Exclusive banking & fintech partnership allows small
business owners to apply for a loan of up to $300,000 online, with decisions in minutes and
funding in just a few days
TORONTO, Nov. 18, 2015 /CNW/ - CIBC today announced it is
partnering with Thinking Capital to expand small business lending
in Canada. This new online lending
solution called Rapid Financing powered by Thinking Capital
dramatically shortens the time it takes to apply and be approved
for credit to help drive growth for business owners.
The fintech partnership is a first from a major Canadian bank,
allowing small business owners to apply for a loan online, receive
a credit decision in real time, and have funds in their account
just days later. The new platform is a referral partnership between
CIBC and Thinking Capital with lending offered in addition to
traditional forms of small business financing from CIBC.
Key features of the program include:
- Speed - Loan applications are completed entirely online
in under 10 minutes for loans between $5,000
and $300,000
- Real-time decisions - Completed applications receive a
credit decision immediately, with most loan applications
adjudicated in minutes through the Thinking Capital platform
- Faster funding - Funds from approved loans are deposited
in a matter of days, not weeks
- An expanded market - By providing options in addition to
bank financing, more small businesses are able to access funding to
help grow their business. Any Canadian small business that has
operated for more than six months may qualify with no upfront
collateral required
- Access to banking offers - Loans approved through the
new platform are funded by Thinking Capital, and incentives will be
offered to business owners to move their business banking to CIBC.
The Thinking Capital lending platform augments other business
lending at CIBC.
"Our new lending solution with Thinking Capital is going to make
borrowing funds for your small business much faster and easier, and
will open doors for smaller growth-oriented businesses to reach
their potential," says Jon
Hountalas, Executive Vice President, CIBC Business and
Corporate Banking. "This partnership is about leveraging innovation
to broaden the options for our existing business clients and
attract new business and personal banking relationships to
CIBC."
Traditional financing options don't always keep pace with
business needs
A key competitive advantage for many small business owners is
the ability to act quickly in the face of market opportunity.
However, traditional bank financing options can lack the
flexibility to keep up with fast moving businesses that need access
to funds in a short time frame. CIBC's new partnership with
Thinking Capital empowers these owners to move quickly and
capitalize on growth opportunities as they occur.
"Our new partnership with CIBC represents a big step forward in
transforming the way small businesses access credit, and is a big
win for small business owners across Canada," says Jeff
Mitelman, CEO and co-Founder of Thinking Capital. "Our
collaboration represents an industry first and an opportunity to
demonstrate how banks and financial technology companies can work
together to offer the best possible solutions to their
clients."
Faster funding supports hiring, expansion, and time-limited
opportunities for business owners
According to a recent report from CIBC, small and medium sized
enterprises are entering a new reality, one that will force them to
look to innovate and enter new markets to sustain growth. Obtaining
the necessary capital to fund increased investment in their
business will be necessary to stay competitive and grow.
Rapid Financing powered by Thinking Capital can help small
businesses:
- Receive quick funding for renovations, hiring, expansion or
inventory purchases
- To take advantage of time-limited opportunities, such as deals
on supplies or equipment
- Secure protection against short-term interest rate
fluctuations
- Make repayments in line with their business' seasonal cash
flows
More information can be found online.
CIBC Small Business Services
For nearly 150 years, CIBC has been providing small business
owners with the advice, services, and support they need to thrive
and grow. CIBC recognizes that the business and personal finances
of small business owners are often intertwined, which can present
both opportunities and challenges. We believe that the best advice
comes from someone who understands your needs as a business owner
and as an individual.
CIBC provides small business owners with the services of a
dedicated CIBC Small Business Advisor, who acts as a single point
of contact for all small business owner needs. This experienced
professional is committed to understanding the business and the
industry in which small business owners operate, as well as their
personal financial goals. CIBC business advisors work with small
business owners to find integrated solutions to help them achieve
their vision for their business and their life.
About Thinking Capital
Thinking Capital, a leader in the Canadian fintech industry is
focused on reinventing the way small businesses access credit.
Since 2006, it has helped more than 10,000 small-to-medium-sized
Canadian businesses reach their full potential. By combining
industry experts and technology, Thinking Capital is transforming
the opportunity for business owners to obtain capital to ultimately
grow their business through speed and convenience. For more
information, visit https://www.thinkingcapital.ca/.
About CIBC
CIBC is a leading Canadian-based global financial institution with
nearly 11 million personal banking and business clients. Through
our three major business units - Retail and Business Banking,
Wealth Management and Capital Markets - CIBC offers a full range of
products and services through its comprehensive electronic banking
network, banking centres and offices across Canada with offices in the United States and around the world. You
can find other news releases and information about CIBC in our
Media Centre on our corporate website at www.cibc.com.
SOURCE CIBC