A new alternative lending service for SMEs is launching in Canada. LendMart announced that it is rolling out its small business financing services in the country to help businesses find a loan from somewhere other than a traditional bank.
“Every year, a third of Canadian small businesses apply for a loan and, on average, over 33 hours are spent on each loan application,” said LendMart Cofounder and EVP of Partnerships Lana Tayara in a statement. “This is a waste. We want to let entrepreneurs focus on the core of their business, while leveraging technology to quickly find and apply for the financing they require.”
LendMart is a digital marketplace for SMEs to find financing. The platform provides an online application that the company says can be completed in five minutes or less. After the application is completed, small business borrowers can immediately see some of their financing options.
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