SURREY, B.C.–Coast Capital Savings Credit Union here said it has formed a partnership with OnDeck Canada, a provider of commercial lending, to “accelerate online lending” to its small business members.
According to the credit union, Coast Capital Savings small business members are now able to apply for term-loan financing from OnDeck in amounts of to $250,000, whether online, in-branch or though the contact center, to receive approval and funding in as little as one day. Coast Capital said the agreement is aimed at bridging a gap in small business credit in Canada by providing faster, short-term financing.
“By partnering with on deck Canada, coast capital is now able to offer a seamless member experience that is both fast and incredibly easy,” said Derek Turner, head of Small Business at Coast Capital, in a statement. “As a purpose-driven and member-owned federal credit union, we are in a unique position to help small business members improve their financial well-being. Today’s announcement is an integral part of our always expanding offerings for our existing and future small business members that will see new and innovative products and services brought to market to serve at this very important segment.”