Philadelphia, PA - December 19, 2007 - Textron Financial Corporation, a subsidiary of Textron Inc. (NYSE: TXT), announced today that its Technology Finance Division has launched a leasing product that provides up to 100% financing for the purchase of technology equipment, software, installation and service. This product is part of a leasing solution designed specifically for technology resellers and their end-user customers.
"Our technology reseller customers told us of a need for a competitive leasing product that they could offer to end-users," said Keith Boudreau, president of the Technology Finance Division. "Now our customer's customer can purchase equipment when it will have the greatest impact for their business rather than putting off an upgrade because of financial constraints. Being able to offer a leasing product backed by Textron Financial will facilitate resellers' sales, which in turn helps drive our wholesale financing business as well."
Features such as a simple application and agreement form and a rapid approval process ensure that all customers will find the experience quick and painless.
The total solution includes a wide variety of payment plans and leasing structures to meet the particular needs of end-users, such as:
- A Step Lease Program that provides flexible step rates at the beginning or end of a term;
- A Seasonal Payment Plan that corresponds to the customers' seasonal cash flows; and
- A Deferred Payment Lease Program that provides a deferment of the first monthly payment.
It also features a Progress Payment Funding Program that provides quicker payment to the reseller. "The installation and set-up time involved with technology equipment often delays the reseller's receipt of payment," said Mike Neel, vice president and portfolio manager for Technology Finance. "This program funds a percentage of the sale price at the time the lease is signed, providing the reseller with improved cash flow."
Along with its new leasing product and programs, the Technology Finance Division specializes in inventory and receivables financing for manufacturers and distributors of technology equipment, consumer electronics and appliances. Revolving lines of credit range from $250,000 to over $20 million depending on the industry and the needs of the specific customer.
About Textron Financial
Textron Financial is a diversified commercial finance company with more than $10 billion in managed receivables. It has core businesses in Distribution Finance, Aviation Finance, Asset-Based Lending, Golf Finance, Resort Finance, and Structured Capital. Textron Financial also provides financing programs for products manufactured by its parent company, Textron Inc. Additional information about the company is available at www.textronfinancial.com.
About Textron Inc.
Textron Inc. is an $11 billion multi-industry company operating in 32 countries with approximately 40,000 employees. The company leverages its global network of aircraft, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Fluid & Power, Textron Systems and Textron Financial Corporation. More information is available at www.textron.com.