CNH Industrial and October signed a crowd-funding partnership agreement to offer digital funding to Small and Medium Companies
2 November 2019
CNH Industrial and the fintech lending platform October entered into a partnership agreement in July 2019 to support Small and Medium Enterprises (SMEs) working with IVECO and CASE Construction Equipment brands through the adoption of crowd-lending in France, Italy, the Netherlands and Spain.
The agreement was signed to facilitate SMEs access to alternative finance and aims at stimulating the adoption of peer-to-peer (P2P) lending as complementary to traditional banking financing for companies wishing to diversify their funding sources.
This so-called “Grow Together” partnership is now in place and represents a further step in CNH Industrial’s digital evolution process, a fundamental change in how we will deliver value to our clients and dealers. October complements the existing CNH Industrial captive financial services offerings in arranging loans from €30,000 to €5 million on selected innovative projects proposed by CNH Industrial dealers and clients. The projects can now be financed on the October crowd-funding platform at very attractive and dedicated conditions, via a fast and simple online application process supported by innovative digital technologies.
CNH Industrial has symbolically borrowed €100,000 to start the process, thus paving the way for growth of this new opportunity for its customers in France, Italy, the Netherlands and Spain. The first project for an Italian SME with a long standing relationship with IVECO was launched last week on the October platform and attracted more than 2,000 private investors alongside institutional investors.
Source: CNH Industrial N.V.