Office Depot partners to assist small business owners

7/6/2011

According to a recent edition of Office Depot's Small Business Index, a mere 56 percent of small businesses that applied for a loan fully received the desired amount.

The office supply company will attempt to raise that number by partnering with Walnut Creek, California-based lender Superior Financial Group, according to South Florida Business Journal.

Through the partnership, the companies will provide small business owners with SBA loans between $5,000 and $25,000 in order to help expand their budgets and make investments.

"Small businesses are the engine of our economy," said Monica Luechtefeld, executive vice president of global ecommerce for Office Depot in a statement. "We believe this loan program will be just what these business owners need to help jump-start the economic recovery for America."

According to Office Depot's website, businesses will receive a 10 percent discount on loan fees, and no collateral is required to obtain funding.

SFG is one of just 14 approved small business lending corporations by the SBA.