Small web retailers now have a new source for applying for loans backed by the U.S. Small Business Administration on OfficeDepot.com.
Over time Office Depot Inc., No. 5 in the Internet Retailer Top 500 Guide, has added various services aimed at small business on OfficeDepot.com, such as information technology services, computer repair, copying and printing.
Now Office Deport is working with Superior Financial Group, a lender certified by the Small Business Administration, to let business owners apply for loans ranging from $5,000 to $25,000 on OfficeDepot.com.
Once a business executive clicks on the SBA link at OfficeDepot.com she can fill out a one-page loan application in about 10 minutes, ascertain the amount of a potential loan and get pre-certified by Superior Financial Group, says Office Depot. The follow-up paperwork and payment are then handled by Superior Financial Group, a lender based in Walnut Creek, CA, by phone and by mail. “Once you are approved, you get your loan documents the very next day to sign,” says an Office Depot spokesman. “The process is very fast and very efficient.”
As an incentive for small retailers to use OfficeDepot.com to apply for a commercial loan, potential borrowers will receive a 10% discount on the loan origination fee from Superior Financial Group.
Office Depot says it is offering small business loan application processing as an e-commerce option to reduce the amount of time and red tape small companies must go through to borrow money. “America's small business community still remains intent on obtaining the finances needed to grow their business, with 30% of business owners surveyed saying they are researching more ways to expand their business,” says the spokesman.
“Small businesses are the engine of our economy,” says Office Depot executive vice president of global e-commerce Monica Luechtefeld. “We believe this 'express' loan program will be just what these business owners need to help jump-start the economic recovery for America. We hope the small business community will take advantage of this opportunity to obtain a loan and get access to the funds they need to start, run and grow their business."
The SBA loan feature also is available on Office Depot’s mobile commerce site.