Lending Loop Surpasses $10M in Loans to Small Businesses Across Canada

Lending Loop | | Oct 18, 2017

Lending Loop passes 10million - Lending Loop Surpasses $10M in Loans to Small Businesses Across Canada

TORONTO Oct. 18, 2017 – Lending Loop has officially helped provide financing of more than $10 million to small businesses across Canada. To date, the company, which is Canada’s premier peer-to-peer (P2P) lending platform, has helped over 180 small businesses in a variety of industries access funding to expand their businesses.

Speaking on the achievement, Lending Loop co-founder and CEO Cato Pastoll said:

“We’re excited to have hit this milestone in such a short period of time. It wouldn’t have been possible without the support of our rapidly growing community of 12,000 Canadians who are all helping to contribute to our collective success. Everyone knows how important small businesses are to the continued growth of our economy and we’re proud to be playing a part in helping their growth.”

Lending Loop’s unique P2P lending model allows Canadians across the country to lend their money to small businesses posted on Lending Loop’s online marketplace. These investors derive their return from the interest rate attached to each loan, which in turn corresponds to the risk rating of that business. By cutting out the banks and the middlemen, Lending Loop loans are often significantly more affordable than loans from other financial providers, with rates starting as low as 5.9%.

See:  Lending Loop launches “Auto-Lend” after raising new round of funding

When asked about the milestone, Lending Loop co-founder and CTO Brandon Vlaar said that:

“Our team is deeply passionate about helping the small business community thrive. We’re looking forward to helping even more small businesses learn about our better way to borrow, while also educating Canadians about how they can grow their wealth through this new and exciting investment opportunity.”

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The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both investment and social crowdfunding, blockchain ICO, alternative finance, fintech, P2P and online investing stakeholders across the country.  NCFA Canada provides education, research, leadership, support, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a vibrant and innovative online financing industry in Canada.  Learn more About Us or visit ncfacanada.org.