Student Tool


Industrial Credit

Industrial Credit Wholesalers are able to use any of the traditional FMSI products such as the ProPower Revolving Business Account and Term Loans. Additionally, the ProPower Student Tool Program is designed to accommodate vocational technical tool purchases.  Please see individual program details for additional information regarding ProPower and Term Loans.

Benefits of the ProPower Student Tool Program

  • Increases technical school tool sales.
  • Improves your effectiveness in competing against rival tool Distributors.
  • Encourages student technicians to return as professional technicians for their future exclusive tool needs.

The ProPower Student Tool Program is a business credit program designed to finance student tool purchases through FMSI d/b/a Industrial Credit Members and meet the needs of full-time students who are enrolled in an approved school program and who are fulfilling curriculum requirements.  Industrial Credit Members can use the ProPower Student Tool Program as a private-label financing program to increase sales and cash flow.

Here’s How the ProPower Student Tool Program Works:

  • Members are provided with applications, program rules, and payment amortization schedules to accurately quote monthly payments to student applicants.
  • Applicants/guarantors complete the ProPower Student Tool Program application and the Member receives the credit decision typically within 24 hours.
  • The student tool purchase is made through the Member and is communicated to FMSI through online access.
  • The Member receives funding on the sales transaction typically within 24 hours, net of the transaction fee.
  • This closed-end financing is amortized over 24 months with no prepayment penalty.  The approved applicant receives a monthly statement requiring a minimum payment.
  • Finance charges for purchases will begin to accrue from the date the transaction is added to the daily balance at an annual percentage rate of 21%.
  • A late charge of $35.00 is assessed for each billing period in which the minimum payment is not received by the due date.  A service charge of $35 is assessed if a check is returned for any reason.

 

 

 

 

 

 

 

 

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