CIBC enters business financing deal with Thinking Capital

CIBC enters business financing deal with Thinking Capital

Canada's CIBC is to partner with alternative marketplace lender Thinking Capital to enable 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.

In the latest tie-up between a top tier bank and a third party lending platform, CIBC said the new service, dubbed Rapid Financing, would take the form of a referral partnership, with lending offered in addition to traditional forms of small business financing from the bank.

Loans approved through the platform are funded by Thinking Capital, and incentives will be offered to business owners to move their business banking to CIBC.

Jon Hountalas, EVP, CIBC business and corporate banking, says: "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."

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