New Member Q&A: NewLane Finance
As part of its mission to celebrate organizations that strengthen the foodservice equipment and supplies industry, FEDA publishes Q&As with member companies. This week's newsletter features NewLane Finance, a provider of diverse and transparent equipment financing solutions for small- to mid-sized businesses.
Please tell us a little bit about your company's history.
Founded in 2018 by two seasoned industry experts with over 60 years of collective experience, NewLane Finance has swiftly advanced to the forefront of the equipment financing industry. As a subsidiary of WSFS Bank, the oldest and largest locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region, we are committed to service. We simplify and expedite the equipment financing process for small- to mid-sized businesses, supporting a diverse range of industries with solutions that are as transparent as they are effective.
What kinds of services does your company provide to businesses within the foodservice equipment and supplies industry?
Our flexible equipment financing solutions are designed to help distributors close more sales, serve their customers better, and streamline their process from quote to close.
What distinguishes your company in your market?
By offering fast, accessible financing through NewLane, distributors make it easier for customers to move forward with their purchases. Our financing gives equipment buyers the flexibility they need, creating a positive experience that leads to repeat business and stronger relationships. NewLane integrates financing directly into a distributor’s sales process, so there's no friction or confusion.
How has the company innovated in recent years?
As part of our digital transformation, aimed at supporting NewLane's long-standing commitment to excellence, our redesigned website is sleeker, more information-focused, and more responsive to customer needs without inundating them with needless clicks. We have also unveiled our online Partner Portal, where vendors can submit applications directly online in a streamlined and transparent sales process.
How is your company growing?
Backed by one of the largest and most trusted financial institutions in the tri-state area, NewLane has seen steady growth in sales as part of the larger company's growth plans. Additionally, as we strengthen relationships in the verticals we serve, we have expanded the NewLane team exponentially.
What challenges are your customers facing, and what are some examples of how your company has helped them create solutions?
In the past five years, what challenges hasn’t the foodservice industry faced? Having an experienced partner like NewLane working closely with businesses to find the right financing solutions for their market and for their customers has allowed our clients to navigate a global pandemic, economic ups and downs, trade wars, tariff concerns, and more.
What interested you about becoming a FEDA member? What are you learning about the foodservice equipment and supplies industry?
Our commitment to the foodservice industry demands we stay on top of the needs, changes, and directions of such a diverse and fast-paced industry. Being part of the top trade association for foodservice equipment and supplies allows us to not only achieve this but to get to know many more companies in this important engine in communities across the country.