As small business appetite to borrow grows, banks step up with speedy loan approval platforms
Small businesses in Canada looking for business loans are finding it easier to secure financing these days. Lenders have made the process so easy that businesses looking to borrow can be approved the same day as they apply. Use of technologies that determine what’s important to secure loans have made the application process more streamlined. As more Canadians are looking to start or finance existing businesses, the banks are ready and able to provide financing they are looking for.
“According to the bank, the small business-specific lending ‘platform’ allows it to cut down on the amount of time it takes to approve loans from weeks to minutes.”