Office-supply giant Staples is getting into the business of small business loans, teaming up with financial-tech firm Lendio in an effort to supply funds to cash-strapped companies.
Staples Business Loans offers more than 20 funding options and is designed to give companies flexibility with how they spend the money, the company announced Wednesday.
The loans will range from $2,500 to $1 million.
“At Staples, we’re committed to helping small business owners by providing everything they need to make more happen in their business — including funding,” said Frank P. Bifulco Jr., executive vice president for global marketing, in a news release.
In the release, Staples noted that securing funding can sometimes be a frustrating process for startups and other small enterprises, calling the process time-consuming, complex and, too often, unsuccessful.
Small businesses have to contact at least three different lenders for help and spend an average of 33 hours applying for credit, according to a survey last year by the Federal Reserve Bank of New York.
The range of products Staples Business Loans will offer includes lines of credit, Small Business Association loans, term loans, cash advances, equipment loans and commercial real estate loans.
Lendio’s online tool curates offers from a wide variety of lenders and matches them with what a client is seeking.
The announcement was made officially Wednesday when representatives of Staples rang the opening bell on the NASDAQ exchange in New York.
Staples’ new venture comes after it moved earlier this month to buy out rival Office Depot for roughly $6.3 billion.
Doug Gross is a staff writer covering personal finance for NerdWallet . Follow him on Twitter @doug_gross and on Google+ .
Image via iStock.
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