Lending Loop hits milestone of providing $10 million in financing

Lending Loop

Lending Loop, a Canadian P2P lending platform, has officially provided financing of more than $10 million across the country.

The company says it has supported the expansion of over 180 small businesses through a system that allows investors to reach out to small businesses on Lending Loop’s digital marketplace.

Lending Loop’s investment model moves away from institutional or accredited investors.
 

“We’re excited to have hit this milestone in such a short period of time. It wouldn’t have been possible without the support of our rapidly growing community of 12,000 Canadians who are all helping to contribute to our collective success,” said Lending Loop co-founder and CEO Cato Pastoll. “Everyone knows how important small businesses are to the continued growth of our economy and we’re proud to be playing a part in helping their growth.”

Lending Loop’s investment model moves away from institutional or accredited investors; Canadians can even invest $50 into a pool of larger loans.

The company works to cut out the middleman by giving investors returns from the interest rate attached to the loan, which starts at 5.9 percent. This milestone comes one year after Lending Loop continued its business after a brief shutdown to work with the Ontario Securities Commission.

“Our team is deeply passionate about helping the small business community thrive. We’re looking forward to helping even more small businesses learn about our better way to borrow, while also educating Canadians about how they can grow their wealth through this new and exciting investment opportunity,” said Lending Loop co-founder and CTO Brandon Vlaar.

Aeman Ansari

Aeman Ansari

Aeman Ansari is a freelance writer who has been published in many Toronto-based publications, including Hazlitt and Torontoist. When she’s not re-watching Hitchcock movies, she’s working on her collection of short fiction inspired by stories from her grandmother, one of the few women in India to receive post-secondary education in English literature at the time.