Pitney Bowes Inc. (NYSE: PBI), a global technology company that provides commerce solutions in the areas of e-commerce, 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.
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 percent of businesses surveyed are planning to invest extra cash into their business. Also, the FDIC reports that small business loans have declined for 10 straight quarters, while banks with $100M of assets or less decreased by 79 percent 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 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.
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.