Today, LendMart launched its online platform that connects small businesses with lending alternatives to banks.
The startup is the first lending marketplace platform to help Canadian small businesses identify, compare, and apply for loans in one place.
“Every year, a third of Canadian small businesses apply for a loan and on average over 33 hours are spent on each loan application. This is a waste. We want to let entrepreneurs focus on the core of their business, while leveraging technology to quickly find and apply for the financing they require.” Lana Tayara, Co-Founder and EVP Partnerships at LendMart.
In less than five minutes, small businesses looking for capital can fill out an intelligent online application and immediately start viewing loan options. LendMart’s matching algorithm will present a handful of vetted lending options that match the small business owner’s needs. The owner can then select and apply for a loan with a single click. Once approved by a lender, small businesses can get access to funding in as little as 24 hours.
“LendMart is using technology to provide complementary solutions to traditional lending sources, giving small business owners easy access to a larger range of borrowing options,” said Manon Desmarais, former Associate Vice-President at Royal Bank of Canada. “LendMart is empowering small businesses and enabling them to unlock the growth potential of their unique businesses. I look forward to seeing the impact LendMart has on small businesses in Canada.”
LendMart promises to only work with lenders that put small business owners’ needs first. To start with, LendMart is focused on traditional businesses that are at least six months old, including restaurants, retail stores, auto body shops, spas, salons and medical practices; and LendMart is working with the growing number of alternative lenders in Canada. The company also has plans to provide educational tools and information on alternative lending.