CIBC is partnering with Montreal-based Thinking Capital to introduce a lending solution specifically for small businesses.
The solution, called Rapid Financing, allows small business owners to complete loan applications between $5,000 and $300,000 within 10 minutes online, receive credit decisions in real time, and receive funds within days. 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.
“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,” said Jon Hountalas, executive vice president of 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.”
Thinking Capital CEO and co-founder Jeff Mitelman said that the partnership will help CIBC keep pace with small business needs, as traditional financing options lack flexibility in keeping up with fast-moving businesses like startups.
“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,” said Mitelman. “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.”