|By Marketwired .||
|October 2, 2013 07:30 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 10/02/13 -- Chesswood Group Limited ("Chesswood") (TSX:CHW), announced today that it has launched its new working capital loan business, WINDSET CAPITAL CORPORATION ("WINDSET" or "WINDSET CAPITAL"), headquartered in Salt Lake City, Utah. WINDSET will provide working capital loans to tenured small businesses throughout the United States.
More than ever before, small business owners in the United States 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.
"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.
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.
While the working capital loan market that WINDSET joins is a newer market that sprung 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.
About Chesswood Group Limited
Chesswood operates primarily in the financial services industry with operating businesses in both Canada and the U.S. To learn more about Chesswood, visit www.ChesswoodGroup.com. The separate websites of Chesswood's operating businesses are at www.WindsetCapital.comwww.PawneeLeasing.comwww.CaseFunding.comwww.AcuraSherway.com and www.cars4U.com.
This press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.