As Seen On: The Financial Post
Financial Post: New online loan platform Evolocity offers entrepreneurs up to $200,000 in financing
By April Fong October 17th 2014
As seen on the Financial Post: Small business owners in Canada now have a new way to access up to $200,000 of financing online – and in as little as 48 hours after approval.
Evolocity Financial Group launched an “e-lending system” last week in which entrepreneurs fill out an online application to access cash advances and business loans. The Montreal-based company said it evaluates risk and funding approval of each client with a proprietary “decisioning model,” using various lending criteria including credit and debit processing volumes, social media and industry data.
“Small and medium sized businesses account for all but %1 of companies in Canada yet the traditional lending approach tends to often overlook smaller enterprised in need of capital, using narrow criteria that limit capital access. This is often due to the nature and size of the business, and the relatively smaller amounts of funding that are being requsted,” David Souaid, co-founder of Evolocity, said in a statement.
The company says its loans differ from traditional business loans, as Evolocity clients repay in small fixed amounts on a daily basis, rather than making larger sum monthly payments.
“We have re-thought small business financing by combining modern technology and unique risk decisioning models that all for secure, fast and more flexible financing solutions,” Mr. Souaid said.