Pitney Bowes Financial Services Demonstrates Renewed Commitment to Main Street
STAMFORD, CT, September 6, 2022 – Pitney Bowes Inc. (NYSE: PBI), a global shipping and mailing company that provides technology, logistics, and financial services, today reaffirmed its commitment to small business lending with the announcement of up to $10 million worth of financing to two small business clients. New York City-based Ash NYC and Farmington, Michigan-located Digital Terrain selected Pitney Bowes Financial Services to augment their primary source of capital and deliver affordable revolving lines of credit and term loans.
“Small businesses are at crisis point right now, as access to the affordable capital they so badly need to grow is more difficult than ever to obtain,” said Christopher Johnson, Senior Vice President and President, Pitney Bowes Financial Services. “Many small- and medium-sized businesses (SMBs) are coming to us to augment their primary source of financing which gives them better value, breathing space between payments and improves their cashflow. Our deep insight and firm commitment to financing Main Street, backed up with over one hundred years’ experience helping SMBs succeed gives us a unique perspective and a robust platform from which to deliver capital.”
Ash NYC provides interior design and furniture rental for residential developers, high-end hotels and restaurants. Founded in 2013, the business specializes in the design and furnishing of residential and commercial spaces often at short notice. This requires access to inventory, which ties up valuable working capital, limiting liquidity for the firm. The company selected Pitney Bowes to augment its primary source of financing, to consolidate existing loans and improve its cashflow with a $3 million working capital line of credit and $2.2 million term loan. Now, Ash NYC is well-positioned to capitalize on growing demand.
“We were in a catch-22 situation with orders to fulfil but needing finance for our inventory,” said Jonathan Minkoff, Chief Financial Officer for Ash NYC. “The team from Pitney Bowes solved this for us. They swiftly built a set of affordable, flexible financial services customized to our business. Their streamlined processes made it easy. Building a small network of financial partners which includes Pitney Bowes improves our access to affordable finance.”
Digital Terrain delivers IT services including IT consulting and cloud computing services. The company worked with Pitney Bowes to restructure and consolidate its previous loans into a flexible and convenient revolving line of credit and term loan, each for $2.5 million. This freed up working capital for Digital Terrain to invest back into the business to drive growth and enable the firm to respond swiftly to new opportunities.
“For any small business, I’d recommend diversifying your sources of lending so you’re not reliant on just one lender,” Dinesh Potluri, owner and founder, Digital Terrain. We wanted to restructure an existing credit facility but didn’t want the inconvenience of changing our existing deposit account relationship. The facilities we have from Pitney Bowes complement services from our other financial partners, provide us with better interest rates and give us access to a responsive, deeply experienced team that really knows our business.”
For both firms, expanding their financing network and creating a financial ecosystem of lenders helps them avoid over-accessing their primary credit facility; ensures they have accessible credit for unforeseen expenses; and allows them to secure capital to invest in, and grow, their organizations.
Working capital and term loans are just two of a portfolio of financial products from Pitney Bowes Financial Services, which also includes shipping finance and equipment financing, carefully curated to help America’s small- and medium-sized businesses generate sustained growth.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global shipping and mailing company that provides technology, logistics, and financial services to more than 90 percent of the Fortune 500. Small business, retail, enterprise, and government clients around the world rely on Pitney Bowes to remove the complexity of sending mail and parcels. For the latest news, corporate announcements and financial results visit https://www.pitneybowes.com/us/newsroom.html. For additional information visit Pitney Bowes at www.pitneybowes.com.
The Pitney Bowes Bank, Inc. (the Bank) is a subsidiary of Pitney Bowes Global Financial Services, LLC, which in turn is a subsidiary of Pitney Bowes Inc. The Bank is an FDIC insured Utah Industrial Bank located in Salt Lake City, Utah for over 23 years. The Bank has a nationwide lending and deposit footprint.
# # #
M +1 518 708 3466