The Province of Ontario continues its support of small businesses through the recent launch of a specialized program designed to stimulate lending activities, and is leveraging Ontario-based Lendified Holdings Inc, one of Canada’s most successful lending technology companies, to participate in its program.
The Province has reviewed the lending programs currently available in Ontario, such as those available at the banks, trust companies and credit unions to help small businesses get access to capital they need to grow. The Province has selected credit unions as one way to reach the end-user of such credit demands – small businesses that need access to capital but have challenges with obtaining approval to meet their needs.
Lendified Technologies Inc, the technology subsidiary of Lendified Holdings, founded by former bank executives Troy Wright and Kevin Clark, will be working with the Province to fulfill part of the program’s technology transfer component.
The technology transfer program is designed to facilitate the “to be selected” credit unions’ implementation of Lendified’s advanced credit adjudication and customer experience platform into their existing lending operations in the interest of putting more capital to work in their respective small business customer communities. The program includes a grant to support of initial funding of the technology transfer through to initial operations for the next fiscal year for two credit unions, with plans to further expand the program thereafter.
There are direct benefits to small businesses to leverage this technology. The credit unions offer opportunities to stimulate Ontario’s small business economy, given their smaller, leaner organizational structures for making such technology /business development decisions, and their gained reach through this program to small business communities.
Lendified is a leading lender in the innovative lending space and a SaaS – Software-as-a-Service – provider of proprietary software to support the review of credit risk by financial institutions, leasing companies and B to B commercial product sellers. As a selected partner, it is an opportunity to further their core passion for helping small businesses and for further demonstrating the power of technology in credit risk assessment and customer experience.
For further information:
Lendified Technologies inquiries: Louise Pronovost, Vice President of Sales, 604-250-9167, firstname.lastname@example.org
Media inquiries: Austin Pantaleo, Marketing Manager, 416-587-9312, email@example.com