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Lendio partners with Staples in landmark deal
HomeNewsLendio partners with Staples in landmark deal

Lendio partners with Staples in landmark deal

News Desk
News Desk
January 31st, 2023
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In late February, small business marketplace lender Lendio joined office supplies giant Staples on the floor of the New York Stock Exchange to introduce the largest partnership to date between a major retailer and marketplace lender.

The announcement was the culmination of months of planning and is the first of its magnitude, but it definitely will not be the last. As marketplace lending grows in prominence, retailers are looking for additional revenue streams as banks are showing tepid interest in funding small businesses.

The union makes sense in many ways. Staples is a well-known brand providing dozens of consumable products to small businesses. They have a strong online presence which should only grow as time-strapped business owners grow more comfortable with ordering online.

That works perfectly with Lendio, who operates exclusively online.

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“The hardest is the true startup, the business in the idea phase, without any revenue, and one with bad credit.”

“If they have good credit and they’re a startup, we’re going to have options for them. If they have bad credit but they are not a startup and have been in business a while longer we’ll be able to help them.”

“But if they have bad credit and they’re a startup, there aren’t too many lenders out there looking to make that type of loan.”

The paint isn’t yet dry, so Lendio and Staples still have some small details to work out such as promotional presence in Staples retail locations, but Mr. Blake is confident those will be ironed out.

The Staples deal has caught the eye of other players, so don’t be surprised if similar partnerships are announced in the months ahead.

“There’s so many companies out there similar to Staples that have hundreds of thousands or maybe even  millions of small business customers who have plenty of things to do. These partnerships become even more relevant.”

“Since the Staples announcement there have been some other feelers sent out and there’s definitely more interest out there,” Mr. Blake said. “We’ve had some other doors open. It’s too early to announce anything.”

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