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Pelagic Capital, BitX Funding Partner, Add EF to Online Marketplace

May 29, 2019, 07:20 AM
Filed Under: Industry News

BitX Funding and Pelagic Capital are pooling resources to expand their offerings for business financing with combined decades of experience, strong alliances and an exceptional range of lenders. United in their objective to broker the ideal match for their respective clients, the sophisticated funding network of online marketplace BitX is strategically aligning with the comprehensive leasing and dealership universe of Pelagic.

With core competencies that complement one another and their customer base, the seasoned entities said they will build on the opportunity they have reputably created for local business within the non-bank niche between captive and subprime lending. Individually, BitX and Pelagic help to push valued clients through the borrower bottleneck and streamline access to working capital. Together, they will amplify lending and leverage the business lifecycle to include equipment financing that can broaden their collective range and take clients to the next level in any economic environment.  

"We're excited to blend our expertise with long-standing relationships across business categories to offer more products and services," said Todd Rowe, President of BitX Funding, "Process, procedure and a deep bench of lenders and dealers will allow our clients to gain access to the asset funding needed to grow their business."

For over 35 years, Pelagic Capital Corporation has been providing financial solutions for a wide range of commercial assets, specializing in transportation. Direct-lending expertise and well-cultivated collaborations with dealers nationwide add value to their offerings that secure non-bank lending and financing for income producing equipment.

"We want the bankers and lenders to look at us and realize we are doing something that not everybody can procure," said Greg Minsky, Managing Director at Pelagic Capital. "We understand the hard asset side of the business, what it takes to get transactions closed and how to get to the yes."  

Since 2013, BitX Funding has generated over $10 million in financing for small businesses nationwide by breaking down barriers within traditional banking through an online marketplace that pairs small-business owners with optimal lenders offering startup loans, business lines of credit, short-term loan, mid-term loan, SBA loan and merchant cash advances.

Pelagic Capital is a transportation equipment finance company that offers a suite of value-added services and structures tailored for transportation companies and other non-transportation industries using trucks. Rounding out its role as a boutique funding source, the company offers a competitive advantage in underwriting, deal structuring, collateral evaluation and remarketing to deliver the optimal package of financial products, debt financing and leasing across a broad spectrum of general equipment categories including the transportation, construction, material handling, manufacturing, machine tools, food service, IT, printing and medical industries

Equipment leasing has proven to be one of the most resilient financial services, and the fastest growing form of business investment in the U.S.  Eight out of ten companies lease for optimization of cash flow, protection from equipment obsolescence and tax advantages.  BitX Funding and Pelagic Capital can now empower clients with more to adapt and thrive in varying economic conditions.

"The time is right for offering small business owners more funding options based on their needs," Rowe said. "The partnership will fortify transactions by providing the best product, term, and rate." 

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