You may have had a student coop at your undergraduate alma-mater, and you may have visited a fresh foods coop recently to purchase local grub. However, did you know what Ocean Spray, Land O’Lakes, ACE Hardware, Associated Press and Best Western have in common? It’s a bit of a leading question, I know – they are ALL CO-OPS.
So what is a coop anyway, and why could it be important to your business? It’s simple, really. A business cooperative is an entity that is owned and controlled by the businesses or people who use its services. It generally exists for the benefit of its owners and is formed because the cooperative can accomplish more than any of its owners can accomplish independently.
So what differentiates OneWorld Business Finance members from our competitors? Take a quick look at the requirements for membership below to find out. Also, feel free to visit us at OneWorld’s website for more information.
Before becoming a member, candidates adhere to the following standards:
– Applicant must be in the equipment leasing and finance business for at least five years.
– Applicant must agree to OneWorld’s Membership Ethics and Code of Conduct Statement.
– Principals must have a minimum of ten years industry experience.
– Applicant must be an independently owned commercial finance or leasing originator.
– Applicant must have annual originations of $5,000,000.00 or greater.
Also, note that all members have agreed since the beginning that providing the following disclosure is more than worth it to reap the benefits and pass them on to customers for a competitive advantage.
Member Application will include:
– Bank reference(s)
– Funding reference(s)
– Trade reference(s)
– Resume of principal(s) and owners
– Personal credit check on majority owner(s)
– Disclosure of any significant past, present or pending litigation.
– Disclosure of any past or present disputes with any funding source(s).
– Disclosure of any present or past requests from any funding source(s) for the return of a commission (or fee) or the repurchase of a transaction.
Financial Statement Requirements:
– Last two year-end reviewed or audited financial statements – corporate tax returns must be provided if reviewed or audited are not available
– Interim financial statement
– Personal financial statement on majority owner(s)
– Satisfactory D&B report
– Satisfactory industry references.
General Information/Description Of The Member:
– What types of collateral are financed
– What percentage of origination are App Only and what percentage are commercial
– Average transaction size
– Special needs indicators or programs
– What percentage of originations are vendor based and what percentage are lessee based.
As always, we welcome your feedback here, or you can feel free to call any time. Thank you for taking the time to read up on us.