PLANO, TEXAS, Dec. 8, 2021--Centra Funding, an equipment financing company serving many small companies and equipment vendors nationwide, has joined the APPROVE lending network, a fintech solution with algorithms that match B2B equipment buyers with optimized equipment financing options.
Drew Kabo, senior vice president of sales for Centra, said that while the company has always offered a streamlined financing approach, customers coming in through APPROVE may see an even faster process and timeframe with less effort.
“APPROVE connects us with the seller on the deal from the very beginning, and it already has the equipment invoice uploaded, seller payment information, and dollar amount to be funded,” he said. “This makes us even more responsive to what so many businesses want—to maintain cash on hand, yet still be able to launch, expand or adapt.”
The need for flexibility has become more urgent with the surge in equipment demand and acceptance of new ecommerce processes since the pandemic.
Since its founding in 2006, Centra has promoted same-day financing and the ability to provide funding when other lenders might decline, such as for used equipment or even small- ticket assets like food trucks. Since the pandemic the point of sale has become increasingly digital, and the need for financing even more critical. The ability to quickly finance equipment purchases has been key to helping organizations adjust to shifting business models, such as restaurants that moved to food trucks when their major operations were curtailed during the pandemic shutdowns, explained Kabo.
Kabo said customers seeking funding outside of the APPROVE network usually had to call the equipment seller, obtain the invoice, and then get the payment instructions manually. “Through the APPROVE platform and network, that legwork has already been done for the client,” he said. “Once they get approved, we can automatically see the final invoice uploaded, see the seller’s payment instructions and the customer just has to choose their term length and sign a few electronic documents to fund the order and have it shipped.”
Robert Preville, the CEO of KWIPPED, the online equipment marketplace and creator of APPROVE, said Centra is a good fit for the lending network because the goal is to offer a wide variety of financing options that span industry sectors, deal size and credit ratings. APPROVE’s algorithms match a buyer with its best financing sources—those most likely to rapidly approve the deal and offer the most competitive rates to buyers.
“We’re constantly analyzing data to identify any gaps in our ability to deliver the best possible financing options to equipment buyers. Centra Funding allows us to provide more and better options for certain types of businesses, startups for example, than we were able to before partnering with them,” explained Preville.
Centra provides funding directly to businesses or through equipment vendors in a broad array of categories, from construction, manufacturing and industrial sectors to medical and food-industry markets and across the nation.
Data from the Equipment Leasing and Finance Association shows that nearly eight in 10 U.S. companies (79%) use some form of financing when acquiring equipment, including loans, leases and lines of credit (excluding credit cards).
About APPROVE
APPROVE is an equipment financing SaaS solution that enables equipment manufacturers and distributors to integrate financing estimates and applications at every Point-of-Influence in an equipment buyer’s journey. APPROVE also leverages a network of lenders and uses sophisticated technology to match customer finance applications with the ideal lending solutions. APPROVE was developed by KWIPPED, Inc., a technology company that developed and maintains the world’s first online B2B equipment marketplace (www.kwipped.com) where equipment suppliers and lenders compete to serve the needs of equipment buyers. KWIPPED’s worldwide headquarters is located in Wilmington, NC.
About Centra Funding
With over 40 years of industry experience, Centra finances businesses in almost every industry sector and our direct-lending capabilities allow us to provide innovative and flexible options for customers’ equipment financing needs.
Centra is a true funding company that uses its own funds for every transaction. Enabled by our technology, due diligence process, and strong equity and credit facilities, approval of credit and equipment financing can be done in the same day, getting businesses the financing they need, when they need it. Founded in 2006, Centra Funding, LLC is a nationwide equipment finance company based in Plano, TX and is wholly-owned subsidiary of CV Holdings, Inc.