A newly launched online tool aims to provide small and medium-scale enterprises access to a wide variety of alternative lending avenues, all within 5 minutes.
In a Tuesday (January 31) press release, LendMart announced its smart digital platform that will allow Canadian SMEs at least 6 months old to conveniently find, compare, and apply for verified, desirable loan options.
“Every year, a third of Canadian small businesses apply for a loan and on average over 33 hours are spent on each loan application. This is a waste. We want to let entrepreneurs focus on the core of their business, while leveraging technology to quickly find and apply for the financing they require,” LendMart co-founder Lana Tayara said.
LendMart officials added that their system will help SMEs—in particular, business like salons, spas, retail stores, medical practitioners, and auto body shops—get funding in 24 hours upon approval by a lender.
Industry observers have welcomed the development.
“LendMart is using technology to provide complementary solutions to traditional lending sources, giving small business owners easy access to a larger range of borrowing options,” former Royal Bank
of Canada associate vice-president Manon Desmarais said.
“LendMart is empowering small businesses and enabling them to unlock the growth potential of their unique businesses. I look forward to seeing the impact LendMart has on small businesses in Canada.”
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