Lending platform powered by Driven gives businesses swift and easy digital access to capital
Toronto (November 17, 2020) - Meridian and Driven announced a strategic partnership today to expand small business lending solutions in Ontario, an essential element to enable business growth and economic recovery. The fintech partnership allows small business owners to apply for a loan online, receive a credit decision in real time and have funds in their account just days later.
“Together with Driven, we can dramatically shorten the time it takes to apply and be approved for credit, allowing businesses to focus on their financial health and plans for growth,” says Kevin VanKampen, Vice-President, Business Banking at Meridian. “Our referral relationship with one of Canada’s premiere fintech lenders to small business will help our Members source alternative sources of capital from trusted providers, from early stage to more mature businesses. This is a win-win value proposition for all parties, especially in today’s environment.”
Key Benefits for Businesses:
- Apply in minutes; get approved instantly
- Receive ongoing access up to $300,000 within 24 hours
- Repay with daily, weekly, or bi-monthly payments
- As businesses grow, so can their limit
- Pay for only what is used
- Repay early without penalty for added flexibility
Driven’s fintech platform uses proprietary data and algorithms to offer cost-efficient digital lending and cashflow management solutions for small businesses. Over 98 per cent of businesses in Canada have less than 100 employees, an important number of which require additional sources of funding to support various operational needs, such as marketing their company, securing inventory, buying tools or renovating their space. Driven’s solutions are adapted to the cashflow requirements of a variety of industries and owner/operator profiles.
- In order for an applicant to be successful in accessing credit, they must meet the following minimum criteria:
- Must be Canadian-based business
- Monthly sales >$7K
- Time in business > 6 months
“This last year has been particularly difficult for many small businesses in Canada. Driven exists to support them as they find ways to thrive again or to simply help them achieve the success they desire," says Stephane Marceau, President & CEO of Driven. “We are excited to work with a leading financial institution like Meridian in serving the small business sector, which is at the heart of our communities and of our economy.”
“We’re delighted to be working with Driven,” added Kevin. “We are confident in knowing we will be providing more lending choices to new and existing Members with a partner that has an established track record, proven market expertise and deep knowledge.”
For more information about financing solutions available to small businesses through Meridian and Driven, please visit our new co-branded website.
About Meridian Business Banking
Meridian’s Business Banking serves more than 20,0000 Members in 15 Business Banking Centres located across Ontario, helping our Member businesses grow and build stronger communities. Meridian offers a full suite of banking services for all sizes of businesses, including cash management, financing and Business Visa. In addition, Meridian has specialized industry teams that focus on specific sectors such as Corporate Finance and Real Estate and Development. For more information, see our Small Business and Commercial Banking sites, and visit us on LinkedIn.
Driven is Canada’s largest non-bank lender to small businesses. Since inception in 2006, the company has provided over $1B in funding to over 16,000 small businesses in Canada, empowering them to quickly, conveniently and securely access capital to grow. The company has offices in Montreal, Toronto and Ottawa. Driven is a subsidiary of Purpose Financial, a technology-focused financial services platform leading innovation on behalf of consumers and small businesses. Purpose is backed by some of Canada’s leading investors, OMERS and TorQuest.
With more than 75 years of banking history, Meridian is Ontario’s largest credit union and the second largest in Canada, helping to grow the lives of 370,000 Members and customers. Meridian has $26.6 billion in assets under management (as at September 30, 2020) and delivers a full range of financial services online, by phone, by mobile and through a network of 89 branches across Ontario, and business banking services in 15 locations. Meridian Members also have access to THE EXCHANGE® Network, with more than 3,600 no-fee ABMs across Canada and 500,000 ABMs in the United States. For more information, please visit: meridiancu.ca, follow us on Twitter @MeridianCU or visit us on Facebook.
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