Canada’s First Peer-to-Peer Lender Open for Business

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Lending Loop Press Release | Oct 24, 2016

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Lending Loop launches after completing regulatory registration process

TORONTO, Oct. 24, 2016 /CNW/ - Canada's first peer-to-peer lender, Lending Loop, has opened its doors after completing its registration with the Ontario Securities Commission (OSC) and other securities regulators.  The company today launched its platform to investors and small businesses across the country. The launch follows extensive efforts by the company's founders to chart the course for peer-to-peer lending in Canada.

Lending Loop is a peer-to-peer platform that connects small businesses seeking financing with Canadian investors. The platform offers businesses a better way to borrow, with a quick and easy application process and affordable interest rates. With the support of Canadian investors, Lending Loop is providing small businesses the ability to access the capital they need to grow. At the same time, Lending Loop allows investors to make an attractive fixed-income return while building a diverse portfolio of small business loans across a number of industries and geographies.

"While peer-to-peer lending has been highly successful across the globe, we had to navigate some unique regulatory challenges in order to bring this business model to Canada," said Cato Pastoll, CEO and co-founder of Lending Loop. "It can be challenging for new entrants and regulators to adapt novel business models to existing regulations, and we're extremely proud to be pushing this industry forward. We're bringing a new form of finance to Canada that makes capital more accessible for small businesses while offering a brand new asset class to all Canadians."

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Seeing the success of the model in other jurisdictions, including the UK and the United States, Pastoll and co-founder Brandon Vlaar first launched Lending Loop in late 2015 to bring peer-to-peer lending to Canadian small businesses and investors. In March 2016, the team began a registration process to become an exempt market dealer. Lending Loop's newly obtained license allows the company to offer this innovative business model in a fully regulated manner, while ensuring its sustainability in the Canadian marketplace.

See:  Lifting the veil on P2P Lending in Canada

Having successfully completed its registration, Lending Loop is now live and accepting both new investors and new businesses to the platform. Lending Loop is not currently available to investors in Quebec but the company hopes to expand to the province in the near future.

For more information, visit www.lendingloop.ca

About Lending Loop

Lending Loop is Canada's first peer-to-peer lending platform, allowing Canadians to invest their money in small business loans. Lending Loop allows businesses to access term debt financing at fair interest rates through a simple online process. They do this by cutting out costly intermediaries, allowing Canadian businesses and investors to prosper together. Lending Loop's mission is to provide Canadians with access to simple and attractive returns by supporting the growth of local Canadian businesses.

 

The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding stakeholders across the country. NCFA Canada provides education, research, leadership, support and networking opportunities to over 1300+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada. Learn more at www.ncfacanada.org.

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