Small businesses across Canada can now apply online for a loan with National Bank through the bank’s new partnership with fintech lender Thinking Capital.
Small businesses can apply online for a loan and receive an answer in minutes, a release said. National Bank is using Thinking Capital’s fintech platform, which uses artificial intelligence and proprietary algorithms to process and evaluate loan applications from small- and medium-sized businesses more quickly.
“We believe fintech providers and banks can work together to close the gap between the financing small businesses need and what they have access to,” said Jeff Mitelman, CEO at Thinking Capital, in a release.
Thinking Capital was acquired by Purpose Financial earlier this year.