Agreement between leading financial services companies brings game-changing online lending option to Canadian small businesses
MONTREAL and SURREY, British Columbia, July 11, 2019 /PRNewswire/ — Coast Capital Savings, Canada’s largest credit union by membership, and OnDeck Canada, a leading online lender to Canadian small businesses, today announced an innovative partnership aimed at accelerating online lending to Coast Capital small business members.
Beginning this month, Coast Capital Savings (Coast Capital) small business members can apply for term loan financing from OnDeck of up to CAD $250,000 online, in branch or through the Coast Capital Contact Centre and receive approval and funding in as little as one day. The agreement is aimed at bridging a gap in small business credit in Canada by addressing the urgent needs of Canada’s small business sector for faster short-term financing.
The partnership with OnDeck Canada will help Coast Capital as they expand nationally, positioning the credit union as a leader in small business banking with a best-in-class suite of products and services. OnDeck Canada is part of OnDeck Capital, Inc., (ONDK), the world’s leading online small business lender. OnDeck pioneered the use of data analytics and digital technology to make real-time lending decisions, delivering funds rapidly to small businesses online. Since inception, OnDeck Canada has originated over CAD $440 million in funding to small businesses in Canada.
“By partnering with OnDeck Canada, Coast Capital is now able to offer a seamless member experience that is both fast and incredibly easy,” explains Derek Turner, Head of Small Business, Coast Capital Savings. “As a purpose-driven and member-owned federal credit union, we are in a unique position to help small business members improve their financial well-being. Today’s announcement is an integral part of our always expanding offerings for our existing and future small business members that will see new and innovative products and services brought to market to serve this very important segment.”
With Canadian small businesses representing 98 per cent of businesses nationally, the partnership with OnDeck Canada aims to bolster the credit union’s ability to fully support a vitally important portion of the economy that has traditionally been under served in the financial services industry.
“When small business owners need financing, time is of the essence,” said Neil Wechsler, Chief Executive Officer, OnDeck Canada. “Historically, small businesses were unable to obtain time-sensitive funding due to offline processes, lengthy application timelines, and manual review approaches to small business lending. As the proven leader in online small business lending, OnDeck Canada is delighted to partner with Coast Capital to offer online financing to its small business customers, ensuring that their unique and ever-evolving needs are met faster than ever with the power of automation and a world class digitized customer experience.”
“As the financial services industry evolves to respond to increasingly sophisticated customer needs, financial institutions are increasingly partnering with experienced technology providers to help bridge the gap for customers,” said Mr. Turner of Coast Capital Savings. “With Coast Capital’s expansion beyond provincial borders, partnerships with technology-forward organizations, like OnDeck Canada, will continue to play an increasingly important role in the credit union’s ability to deliver the Coast Capital experience that so many members already enjoy, to even more people across Canada.”