Grass Valley, the broadcast-equipment subsidiary of technology giant Thomson, will now be offering its broadcast and post-production customers financing on purchases of new gear in partnership with National City Commercial Capital, the U.S.’s eighth-largest bank.
At a press event Tuesday in Palm Springs, Calif., Grass Valley and National City announced that they have formed Grass Valley Financial Services, a new capital-lending service that will provide long-term leases, loans and other financing options, primarily aimed at customers purchasing Grass Valley equipment packages valued at $20,000 and up.
Grass Valley will sell the financial service as a complementary product to its video acquisition, distribution and editing gear, and National City will provide additional sales support where necessary, particularly for large customers.
The customized financing programs, which are available immediately in the U.S., will allow buyers to amortize their investments in Grass Valley equipment, software-license packages, and engineering services over an extended period of time.
According to the National City’s Bob Verzello, the bank has already lent $1 billion to clients in the television industry through its media-finance arm.
National City, which has a lot of experience with long-term computer leases, sees new opportunities for equipment financing in the television space as broadcast equipment adopts more IT-based technology.
"It’s looking a lot like a traditional IT infrastructure," says Verzello.
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