Yesterday Lendifed was featured in the Globe and Mail in a Report on Business article written by Erik Heinrich titled, “Small business loans in minutes, thanks to startups” (click here for a PDF version of the full article). Part of the Globe’s “The Future of Money” series, the article explores the ways in which Canadians interact with money (physical and digital) and how that interaction is changing as financial technology (or “FinTech”) grows and evolves in Canada and worldwide. Lendified co-founders CEO Troy Wright and President Kevin Clark provided insights on Lendified’s streamlined online small business loan application and why Canada’s “Big Five” banks should be adopting our fintech model.
In the case of Lendified, a small-business loan application for as much as $50,000 can be made on a tablet or smartphone in five minutes, and if approved the funds are normally received within 24 hours. Compare this to spending a weekend filling out lengthy forms for a bank and waiting up to eight weeks for an answer.
We’ve said it many times: Canadian small businesses are the engine of the Canadian economy. In the past, the small business lending space has been underserved by traditional lenders, with a large gap existing between traditional lending options and predatory lenders emerging online. Wright also pointed out the benefits to the Canadian economy as a whole that might be realized if the Big Five banks adopted the Lendified fintech platform.
If Canada’s Big Five banks alone adopted Lendified’s fintech platform they could increase their small business lending by as much as $5-billion and create 60,000 new jobs,” says Mr. Wright.
According to a recent report from Switzerland-based UBS AG, global major banking institutions could improve their cost-to-revenue ratio as much as 1.8 per cent in the next three years with the help of fintech innovation.
When applying for a Lendified small business loan, your online loan application goes beyond your credit score, credit history, and business plan. Lendified’s proprietary algorithm automates the credit risk analysis process and considering other factors like the quality of a business’ website and the social media footprints of small business owners and their business. With the help of alternative finance and new financial technology as well as the increasing power of data, the online lending process has been simplified, providing small businesses access to loans by removing human bias during the assessment process.
We encourage you to read this piece and learn how Lendified is helping Canadian small business owners in getting the working capital they need for their business with the help of fintech technology. Want a small business loan in minutes? Apply for a Lendified loan now and you can potentially receive an approved loan within 24 hours.