Meridian Credit Union and Thinking Capital have announced a strategic partnership that will offer more lending solutions to small businesses in Ontario, hopefully driving sector growth in the process.
The alliance will enable small business owners in the province to apply for loans online and receive credit decisions in real time, with the proceeds to be released to their accounts a few days later.
Qualified applicants must be actively engaged in business operations for more than six months and have monthly sales greater than $7,000.
“Together with Thinking Capital, we can dramatically shorten the time it takes to apply and be approved for credit, allowing businesses to focus on their financial health and plans for growth,” said Kevin Van Kampen, vice president of business banking at Meridian. “Our referral relationship with one of Canada’s premiere fintech lenders to small business will help our members source alternative sources of capital from trusted providers, from early stage to more mature businesses. This is a win-win value proposition for all parties, especially in today’s environment.”
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.
“This last year has been particularly difficult for many small businesses in Canada,” said Stephane Marceau, president and CEO of Thinking Capital. “We are excited to work with a leading financial institution like Meridian in serving the small business sector, which is at the heart of our communities and of our economy.”