Lending Loop has opened its doors for businesses across Canada to apply for a loan. Since our inception just over a year ago, we have maintained our core mission of bringing Canadian Businesses a better way to borrow. Today, we are opening up our online loan application for businesses to apply for a loan in order to be listed on our Marketplace. Our goal over the next few weeks is to add some of the finest small businesses that Canada has to offer to the Marketplace.
While small businesses are the backbone of our economy, the borrowing experience that is supposed to help them grow has fundamental problems in Canada. The highly cumbersome Big Banks have left small businesses behind in pursuit of higher profits, leaving only high cost alternative lenders to fund them. Lending Loop aims to ensure that established, successful business no longer have to scramble to access affordable financing that is critical to their growth.
Across many developed parts of the world, technology has already started to spur innovation in the financial sector. We believe one of the keys to successfully merging technology and finance in Canada is to start from the foundation. To do so, we’re beginning with one of the simplest concepts in the economy – people lending their money to small businesses in order to help fund their growth and share in their success. We want to bring this concept back to basics by cutting out the middle man and allowing small business to seize upon innovative and profitable opportunities with simple and accessible financing brought to them by people across Canada. Lending through term debt is transparent and easy to understand for lenders and borrowers alike and we hope to make our platform as inclusive as possible.
We will be making announcements about lending in the near future so make sure to sign up for updates if you haven’t already. We hope you will join the Lending Loop team in embracing the future of small business lending in Canada.