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TORONTO May 2, 2018 – Lending Loop, Canada’s regulated peer-to-peer lending platform for small business loans, has announced a pilot project in partnership with the Ontario government to support the growth of small businesses. This pilot project will help small businesses address challenges they face when accessing financing from traditional sources. The province is planning to provide $3 million of loans over the next two years which will help to fund more than $30 million of loans to businesses across Ontario.
This lending commitment from the province recognizes the contribution that non-traditional channels can play in improving businesses’ access to capital. “This partnership is a major step forward for peer-to-peer lending in Canada,” says Cato Pastoll, Co-founder and CEO of Lending Loop. “Globally, over $40 billion has been lent to businesses through the peer-to-peer model, and we are incredibly excited to see the Ontario government involved in helping support the growth of businesses across the province.”
Lending Loop is a much faster source of financing than traditional sources—it allows business loan applications to be submitted, reviewed, and approved in as little as one day. By removing costly intermediaries, Lending Loop can offer rates as low as 5.9% while enabling investors to lend directly to small businesses.
“This pilot program is important as it will significantly benefit small businesses, accelerate Fintech adoption, and provide new opportunities for financial institutions,” notes the Hon. Jeff Leal, Minister Responsible for Small Business. “This partnership is another example of how this government is committed to helping businesses save time and money.”
This new partnership will allow Lending Loop to increase the number of loans and overall capital provided to Ontario businesses looking to access affordable capital.
About Lending Loop:
Lending Loop is Canada’s leading regulated peer-to-peer lending marketplace, allowing Canadians to invest their money in small business loans. Lending Loop allows businesses to access debt financing at affordable interest rates through a simple online process. They do this by cutting out costly intermediaries, allowing Canadian businesses and investors to prosper together. Lending Loop has funded 350 loans worth over $20 million to businesses in Canada with more than 130 loans worth over $8 million to businesses in Ontario alone. To find out more visit www.lendingloop.ca. Lending Loop makes its lending data publicly accessible at lendingloop.ca/statistics.
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