Exclusive banking & fintech partnership allows small business owners to
apply for a loan of up to $300,000 online, with decisions in minutes
and funding in just a few days
TORONTO, Nov. 18, 2015 /CNW/ - CIBC today announced it is partnering
with Thinking Capital to expand small business lending in Canada. This
new online lending solution called Rapid Financing powered by Thinking
Capital dramatically shortens the time it takes to apply and be
approved for credit to help drive growth for business owners.
The fintech partnership is a first from a major Canadian bank, allowing
small business owners to apply for a loan online, receive a credit
decision in real time, and have funds in their account just days later.
The new platform is a referral partnership between CIBC and Thinking
Capital with lending offered in addition to traditional forms of small
business financing from CIBC.
Key features of the program include:
Speed - Loan applications are completed entirely online in under 10 minutes
for loans between $5,000 and $300,000
Real-time decisions - Completed applications receive a credit decision immediately, with
most loan applications adjudicated in minutes through the Thinking
Faster funding - Funds from approved loans are deposited in a matter of days, not
An expanded market - By providing options in addition to bank financing, more small
businesses are able to access funding to help grow their business. Any
Canadian small business that has operated for more than six months may
qualify with no upfront collateral required
Access to banking offers - Loans approved through the new platform are funded by Thinking Capital,
and incentives will be offered to business owners to move their
business banking to CIBC. The Thinking Capital lending platform
augments other business lending at CIBC.
"Our new lending solution with Thinking Capital is going to make
borrowing funds for your small business much faster and easier, and
will open doors for smaller growth-oriented businesses to reach their
potential," says Jon Hountalas, Executive Vice President, CIBC Business
and Corporate Banking. "This partnership is about leveraging innovation
to broaden the options for our existing business clients and attract
new business and personal banking relationships to CIBC."
Traditional financing options don't always keep pace with business needs
A key competitive advantage for many small business owners is the
ability to act quickly in the face of market opportunity. However,
traditional bank financing options can lack the flexibility to keep up
with fast moving businesses that need access to funds in a short time
frame. CIBC's new partnership with Thinking Capital empowers these
owners to move quickly and capitalize on growth opportunities as they
"Our new partnership with CIBC represents a big step forward in
transforming the way small businesses access credit, and is a big win
for small business owners across Canada," says Jeff Mitelman, CEO and
co-Founder of Thinking Capital. "Our collaboration represents an
industry first and an opportunity to demonstrate how banks and
financial technology companies can work together to offer the best
possible solutions to their clients."
Faster funding supports hiring, expansion, and time-limited
opportunities for business owners
According to a recent report from CIBC, small and medium sized enterprises are entering a new reality, one
that will force them to look to innovate and enter new markets to
sustain growth. Obtaining the necessary capital to fund increased
investment in their business will be necessary to stay competitive and
Rapid Financing powered by Thinking Capital can help small businesses:
Receive quick funding for renovations, hiring, expansion or inventory
To take advantage of time-limited opportunities, such as deals on
supplies or equipment
Secure protection against short-term interest rate fluctuations
Make repayments in line with their business' seasonal cash flows
More information can be found online.
CIBC Small Business Services
For nearly 150 years, CIBC has been providing small business owners with
the advice, services, and support they need to thrive and grow. CIBC
recognizes that the business and personal finances of small business
owners are often intertwined, which can present both opportunities and
challenges. We believe that the best advice comes from someone who
understands your needs as a business owner and as an individual.
CIBC provides small business owners with the services of a dedicated
CIBC Small Business Advisor, who acts as a single point of contact for
all small business owner needs. This experienced professional is
committed to understanding the business and the industry in which small
business owners operate, as well as their personal financial goals.
CIBC business advisors work with small business owners to find
integrated solutions to help them achieve their vision for their
business and their life.
About Thinking Capital
Thinking Capital, a leader in the Canadian fintech industry is focused
on reinventing the way small businesses access credit. Since 2006, it
has helped more than 10,000 small-to-medium-sized Canadian businesses
reach their full potential. By combining industry experts and
technology, Thinking Capital is transforming the opportunity for
business owners to obtain capital to ultimately grow their business
through speed and convenience. For more information, visit https://www.thinkingcapital.ca/.
CIBC is a leading Canadian-based global financial institution with
nearly 11 million personal banking and business clients. Through our
three major business units - Retail and Business Banking, Wealth
Management and Capital Markets - CIBC offers a full range of products
and services through its comprehensive electronic banking network,
banking centres and offices across Canada with offices in the United
States and around the world. You can find other news releases and
information about CIBC in our Media Centre on our corporate website at www.cibc.com.
For further information:
Olga Petrycki, CIBC: email@example.com 416-306-9760
Scott Anderson, NATIONAL Equicom on behalf of Thinking Capital: firstname.lastname@example.org, 416-420-9909