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LeaseQ Partners with Lenders, Offers Payment Deferrals for Hurricane Devastated Businesses

October 11, 2017, 07:00 AM
Filed Under: Industry News

Responding to the ongoing devastation of Hurricanes Nate, Irma and Harvey, LeaseQ is offering equipment financing with no payments for 90 days for business owners needing to quickly replace equipment in the wake of the natural disasters. Multiple lenders are partnering with LeaseQ to offer the payment deferral program, including Fidelity Capital, American Capital and Financial Pacific.

Nearly four in 10 small businesses close forever after a flood, according to the Federal Emergency Management Agency (FEMA). While alternative lenders are still estimating the impact of recent hurricanes on small and medium-sized enterprise (SME) loans, Moody’s Analytics expects total property damage and losses from the storms will exceed $150 billion.

“People need to rebuild their businesses now, but insurance may not cover equipment and the typical financing process is too slow,” LeaseQ CEO Vernon Tirey said. “Our vision for LeaseQ has always been to make equipment financing easy, fast and more cost effective, and with the help of our lender partners, we strive to help businesses quickly repair, replace and resume operation after natural disasters.”

“We’re proud to partner with LeaseQ to support businesses affected by Hurricanes Nate, Irma and Harvey,” said Terey Jennings, executive vice president at Financial Pacific Leasing. “Equipment fuels growth, and we have a responsibility to make sure small businesses have the equipment they need to be successful, especially those recovering from a natural disaster.”

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