Daily News: October 3, 2013

Chesswood Launches Windset Capital to Serve Small Business

Chesswood Group announced that it launched a working capital loan business, Windset Capital, headquartered in Salt Lake City, to provide working capital loans to tenured small businesses throughout the U.S.

Windset Capital can provide businesses with at least two years of time-in-business with working capital loans up to $250,000, approved within one working day and funded within three business days or less. Many U.S. banks can no longer afford to consider loans under $250,000 due to their high internal administration and regulatory costs.

“To meet the rapidly growing demand by small business for timely access to capital, in an environment where many banks simply will not transact, we have launched Windset Capital. Windset will leverage off of the equipment finance business expertise of our subsidiary, Pawnee Leasing Corporation, and use its experience, processes and broker channel to offer this new product to small businesses throughout the U.S., further expanding our footprint in specialty finance in the U.S.” said Barry Shafran, Chesswood’s president and CEO.

While the working capital loan market that Windset joins is a newer market that emerged from the financial crisis, the significant demand for this product has been clearly demonstrated, as billions of dollars of loans have been originated since 2008. Small business owners in the United States often find that banks either will not consider them for working capital loans or the process of applying for a bank loan may take too long and the outcome is less than certain.