grenke AG, a global financing partner for small and medium-sized enterprises, has opened its second location in the U.S. From the new location in Chicago, the company will serve the entire Central, North and South East region. grenke has already been making inroads into the western U.S. from its first U.S. location in Phoenix, established in 2019. The U.S. market represents the largest leasing market worldwide.

“There is an enormous potential in the U.S. market, featuring over 30 million small and medium-sized companies, which is greater than the number in all of Europe. Through our specialized small-ticket offers, we are now taking the next step to tap into a market niche worth several billion US dollars per year. We therefore expect the US to be a key driver of our long-term sustainable organic growth and to become one of our most important core markets,” said CEO Sebastian Hirsch.

This year’s target is to generate new business in the mid-single-digit million euro range. grenke’s CEO expects the potential growth rates in the U.S. to be well above average for at least the next 10 years. The goal during this period is for North America to become one of the top countries within the grenke Group, generating new business in the triple-digit millions each year.

As a specialist for small-ticket leasing, grenke’s contract volumes range up to EUR 50,000, with an average volume of under EUR 9,000. grenke finances a wide range of objects - from computers and IT infrastructure to medical equipment. It is seeing particularly strong growth in the demand for products related to the green economy transition, such as eBikes and charging infrastructure. grenke currently serves approximately 670,000 customers in 31 countries. grenke’s total portfolio comprises more than one million lease contracts covering an object volume of EUR 9.4 billion. More than 36,000 resellers work together with grenke worldwide.

Thomas Sauerteig, a grenke pioneer in the U.S. and Managing Director of the Phoenix location, added: “The coronavirus pandemic unfortunately slowed our progress slightly over the past three years, but we are now continuing our breakthrough in the US market. The ongoing investment needs of SMEs - especially in areas like digitalization and the green economy - present significant growth opportunities for leasing offers in the rapidly expanding U.S. economy. We provide U.S.-based specialist resellers attractive financing models that allow their customers to realize investments quickly and easily.”