It’s only been a few months since office supply store Staples revealed plans to launch into the small business financing industry, but according to the latest reports on the service, it’s already a success.
The store has already facilitated more than $1.5 million worth of SME loans, according to reports released Thursday (May 28). Since the financing venture launched last February through a partnership with alternative lending platform Lendio, Staples has approved loan applications for 43 small businesses.
“We are committed to helping small business by providing everything they need to make more happen in their businesses through products and services they need, including capital,” said the company’s senior VP of North American Stores & Online Alison Corcoran.
The company declined to specify how many small business applicants have attempted to obtain financing through the Staples Business Loans platform. SMEs that want to obtain a loan through the service first go to Staples’ online site, where they are then directed to Lendio’s online application, according to reports. SMEs are evaluated based on their credit scores and applicants do not have to pay a fee.
Staples has been launching several enterprise-focused services in recent months as it looks to combat declining in-store office supply sales. Last March, the firm rolled out its Print-To-Store service for Staples Advantage business customers. The company has reportedly remained quiet as to whether it will expand its SME lending program to the Staples Advantage side of its operations.
On a larger scale, Staples announced in February that it is also in the middle of an acquisition of Office Depot, acting as a sign of a struggling B2C office supply retail industry.