NewLane Finance Open for Business & Committed to Helping Customers Impacted by COVID-19
FOR IMMEDIATE RELEASE
April 21, 2020 (PHILADELPHIA) — While the COVID-19 pandemic has caused many equipment finance companies to drastically reduce their operations and service levels, NewLane Finance, a subsidiary of WSFS Bank (NASDAQ: WSFS), continues to operate at full scale and remains focused on providing critical equipment financing and other support to businesses nationwide.
“NewLane is committed to doing whatever it can to help businesses during this unprecedented time,” said George Pelose, President of NewLane. “By continuing to fund new equipment loans and leases and by providing personalized customer service and support, the NewLane team is working to mitigate the impact of COVID-19 on customers, equipment dealers, and lease brokers.”
“We understand that it’s a challenging time for many businesses. To help ease the burden, we provided immediate solutions to help customers navigate through this difficult time,” said Daniel P. Dyer, NewLane’s CEO.
Ready to Assist Current & New Customers, Dealers, & Brokers
NewLane established and implemented the following customer assistance efforts and sales programs for all customers, equipment dealers, and lease brokers:
Personalized service during all hours of business operations: NewLane associates are available from 8 a.m. to 7 p.m. EDT to provide customized financing solutions.
- Businesses that sell equipment or need to acquire equipment can contact the Sales Support team at 833-696-7554 or email@example.com.
- Current customers who have questions or need assistance can contact the Customer Solutions team at 267-768-3196 or firstname.lastname@example.org.
Accepting new equipment dealers and brokers: Backed by WSFS Bank, NewLane has committed capital to continue the funding for equipment sold by dealers and brokers.
Processing new equipment loans and leases: NewLane continues to approve and fund new equipment loans to help businesses conserve their cash and working capital.
Same-day approval and funding on lease applications: NewLane’s virtual office technology provides fast credit decisioning and funding, which is critical in the COVID-19 environment.
Flexible repayment options: NewLane provides payment deferrals to existing customers most impacted by the crisis and offers program deferrals on new leases and loans to qualified businesses.
Late fee waivers: Existing customers who do not require payment deferrals but need more time to make their payments can contact the Customer Solutions team to request late fee waivers.
Small Business Quick Reference Guide: NewLane assembled a resource guide for small businesses that includes links to COVID-19 federal responses, information to COVID-19 data from leading medical institutions, and information about the CARES Act.
Although no one knows how long the impact of COVID-19 will last, NewLane remains committed to providing customized equipment financing solutions and personalized service to the business community. Whether the priority is now or in the future, NewLane stands behind its mission to provide Business Lending Done Right. For more information, visit newlanefinance.com.
About NewLane Finance
NewLane Finance, a subsidiary of WSFS Financial Corporation, is a commercial equipment finance company that provides flexible, competitive payment options to small and mid-size businesses nationwide. NewLane was founded in 2018 by industry veterans Dan Dyer and George Pelose with the purpose of creating a better lending experience through unmatched levels of customer service. With a tagline of Business Lending Done Right, NewLane’s lending process is designed to build strong, lasting relationships. For more information, visit www.newlanefinance.com.
About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally managed bank and trust company headquartered in Delaware and the Delaware Valley. As of December 31, 2019, WSFS Financial Corporation had $12.3 billion in assets on its balance sheet and $20.7 billion in assets under management and administration. WSFS operates 118 offices, 93 of which are banking offices, located in Pennsylvania (55), Delaware (45), New Jersey (16), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect®, Cypress Capital Management, LLC, Christiana Trust of Delaware, NewLane Finance, Powdermill Financial Solutions, West Capital Management, WSFS Institutional Services, WSFS Mortgage, and WSFS Wealth Investments. Serving the greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.
Media Contact: Petra Rowland