Small business finance provider, ThinkSmart (ASX: TSM), has extended its partnership with JB Hi-Fi (ASX: JBH) as traction in the market grows.
CEO, Ned Montarello, said ThinkSmart had seen one of its best years of trading, with pre-tax earnings up 36 per cent on the previous year.
“There’s a great demand for equipment with small businesses,” Montarello said. “However, there is also a need to preserve cash flow, which is what is driving demand for us.”
Montarello added that the tax deductions on offer through ThinkSmart were appealing to small businesses at this time.
The new agreement with JB Hi-Fi consolidates the partnership in Australia and NZ through to mid-2011, and follows the deployment of ThinkSmart’s QuickSmart online processing system through all 105 JB Hi-Fi stores.
ThinkSmart has had a partnership with JB Hi-Fi for the past two-and-a-half years, Montarello said. It also has long standing partnerships with Dick Smiths and Office Works, and operates in Australia, NZ, the UK, Spain, Italy and France.