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OFFICE DEPOT NOW OFFERS SMALL BUSINESS LOANS
The aisles of Office Depot have long kept small businesses stocked with stationary, staplers, file folders and other supplies. Now they can pick up another necessity: Cash.This week, the Florida-based office-supplies chain announced a partnership with Superior Financial Group, a Walnut Creek, Calif. lender, to provide Small Business Administration loans to qualified borrowers of up to $25,000.
According to the online application, there is no fee to apply and approved borrowers receive a 10% discount off the loan origination fee. The loans can be repaid over a period of eight years, keeping monthly installments low, with no penalty for early repayment.
The move comes at a time when smaller companies are still struggling for credit. A recent study by Pepperdine University found only 17% of small businesses that sought a bank loan in the past six months were approved. Small-business owners consistently rank access to capital as a top concern.
Monica Luechtefeld, Office Depot’s executive vice president of global e-commerce, said in a statement that the new loan program will help small-business owners get the “funds they need to start, run and grow their business.”
Superior Financial Group is a federally regulated Small Business Lending Corporation, which is a non-bank lender overseen by the SBA that issues government-backed small-business loans
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