RELEASE | Evolocity Receives Significant Increase to Senior Banking Facility with Bank of Montreal (BMO)
Evolocity Financial Group Adds Funding Capacity; Significant Increase to Senior Banking Facility with BMO
High Demand for B2B Lending Products Driving Growth
Montreal, Quebec – September 13, 2018 - Evolocity Financial Group, a leading financial technology company providing business loans and merchant cash advances to small and medium-sized Canadian merchants (“SME”), today announced that it has substantially increased its senior secured banking facility with Bank of Montreal (“BMO”). These additional funds will allow Evolocity to enable even more small businesses across Canada to continue to grow, by providing financing programs that are right for their own unique business needs. Evolocity provides financial tools that allow small businesses from coast to coast access to the capital that they require to, among other, invest in equipment, training or renovations or make capital improvements while retaining liquidity to do so.
“We are providing great financing alternatives to small businesses in Canada, and as a result the demand for our products keeps growing” said Neil Wechsler, CEO of Evolocity. “We are grateful to have partnered with BMO approximately a year ago and during that time they have been extremely supportive and demonstrated a great deal of confidence in us. The recent increase to our senior banking facility is illustrative of just that. We are now well positioned to maintain our momentum and to continue to execute on our strategy going into the fourth quarter of this year and beyond.”
“Over the past year our partnership with Evolocity has proven to be mutually beneficial, and it was a natural progression for BMO to increase the existing credit facility” stated Marc Levesque, Managing Director of Corporate Finance at BMO. “Evolocity is dedicated to serving a diverse group of Canadian small businesses and they have also shown a philanthropic commitment to supporting female entrepreneurs in Canada. We are pleased to support a growing fintech company like Evolocity.”
Evolocity Financial uses proprietary risk scoring models, data aggregation and electronic payment technology along with financial performance data to underwrite and facilitate small business loans and merchant cash advances between $10,000 and $300,000 with no collateral requirement.
About Evolocity Financial Group
Evolocity Financial Group offers fast and flexible financing solutions to small and medium-sized Canadian businesses. With a simple online application process, Evolocity Financial Group is focused on SME merchants and is a great source of growth capital, quickly. A Canadian company, Evolocity understands the unique cash flow demands affecting small businesses and has developed an innovative approach to SME financing. For more information, please visit www.evolocity.ca.
Melanie Bufo | Director, Marketing & Communications
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