Lendified’s online small business loans more than quadrupled in size today. Having previously offered loans in the amounts of $5,000 to $35,000 to Canadian small businesses, we turned up the dial considerably today and are pleased to announce that businesses can now borrow up to $150,000.
This is great news for our customers as we can also assure you that we are still offering the same affordable rates, the same simple online application form, the same flexible repayment terms, and that this will continue to be powered by our tried, tested and true data-driven credit engine.
It was always our intention for Lendified to offer greater loan amounts to customers. Of course, as seasoned bankers, we understand that it’s prudent to start out small and “walk before you run,” so-to-speak. But as we quietly passed our one-year milestone since launching in September 2015, we felt that this was the perfect time to take this leap.
We’ve matured as a business, we’ve grown, and we’ve learned a lot. We’ve arrived at a place where our business operations, culture and technology are well established and refined, and we’ve taken our innovative credit model for a drive – and we couldn’t be happier with how well it works.
With this new, expanded offering, we can now access a much broader segment of the Canadian small business market, assisting larger businesses and companies that have greater and more complex needs.
This is also an excellent opportunity for us to deepen our relationship with existing customers – those small business success stories; businesses who have borrowed smaller amounts from us in the past and grown alongside us over the past year and are now in a position to take on more working capital.
Lendified recently announced that we received $24 million in funding and credit facility – a move that certainly plays into our decision to offer bigger loans to small businesses. We sought out this funding in order to meet increasing demand from the small business community, and part of the demand was for larger loans.
Here at Lendified, we understand small businesses – not just because we’re bankers, but because we’re a small business too. We’ve always been focused on the bigger picture, and now our small business loans are bigger too.
Canadian small businesses operating for at least one year and generating at least $100,000 in annual revenues are eligible to apply for a Lendified loan. Simply complete a straightforward online application detailing information about you and your business and you can receive an answer on your credit request on the same day – often within minutes. If you’re approved, funds can be deposited into your business account the next day. Click here to get started on your small business loan application now - you could be eligible to borrow up to $150,000.