TransPecos Banks, a Texas-based banking organization with locations throughout the TransPecos region of west Texas and San Antonio, launched Velocity Equipment Finance, a digital-first equipment finance platform that is aiming to offer the simplicity of consumer lending for commercial equipment and technology financing.
“For years, the equipment finance industry innovation practices have stopped at the edge of improving 50-year-old processes,” Cory Damm, managing director of Velocity Equipment Finance, said. “Breakthrough finance innovation is happening in sectors both tangential and parallel. It is long past time to see those innovations reach the needs of small businesses, vendors and third-party originators. With TransPecos’ support, those audiences will have a new definition of incredibly fast and flexible equipment financing.”
“We have long been interested in entering the lease financing space,” Mike Kozub, CEO of TransPecos, said. “Launching Velocity EF allows us to deliver a unique value proposition to small and medium businesses needing capital access quickly. Velocity expands TransPecos’ current product suite, furthers national reach and strategically supports our mission to reinvent community banking.”
Velocity Equipment Finance will support equipment finance needs starting at $1,000 and reaching more than $150,000.
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