Santander Consumer USA Inc. has announced the expansion of its small business program to offer comprehensive vehicle financing options to all automotive dealers across the United States, effective September 16, 2024 [9687a802]. This initiative aims to support small business owners, particularly those operating fleets of fewer than 10 vehicles, by providing them with robust financing solutions [9687a802].
Betty Jotanovic, President of Santander Consumer, highlighted the critical need for accessible financing options for small businesses, noting that 56.6% of U.S. employers have fewer than five employees, and approximately 15 million businesses operate with fewer than ten employees [9687a802]. The program is designed to empower these businesses, enabling them to acquire the vehicles necessary for their operations without financial strain.
Santander Consumer has established partnerships with various automotive manufacturers, including Mitsubishi, Lotus, and Ineos, to facilitate this financing program [9687a802]. As a subsidiary of Santander Holdings USA, the company manages over $61 billion in assets as of the end of 2023, positioning it as a significant player in the automotive financing sector [9687a802].
In addition to Santander's efforts, U.S. Senators Mark Warner and Tim Kaine recently secured $4.1 million in federal funding for the Virginia Small Business Financing Authority (VSBFA) to bolster small businesses in Virginia [421d840d]. This funding will provide technical assistance to small business owners through webinars, workshops, and mentoring, aiming to enhance access to capital and support economic development in the region [421d840d].
The Virginia initiative is part of a broader trend of supporting small businesses across the country. For instance, the U.S. Department of Housing and Urban Development (HUD) has granted $103,827 to the U.S. Virgin Islands Housing Authority for the Family Self Sufficiency (FSS) Program, which focuses on enhancing financial stability among HUD-assisted families [3613783e]. Similarly, Verizon's Small Business Digital Ready Program offers $10,000 grants to small businesses, along with free courses and mentorship [6453094d].
Furthermore, Brightpoint, a nonprofit organization, received $2.5 million from Fort Wayne City Council's Legacy Fund to provide loans to small businesses in Fort Wayne, Indiana, demonstrating a commitment to supporting local entrepreneurs [7345ef7d]. Private Partners has also revolutionized the business funding landscape by providing over $500 million in funding to small businesses across the U.S. [d7a60928].
Overall, the expansion of Santander Consumer's vehicle financing program represents a significant step towards empowering small businesses, ensuring they have the necessary resources to thrive in a competitive market [9687a802].