A message from the Loop team
Our team has been building financial products for Canadian businesses for the better part of a decade. Since day 1, we have been exclusively focused on supporting the small business ecosystem. Coming from families of small business owners ourselves, we understand the challenges SMBs face and we’ve advocated for banking reform, pioneered low-cost funding methods for SMBs and lent more than $100M to businesses across the country.
After numerous conversations with entrepreneurs over the past few years, it's clear that the needs of modern businesses aren’t being met by banks when it comes to their financial services needs. Industries like ecommerce have unique needs given that they tend to be globally operated and as a result require cross-border banking, however the slow moving finance industry has struggled to adapt their offerings or create new ones to support the growth of these rapidly expanding industries.
Current products being offered to businesses owners come with low limits (if any at all), are often personal products re-packaged as small business and require business owners to go to their branch on a regular basis to do basic things like send an international payment. After hearing the same frustrations over and over from business owners, we decided to build a better offering.
Our first product is a corporate card that has features and benefits that are specifically designed to support the growth of cross-border businesses. Multi-currency support, an extended repayment grace period and credit limits based on sales, not personal assets - these are features that show we understand the unique challenges that business need to solve.
We will continue to build and launch new products that make it easy for companies to easily do business globally.
We look forward to growing with you!
After numerous conversations with entrepreneurs over the past few years, it's clear that the needs of ecommerce businesses aren’t being met..