Wheeler Financial™ from Pitney Bowes to Provide Equipment Financing to Small and Medium Businesses
March 19 2019 - 8:00AM
Business Wire
Pitney Bowes Inc. (NYSE: PBI), a global technology company that
provides commerce solutions in the areas of ecommerce, shipping,
mailing, finance, and data, today announced Wheeler Financial from
Pitney Bowes, a new subsidiary of the Pitney Bowes Bank, Inc.,
Member FDIC. This new subsidiary will be dedicated to helping small
to middle market clients acquire the critical assets they need to
grow and expand their business.
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the full release here:
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Wheeler Financial from Pitney Bowes will help clients purchase
new equipment and services critical to the industries in which they
operate with loans, leases, and other financial structures. Focused
on non-captive equipment, this investment in the sustainability and
growth of small and medium businesses comes at an opportune time.
According to the most recent National Center for Middle Market
Indicator, 71% of businesses surveyed are planning to invest extra
cash into their business. In addition, the FDIC reports that small
business loans have declined for 10 straight quarters, while banks
with $100M of assets or less decreased by 79% between the years
1998 to 2018.
“We understand our client’s needs for capital are growing,” said
Christopher Johnson, Senior Vice President and President, Pitney
Bowes Financial Services. “The market’s ability to meet that need
is actually shrinking. With the launch of Wheeler Financial, we are
committed to investing in our clients’ growth by helping them
acquire the assets essential to their business operations.”
The Pitney Bowes Bank, Inc., Member FDIC, resides in Salt Lake
City, Utah and was established in 1997 to facilitate buying of U.S.
postage – a form of currency. Clients can access extended lines of
credit for postage, supplies, shipping expenses and postal
equipment rental. In addition, they can hold deposit accounts and
earn interest while they prepay for postage services. Pitney Bowes
Financial Services has been providing commercial lending
opportunities and solutions to purchase Pitney Bowes equipment for
more than 30 years; financing over $10B to date. With the advent of
Wheeler Financial, Pitney Bowes has access to bank capital ready to
loan out to SMBs.
Pitney Bowes is expanding investment in its financial services
business as it makes resources available to its significant small
and medium business client base. The company has facilitated
commerce for nearly 100-years and is committed to having a positive
impact on local communities and jobs.
Wheeler Financial is named in honor of Walter Wheeler, who
served Pitney Bowes for over four decades in roles such as
salesman, European representative, general manager, CEO and
Chairman. He was a visionary in commerce whose impact continues to
inspire the company today.
Visit www.wheelerfinancial.com to learn more.
About Wheeler Financial from Pitney Bowes
Wheeler Financial™ from Pitney Bowes is a subsidiary of the
Pitney Bowes Bank, Inc., Member FDIC, dedicated to helping small to
lower middle market clients acquire the critical assets they need
to grow and expand their business with innovative financing
solutions. The Pitney Bowes Bank, together with Pitney Bowes, has
been financing Pitney Bowes equipment for over 20 years. Our
expansion into helping our clients finance other purchases reflect
our continued commitment to helping our customers grow efficiently
and effectively.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global technology company providing
commerce solutions that power billions of transactions. Clients
around the world, including 90 percent of the Fortune 500, rely on
the accuracy and precision delivered by Pitney Bowes solutions,
analytics, and APIs in the areas of ecommerce fulfillment, shipping
and returns; cross-border ecommerce; office mailing and
shipping; presort services; location data; customer
information and engagement software; services; and financing. For
nearly 100 years Pitney Bowes has been innovating and delivering
technologies that remove the complexity of getting commerce
transactions precisely right. For additional information visit
Pitney Bowes, the Craftsmen of Commerce, at
www.pitneybowes.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190319005255/en/
John SpadaforaPitney Bowes
Inc.518-708-3466john.spadafora@pb.com
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