners with optimal lenders offering startup loans, business lines of credit, short-term loan, mid-term loan, SBA loan and merchant cash advances.
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