Everlink Payment Services, a payment solutions and services provider to Canadian banks and credit unions, has teamed up with alternative lending platform provider Thinking Capital to offer loans of $5,000-$300,000 within three to five business days.
In a release Everlink said it is on schedule to serve more than 90 percent of the credit union market by the end of 2016 and reach “a significant share” of the tier two bank market. This positions them to meet a familiar need, as Canadian small businesses face similar issues as their American counterparts when approaching traditional institutions for loans – earnings fluctuations, inadequate collateral, shorter histories and higher default risk.
At a time when a small business owner can spend 30 hours applying for a loan and weeks awaiting a decision, Everlink said they can apply online and receive a decision in less than 10 minutes.
“Everlink understands that our clients are continually seeking new ways to specifically strengthen service offerings aimed at small and medium sized businesses,” Everlink president and CEO Mark Ripplinger said.
The partnership is a sign of a larger trend, Thinking Capital cofounder and CEO Jeff Mitelman said.
“Our partnership with Everlink speaks to the power and scalability of our technology, and the rapid pace at which alternative funding is fast becoming the preferred option for small businesses.”