Austin, Texas, April 7, 2010. OneWorld Business Finance, the country’s first and only commercial equipment finance cooperative, announced today that it has officially moved its headquarters and operations to Austin, Texas. OneWorld will share offices with OneSource Financial Corp, a commercial finance company, as part of a joint venture that will allow OneWorld to expand its back office capabilities and increase its funding capabilities for its members.
According to Lou Manitzas, President of OneWorld Business Finance, LLC, the operating arm of OneWorld Business Finance, “The joint venture between OneWorld and OneSource gives OneWorld additional staff to perform credit and documentation functions and makes the company more of a business entity rather than just a cooperative. It will also allow OneWorld to begin serving captives and independent lessors while continuing to work with the brokers who currently comprise the majority of its members. Although 2009 was a rough year for everyone in our industry, things seem to be turning around, and I believe that the change OneWorld is making give the company, as well as its members, a leg up on the competition in the future.”
In related news, OneWorld announced that it has begun accepting new applications for membership in OneWorld after a two-year hiatus. Members enjoy access to preferred funding sources, group purchasing, and community privileges. Businesses interested in applying for membership should go to www.obf.wpengine.com.
Founded in 2002, OneWorld Business Finance is the first and only commercial equipment finance cooperative in the United States. Its 25 members are located across the country and are captive finance companies, community bank leasing originators, industry specialists and generalists in all markets from small to large ticket. OneWorld has succeeded because of its high ethical standards, system of best practices for its members, and because it aggregates origination volume to achieve higher market penetration for those members.
OneWorld Business Finance, LLC is the operating arm of OneWorld Leasing, Inc. It is a joint venture between OneSource Financial Corp. and OneWorld Leasing, Inc.
OneSource Financial Corp. is an Austin-Texas-based commercial finance company that was established in 1995. Although OneSource Financial primarily provides leases and loans for business equipment to middle market companies, it also helps place other types of business financing, including accounts receivable and purchase order finance, credit card processing and capital for expansion.