Staples launches business loans service

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By Emily Micucci

Staples has partnered with financial technology firm Lendio to deliver lending services to small businesses, according to a company statement released Wednesday.

The service, which will be known as ‘Staples Business Loans powered by Lendio’,” will deliver more than 20 different funding options to small businesses looking for capital, according to Staples.

“We’re excited to team up with Lendio to launch Staples Business Loans, which makes it easy for small businesses to get funding that is right for their business,” Frank P. Bifulco Jr., executive vice president of global marketing at Staples, said in a statement.

Staples said it evaluated more than 30 financial services firms before selecting Salt Lake City-based Lendio to run the service. Lendio CEO Brock Blake said the web-based company has already helped nearly a half a million small business owners with financing.

“We are thrilled to team up with Staples … and look forward to helping their customers with a range of financial products all in one place,” Blake said.

The new service offers a broad set of funding products, such as lines of credit, SBA loans, term loans, merchant cash advances, equipment loans and commercial real estate loans. Businesses using the service have access to loans ranging from $2,500 up to a $1 million, and the Lendio system allows customers to see all funding options through one application. A loan advisor guides the business through the process, offering advice on funding options.

Staples said small businesses using the Staples Business Loans service can expect funding “within days, not weeks.”

The news comes as Staples, which this month announced the acquisition of competitor Office Depot for $6.3 million, has been downsizing its retail store footprint, and is likely an attempt to diversify its revenue sources. Staples’ stock price ticked up close to $16.83 on Tuesday when the loan service was first announced, but opened slightly lower at $16.60 Wednesday morning.