Staples Canada has teamed up with Montreal-based small- and medium-sized business (SMB) financing firm Thinking Capital to launch “Staples Business Loans powered by Thinking Capital,” an online small business loan service.
Business owners can apply online for loans of between $5,000 to $300,000.
To qualify, applicants must own a business which they have been operating for more than six months. The application process also includes a list of questions to ascertain what the applicant would like to use the loan for, whether it’s for repairs, new inventory, floor expansion, or hiring a new employee.
The application is then analyzed by Thinking Capital’s software, which produces a list of available options and, if the application is approved, deposits the appropriate funds into an applicant’s account within days – or, depending on need, in as little as 24 hours.
In a statement, Dwayne McMulkin, Staples Canada’s director of marketing and innovation, said the goal behind the new service was to provide small business owners with a method of securing loans businesses as quickly and easily as possible, while Jeff Mitelman, Thinking Capital’s CEO and co-founder, said that his company looked forward to meeting the financing needs of its newest customers.