Pitney Bowes, a shipping and mailing company that provides technology, logistics and financial services, partnered with Funding Circle, an online small business lending platform, to provide loans to its small business customers.
Powered by Funding Circle’s machine learning and technology platform, Pitney Bowes will offer small business term loans to its customers, who will benefit from Funding Circle’s streamlined online application and loan origination process with market competitive rates. With these capabilities, customers will be able to gain access to critical funds in 48 hours or fewer.
This pilot program aims to advance the lending experience for Pitney Bowes’ small business customers at a time when many small businesses are increasingly looking for growth capital. Seven in ten business owners (72%) have said they will need financing this year, according to Funding Circle’s 2021 small business survey.
“America’s 32.5 million small businesses are the driving force behind our economy, but the number of small business loans approved by large banks has halved in just two years,” Christopher Johnson, president of Pitney Bowes Financial Services, said. “Our partnership with Funding Circle will help business owners on Main Street get the working capital they desperately need to grow their business. In addition, it positions Pitney Bowes for long-term growth as we create new value for our clients with new offerings.”
“We share a common mission with Pitney Bowes to break down barriers and help make access to finance easier for all SMBs,” Vipul Chhabra, managing director of Funding Circle, said. “This lending-as-a-service partnership showcases the strength of our machine learning and tech platform to help customers access funding in a simple and seamless way. More than one third of business owners see an opportunity to grow the size of their business this year, yet many remain hindered by a lack of access to capital to do so. We are committed to helping these businesses to unlock the finance they need to grow and power the economic recovery.”
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