CLEVELAND (Oct. 27, 2008) – Kevin O’Connor today announced the launch of his
Wirth Business Credit operation, part of a national business finance company that specializes in
providing small business owners with fast and flexible financing options for capital goods. His office is in Hudson, Ohio and he works directly with local small business owners throughout Cleveland.
“The latest Wall Street financial crises and teetering economy are hitting small business owners nationwide in the form of tighter credit and borrowing standards from traditional lenders, who are jittery about potential risk,” O’Connor said. “This presents a major dilemma for small business owners, who often lack the upfront cash and stringent collateral requirements that traditional financial institutions are now enforcing. Wirth Business Credit helps to fill the gap for small business owners who are stranded.”
Specializing in Small Business Finance
Wirth serves small business owners whose capital goods financing needs range from $5,000 to $250,000, providing financing for a wide range of traditional business equipment in a variety of industries such as IT, telecom, manufacturing, and construction. It also supports expenses that banks
typically do not, including software and soft costs such as installation, freight, associated consulting fees, and sales tax.
Leasing is a major focus for Wirth. According to a recent Equipment and Leasing Finance Association report, U.S. businesses leased nearly $600 billion in capital goods in 2006, yet credit lines are the dominant form of financing in the small business segment. The report found that very small businesses use leasing for less than 7 percent of their equipment investments, while larger businesses use leasing for about 30 percent of their equipment investments.
O’Connor said that small ticket leasing is an underused finance strategy in the small business market, despite the many benefits it can offer. “Leasing can help small business owners to acquire the latest business-critical tools and technology with minimal upfront cash, which is key for small business
owners who usually do not have an abundance of cash on hand. It also enables them to manage cash flow and preserve cash and credit lines for growth rather than tying up cash into fixed assets, and it offers tax write-off opportunities that bank loans do not. Through Wirth, I can provide
affordable, flexible and fast equipment leasing and financing options that help small businesses succeed,” O’Connor said.
“I am also eager to partner with equipment vendors to help them extend their sales into the small business market,” he added.
Well-funded, Extensive Small Business Expertise
Wirth’s parent company, Winmark Corporation, is the franchisor of Play It Again Sports , Once Upon A Child, Plato’s Closet, and Music Go Round stores. The company works with more than 850 small business owners across the country and has 25 years of experience helping those franchisees to succeed. Winmark uses strong earnings, growth and cash flow from its retail franchises help to support Wirth’s growth. Founded in 2006, Wirth has 58 territories across the U.S. and continues to expand into new markets.
“While banks and financial institutions are struggling, Wirth Business Credit uses a different financial model. As a result, the company is well-funded and has the cash available to fund equipment leases,” said O’Connor. “Plus, Wirth focuses exclusively on serving small businesses. We understand their unique financial and operational needs and challenges, and we make it easy and fast for them to secure the financing they need. As the local Wirth representative, I work directly with other local small business owners and serve as their direct link to a single financing source. ”
Different from Brokers and Traditional Lenders
Wirth is different from equipment leasing brokers and commercial lenders
– Provides customers with personalized service and a direct link to their financing source.
– Focuses exclusively on helping small businesses.
– Finances a wide variety of items including computers and software, office equipment and furniture, restaurant equipment, auto repair equipment, construction equipment, telephone systems and materials handling equipment, plus soft costs such as installation cost, freight, associated
consulting fees and sales tax.
– Offers a streamlined, one-page application for transactions under $50,000, which can be approved within hours. Larger transactions require a bit more information, but still can be approved in just 48 hours.
– Provides fixed rate leases so business owners don’t have to worry about rising interest rates impacting their bottom line
– Can structure monthly payments to fit the customer’s budget.
About Kevin O’Connor
With more than 20 years of experience as highly successful BtoB manufacturer’s representative, sales representatives and sales manager, O’Connor saw Wirth as a unique opportunity to a own a business that is relationship sales focused, and that crosses all industries and services.
Local small business owners, small business consultants and equipment distributors who would like to learn more about Wirth Business Credit can visit Kevin O’Connor’s Web site at www.wirthbusinesscredit.com/clevelandsw. They can also contact him directly at 330-474-1184 or
About Wirth Business Credit
Wirth Business Credit and its affiliates have nearly 20 years of experience helping small businesses succeed. Wirth is a subsidiary of Winmark Corporation, a franchisor of more than 850 small businesses nationwide. Winmark Corporation’s award-winning family of brands represents the largest resale retailer in North America: Once Upon A ChildR, Plato’s ClosetR, Play It Again SportsR and Music GoRoundR. Each business recycles goods and offers affordable options for consumers by buying and reselling quality used brand name items such as clothing, sports equipment, musical instruments, baby equipment and furniture. Winmark also owns Winmark Capital, which offers tailored leasing programs for medium and large-sized companies.