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.