Business and Entrepreneurship Centre Northumberland (BECN) announced the signing of a Memorandum of Understanding with financial technology leader Lending Loop, to support entrepreneurs in Northumberland.
Lending Loop is a peer-to-peer lender, connecting businesses seeking capital with interested lenders, through its online platform.
“This partnership responds to a need identified by our clients for improved access to capital in order to grow their business,” states Director of Economic Development, Land-Use Planning & Tourism Dan Borowec.
“The BECN is a leader in small business development, providing consultation, coaching, education and other services designed to support local entrepreneurs in achieving their business goals. Rather than attempting to acquire public funds to create our own fintech to address this particular identified client need, we appreciate the opportunity to work with Lending Loop as a well-established and successful fintech entity. This is about doing what we do best and, in turn, working with partners who do what they do best. Together, we will expand opportunities for Northumberland start-ups,” he adds.
Lending Loop helps bridge the divide between start-up funding and financing for mature operations, with eligible entrepreneurs able to borrow from $1,000 to $500,000 to help grow their businesses. To date, Lending Loop has lent more than $65M to Canadian small businesses and has attracted more than 10,500 investors.
Under the MOU with BECN, Lending Loop will be included in the list of key referral partners that BECN shares with clients requiring capital as part of their business plan. As Lending Loop provides a fully digital online application, Northumberland’s many rural-based entrepreneurs will benefit from enhanced access to financing.
