Toronto-based Lending Loop and Equifax Canada have launched a credit health and monitoring platform for businesses.
Dubbed Loop, the platform allows businesses to review Equifax Commerical and Consumer credit scores and receive quarterly alerts.
“Having worked with thousands of small businesses, we’ve seen how business owners have had very little insight into how their business credit is perceived,” said Cato Pastoll, co-founder and CEO of Lending Loop. “By coupling a business credit score with a consumer score, we are able to give small business owners a holistic view of how their business is doing and resources to help them improve.”
Lending Loop’s P2P platform allows small businesses to access financing, while giving Canadian investors opportunity for alternative investments. In May 2018, Lending Loop received $3 million from the Ontario government to undergo a pilot project for small businesses loans. The two-year pilot project has the government providing 10 percent of each Lending Loop loan, meaning that over the duration of the project, it will help fund over $30 million in loans to Ontario businesses.
“This peer-to-peer lending platform from Loop is a great example of how fintechs are empowering small businesses and contributing to the growth of the Canadian economy,” says Chris Briggs, chief marketing officer of Equifax Canada. “Small businesses take risks, are inventors, community leaders, and most of all help create more new jobs than that of large enterprises. Education, especially around their personal and business credit, allows small businesses to more clearly understand the impact of the key growth decisions they are looking to make.”