The Ontario Government has launched a new program designed to boost small business lending and selected Lendified as an approved technology provider for the initiative. The new program, which follows the commitment made in the government’s Fall Statement, includes a $1.75 million grant supporting the adoption of fintech technology by credit unions.
The decision comes on the heels of an extensive research project led by the Ministry of Economic Development and Growth. During the project, the government engaged financial institutions, leading fintech companies, and small businesses to develop a strong understanding of the challenges small businesses have in accessing capital. Their findings identified the following three strategies the government could use to address the issue, which now serve as the pillars of its new program.
- Supporting innovative credit unions in implementing fintech technology
- Contributing their own capital to support small businesses through p2p lending
- Helping increase the awareness of alternative lenders
The government’s commitment further acknowledges the impact credit unions have on our economy and the appetite for innovation in the industry, a message the Canadian Credit Union Association is a strong advocate for. “This pilot program is important as it will significantly benefit small businesses, accelerate fintech adoption, and provide new opportunities for financial institutions,” said Jeff Leal, the Minister Responsible for Small Business.
Fintech companies are also showing that they recognize the role of credit unions. “Credit unions have deep ties in our communities and play an important part in the financial services industry,” said Kevin Clark, a 30-year banking veteran and President of Lendified. “We are proud to be a part of the government’s program in 2018 and provide more credit unions with the lending technology they need to efficiently underwrite and deliver more credit into the marketplace.”
To learn more about the program and how you can participate please contact the Lendified team at 844-451-3594 or email@example.com.
Lendified is a leading Canadian fintech company founded by former bank executives. The company offers online loans to businesses across Canada and a SaaS credit platform to financial institutions across North America. Lendified’s innovative technology allows small business owners to get a free quote in minutes and has been featured by The Globe and Mail, Financial Post, Bloomberg, Toronto Star and more. For more information, check out our business loans page or visit Judi.ai, our technology platform.
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