Thinking Capital and Staples are partnering to launch Staples Business Loans with the aim of giving small businesses easier access to financing.
Through the service, the companies are offering an online application service that promises to provide funding for SMBs quickly. Loan applications will range from $5,000 to $300,000, and according to Staples and Thinking Capital, completed applications receive a credit decision immediately and most loan applications are adjudicated in minutes through Thinking Capital’s platform.
The funds are directly deposited into a customer’s account within a few days, and Canadian SMBs that have operated for at least six months are eligible to apply for the loan. The goal is to help SMBs with quick funding for projects like renovations and expansions, secure protection against short-term interest rate fluctuations, while also being able to take advantage of time-sensitive deals on supplies and equipment.
“We’re committed to helping small business owners by providing everything they need to make more happen for their business,” said Dwayne McMulkin, director of marketing and innovation at Staples Canada. “Staples Small Business Loans make it easy for small businesses to access the right lending solutions for their business.”
The service is part of an ongoing trend to boost SMBs in Canada, which are responsible for 80 percent of private sector jobs. Early in January, the Canadian government announced a $50 million program to help SMBs with global exports, while the BC government announced a $100 million tech fund.
“Traditional financing options do not always keep pace with the needs of small businesses,” said Jeff Mitelman, CEO and co-Founder at Thinking Capital. “Staples Business Loans powered by Thinking Capital will allow us to continue to transform the way business owners access the capital they require to grow while further establishing ourselves as pioneers in the lending as a service sector.”