CIBC today announced it is partnering with Thinking Capital to expand small business lending in Canada.
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.
This new online lending solution called Rapid Financing powered by Thinking Capital will shorten the time it takes to apply and be approved for credit to help drive growth for business owners.
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.
“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.”