Lendio has entered into a deal with Staples to make its small business loan marketplace service available through the office supply giant.
Staples will announce the deal on Feb. 25 at the New York Stock Exchange, according to company information received by Bank Innovation.
Public relations representatives for the two companies informed Bank Innovation that the news was unconfirmed.
The partnership, according to Staples, will allow Staples small business customers access to Lendio’s alternative lending platform, giving those businesses access to a number of lenders. Lendio provides multiple loan options within minutes, unlike traditional bank loans, which can take days to approve an application. (Lendio users still have to get underwritten by lenders.)
The partnership gives Lendio access to a number of small businesses that might not otherwise find it, and presumably, Staples gets a cut of whatever loans result from the referral.
Staples described the statistics around small businesses’ access to capital as “despairing,” and added that the company “is now taking on the challenge of closing the capital access gap for its small business customers by entering into the Marketplace Lending Space.”
Staples calls this partnership the first of its kind. With the growing clout of alternative lenders in the consumer and small business space, it certainly won’t be the last.
Staples operates more than 2,000 retail stores nationwide. Earlier this week, Staples announced plans to acquire Office Max for $6.3 billion.
Lendio was launched in 2006 and has raised $12.5 million of venture funding to date, according to Crunchbase.
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