Pitney Bowes Bank launched a new subsidiary, Wheeler Financial, which will be dedicated to helping small to middle market clients acquire the assets they need to grow and expand their business.
Wheeler Financial will help clients purchase new equipment and services critical to the industries in which they operate with loans, leases, and other financial structures.
Focused on non-captive equipment, this investment in the sustainability and growth of small and medium businesses comes at an opportune time. According to the most recent National Center for Middle Market Indicator, 71% of businesses surveyed are planning to invest extra cash into their business. In addition, the FDIC reports that small business loans have declined for 10 straight quarters, while banks with $100M of assets or less decreased by 79% between the years 1998 to 2018.
“We understand our client’s needs for capital are growing,” said Christopher Johnson, senior vice president and president, Pitney Bowes Financial Services. “The market’s ability to meet that need is actually shrinking. With the launch of Wheeler Financial, we are committed to investing in our clients’ growth by helping them acquire the assets essential to their business operations.”
Pitney Bowes will also be expanding investment in its financial services business as it makes resources available to its significant small and medium business client base.
Wheeler Financial is named in honor of Walter Wheeler, who served Pitney Bowes for over four decades in roles such as salesman, European representative, general manager, CEO and chairman.
Pitney Bowes Financial Services has been providing commercial lending opportunities and solutions to purchase Pitney Bowes equipment for more than 30 years, financing over $10 billion to date.
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