Claremont, CA, November 16, 2008 --(PR.com
)-- PayPro Services on Wednesday said it has acquired Allied Business Capital, a business lending and merchant processing company, for an undisclosed amount. As a result of this acquisition, small business owners in Southern California will now have access to the working capital that is so badly needed in this economy.
PayPro Services, a division of Claremont-based Reece Capital Ventures, LLC, said it had finalized its agreements with privately held Allied Business Capital and will operate it as a wholly owned subsidiary of PayPro Services until all integration can be completed. However, Allied Business Capital will immediately move its management and sales operations from West Covina to PayPro Services’ offices in Claremont.
PayPro Services will now offer lending solutions to small business retail and restaurant locations throughout Southern California. Most of the current Allied Business Capital programs available to small business owners are not credit driven and do not require traditional financial statements to qualify. They boast a 90% approval rate for their clients and as fast as 7 days to receive the funds. Currently, PayPro Services offers small business payroll, employer tax filings, and workers compensation insurance.
"In addition to strengthening our small business service offerings, this acquisition will help us to increase and diversify our market share as we continue to grow the business,” said ReeceCorp’s Chief Executive Edgar W. Reece, parent of both Reece Capital Ventures, LLC and PayPro Services.
By allowing these ventures to gain access to desperately needed working capital, PayPro Services hopes to keep these vital small business owners operating long enough for them to take advantage of a changed economy in the near future.
About PayPro Services
Using state-of-the-art processing systems, PayPro Services was created to provide comprehensive and affordable big business payroll services to small businesses. PayPro Services was founded by Edgar W. Reece through the venture capital firm Reece Capital Ventures, LLC. PayPro Services and Reece Capital Ventures, LLC are subsidiaries of ReeceCorp, a diversified international corporation. Visit on the web at www.payproservices.com.
About Allied Business Capital
Allied Business Capital is a California company and a finance service provider. It provides short term working capital for merchants in all 50 states. Allied Business Capital is managed and staffed by industry veterans with extensive experience in restaurant finance and small-to-medium-sized retail industries and collaborates with a full-time staff of financing professionals across the nation. Visit on the web at www.alliedbusinesscapital.com.
ReeceCorp, an international diversified holding company, currently operates a number of ventures including technology consulting and management, real estate investments, asset management, venture capital funding, multimedia publishing, and online small business payroll services.