In a Nutshell: When small businesses in Canada find themselves in need of a fast, affordable loan that a large bank won’t deliver, they can turn to Lendified. The company isn’t positioned as a competitor of larger institutions but instead provides complementary products that fall outside most bank offerings. Lendified’s automated application process takes only a few minutes and almost instantly provides prospective borrowers with a personalized quote at a competitive rate. And upcoming Lendified partnerships will allow the company to more effectively serve customers across Canada, helping businesses meet their financial needs and prosper.
When Darren Smith was 23, he founded a brewery in Canada with his family. They broke ground in the summer of 2009, and in 2010, Lake of Bays Brewing Co. opened its doors in Baysville, Ontario. The first few months were spent finishing the facility and preparing the first batches of beer — which became an immediate hit in Ontario.
With its initial success, the potential seemed unlimited for Smith and his family brewery. But to fulfill that potential, the business needed additional capital quickly to keep pace with demand. So, to keep Lake of Bays Brewing Co. on track, Smith turned to Lendified.
“We offer small business loans online up to $150,000. It’s much faster and easier than a bank loan,” said Austin Pantaleo, Marketing Manager at Lendified. “And it’s much more affordable than other alternative financing options that exist in Canada. So we can help a small business save on interest while helping them build their business credit.”
Borrowers can save up to 40% by borrowing through Lendified over loans from other alternative lenders, and the credit they build helps them qualify for better lending rates in the future. Borrowers can apply online for free and receive a nearly instant, personalized quote.
Small business owners can apply for loans for anything they need to grow their business. Popular uses include inventory, equipment, hiring, renovations, marketing campaigns, and refinancing. The terms for these products extend up to 24 months with biweekly payments.
To be eligible, you must have a credit score over 610 and a profitable business in Canada with at least 6 months in operation and $100,000 in annual revenue.
Businesses that meet these criteria can turn to Lendified to get the capital necessary to grow and thrive.
Access to Working Capital Helps Small Businesses Thrive
The “Big Five” banks — Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, and Toronto-Dominion Bank — dominate the finance industry in Canada. Lendified offers financing products to small and midsized businesses that aren’t served by large institutions because they are seen as too risky by the Big Five.
“They’re not structured in a way where they have the incentive to lend to small businesses,” Pantaleo said. “If you think about the process a financial institution goes through to adjudicate credit, it’s pretty much the same for a small business looking for a $50,000 loan as it is for a medium-size business looking for a $5 million loan. In most cases, the loan isn’t profitable enough to justify the effort.”
By offering an alternative route to funding, Lendified provides SMBs access to essential working capital and enhances their ability to meet financial needs. Gaining quick access to a loan can mean the difference between taking advantage of a sudden opportunity or missing out. It can help to smooth out cash flow for a seasonal business. And it can enable the borrower to address emergencies like fixing broken equipment so their business can get up and running again.
“Working capital is the lifeblood of every small business,” Pantaleo said. “Historically, because of the limited options available in Canada, a lot of business owners have been stuck without the working capital they need or overcharged by other alternative lenders.That’s why we exist.”
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