STAMFORD, Conn.--(BUSINESS WIRE)--April 28, 2003--ProTeam(R) and GE Distribution Finance, a unit of GE Consumer Finance, announced the signing of an agreement to begin a national inventory finance program.
The new program, which offers ProTeam customers revolving credit and display financing, starts April 30, 2003. Based in Boise, Idaho, ProTeam is a leading manufacturer and provider of vacuum products in the U.S. The company is the nation's top maker of commercial backpack vacuum systems, and is launching several new products, including retail backpacks, canisters, and uprights.
Approved ProTeam resellers can receive up to 180-days of interest-free financing for inventory purchases, allowing them to stock more inventory and maximize revenue opportunities while minimizing the impact on cash flow. In addition, ProTeam customers will have the ability to finance showroom display products with flexible repayment options.
The features of the program are particularly valuable because it enables growing businesses to stock more of the best selling and most profitable products without impacting their cash flow, said Chris Little, senior vice president of GE Distribution Finance. We are pleased to have this opportunity to build a relationship with ProTeam and help the company and its customers grow.
ProTeam's customer base is comprised primarily of retail vacuum shops from Maine to California, said Russ Biaggne, VP of Innovative Sales for ProTeam(R). We are excited about the ability to offer this new financial services program to our customers.
GE Distribution Finance, based in Jacksonville, Fla., is operated by GE Consumer Finance and provides private label credit card programs, commercial credit programs, inventory finance, marketing, installment lending and financial services for national and regional clients.
The success of GE Distribution Finance is a terrific growth story, said Mark W. Begor, president and CEO of GE Consumer Finance-Americas. This unit is uniquely positioned to support growing commercial clients and is a valuable complement to our strong portfolio of larger private label clients.
GE Consumer Finance, a unit of General Electric Company, has more than $77 billion in assets. GE Consumer Finance is a leading provider of credit services to consumers, retailers, and auto dealers in 36 countries around the world.
Based in Stamford, Conn., GE Consumer Finance offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. General Electric Company is a diversified services, technology and manufacturing company with operations worldwide.
More information about General Electric Company can be found online at www.ge.com.
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