Total Food Service (TFS) announced late last month that it is entering the small business and supplier finance market. The region’s leading media outlet for the foodservice industry is teaming up with Strategic Funding to work with suppliers and wholesalers seeking to control their accounts receivable and give their customers additional liquidity.
In addition, TFS will work as a direct conduit for restaurants and other small businesses seeking financing. Both programs are designed to give the small business borrowers a break on their loans, helping them to stay in terms with their suppliers and giving them working capital to improve, market and grow their businesses.
Under the terms of the new deal, suppliers and wholesalers referred by TFS, will receive lower rates on financing that Strategic Funding provides to their small business customers. This same discount will be given to restaurants and other small businesses who apply directly through the TFS website or call the dedicated customer care number.
“We are focused on innovation and addressing our customers’ specific needs,” said David Sederholt, COO of Strategic Funding and a 30 year veteran of the restaurant business. “This is a tremendous opportunity to bring together two great companies. At Strategic Funding, we focus on the human needs of owning a small business and those who supply them. We care and deliver exceptional customer service, which is at the center of everything we do. Now, in working with Total Food Service, we can creatively help suppliers and wholesalers to address the financing needs of their valued customers, reduce overdue accounts receivable, improving their buying power and earning additional revenue.”
According to the companies, borrowers applying through the TFS program will receive discounts of 10 – 20% on the cost of their financing depending on credit quality. Suppliers are passing these savings to their end customer as a benefit of doing business with their company. “A win, win, win for everyone,” said Sederholt.
Fred Klashman, the CEO and Publisher of Total Food Service stated that; “The new partnership between Total Food Service and Strategic Funding comes at a time when banks are unable or unwilling to provide these businesses with access to capital. Alternative finance is accessible, but expensive and many small businesses need more favorable rates – now they can get it through our joint program.” Designed to meet a pressing need, “the Strategic Funding TFS partnership helps both suppliers and restaurants. There is no growth without access to capital and we are doing it in a very targeted way,” Klashman continued. “We are proud to partner with one of the most reputable companies.”
The programs offer borrowers between $10,000 and $2,000,000 and can be accessed on totalfoodsupplierfinance.com
For the past 26 years, TOTAL FOOD SERVICE has delivered a package of news and information to the Tri-State restaurant and foodservice professional. The publication and its website (totalfood.com) and digital edition have long been know as the B2B voice of Metro New York City’s restaurant and foodservice industries.