Small Business Finance News
Office Depot Partners With SBA To Lend To Small Businesses
Written by Jenna Weiner
Office Depot attempts to spur small business growth with an Express loan program designed to feed SBA microloans to small businesses.
In what could be great financial news for entrepreneurs, Office Depot has formed a partnership with Superior Financial Group, a lender for the Small Business Authority, to provide qualifying businesses with SBA loans worth up to $25,000.
The chain supply store said that the loans come at a time when small businesses have been struggling with the poor economy. The store cites a recent Office Depot Small Business Index, which said that only 56 percent of small businesses got all or most of what they needed when applying for a loan.
According to a report from the Charlotte Observer, only 30 percent of small businesses that wanted credit would qualify for traditional SBA-backed loans. The news source said that nearly half would have to turn to alternatives that could cost up to 31 percent, according to a survey from MultiFinding.
"Small businesses are the engine of our economy," said Monica Luechtefeld, executive vice president of global e-commerce at Office Depot. "We believe this 'Express' loan program will be just what these business owners need to help jump-start the economic recovery for America."
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