The sewing machine was invented by Elias Howe, but it was I.M. Singer who manufactured and marketed an affordable model for home use. In this effort, Singer established another “first”. In order to sell his product, he pioneered an American institution – the installment credit plan.
Singer had formed his company in partnership with Edward Clark. Buyers could pay in small monthly allotments, on credit, rather than in one lump sum. The Singer Manufacturing Company also permitted buyers to trade in old machines for new ones. In 1855, the company began to market its products internationally, and by 1860 it was the largest producer of sewing machines in the world.