Small businesses in Ontario will benefit from more lending solutions following Meridian Credit Union and the Thinking Capital partnership. This partnership will see the sector grow drastically by enabling small business owners to get loans and receive credit decisions in real-time. The proceeds will be released to their accounts a few days later.
Kevin Van Kampen, vice president of business banking at Meridian said through that partnership with Thinking Capital, they can dramatically shorten the time it takes to apply and be approved for credit. Through that process, they will allow businesses to focus on their financial health and plans for growth. Besides, he said their referral relationship with one of Canada’s premier fintech lenders to small business would help their members source alternative sources of capital from trusted providers, from early-stage to more mature companies.
Businesspersons should be actively engaged in business operations for more than six months and have monthly sales greater than $7,000 to qualify for a loan. Repayments can be scheduled for daily, weekly, or bi-monthly installments, and borrowers will have to pay only for the amounts used. A no-penalty early repayment option is also available.
Stephane Marceau, president and CEO of Thinking Capital, said last year had been incredibly difficult for many small businesses in Canada. Marceau said they were excited to work with a leading financial institution like Meridian in serving the small business sector, which is at the heart of their communities and economy.