Thank you for visiting www.getloop.ca (the “Site”).
The contents of the Site include, without limitation, all information, data, products, materials, services, software applications and tools, design elements, text, images, photographs, illustrations, audio and video contents, artwork and graphics contained therein or otherwise made available to you in connection therewith (collectively, the “Contents”) and, unless the context clearly requires otherwise, or it is explicitly stated in writing, the Site includes all the Contents.
If you have not reached the age of majority in your province or territory of residence, you must refrain from using the Site. You are solely responsible for ensuring that you are legally accessing the Site, and that the Contents available therein or thereby are legal in every jurisdiction where you access or view the Site or the Contents, as well as in any intermediary jurisdiction by which you do so.
Use of the Site
You may not reproduce information or materials posted on the Site in any form or download, republish, display, publicly perform, distribute, sell, transfer, modify or use any such information or materials for any public or commercial purpose. Any unauthorized use of any such information or materials may violate copyright laws, trademark laws, laws of privacy and other laws and regulations. The portions of Site and the Contents that can be downloaded are protected by copyright laws, trademark laws and other laws and can only be used in accordance with the Terms or with prior written consent of the owner of such material.
You cannot use the Site for any purpose that is illegal, unlawful or that is prohibited by the Terms. You may use or access the Site only to review general information made available to you and/or to sign in or log in to the platform (“Loop”), operated by Loop Financial Inc. (“Loop Financial”), Loop Fund I LP (“Loop Fund”) and Loop Funding Inc. (“Loop Funding”). Use of the Site for any other purpose, including for commercial purposes, is expressly prohibited. Accessing the Site using third party applications other than a browser is prohibited. All rights reserved.
THE FRAMING, MIRRORING, SCRAPING OR DATA-MINING OF THE SITE OR ANY OF ITS CONTENTS IN ANY FORM AND BY ANY METHOD IS STRICTLY PROHIBITED.
Protection of Personal Information
Username and Password
The sections of the Site granting you access to Loop require you to have a username and a password (“Credentials”) which you must request. Should you decide to register on the Site as a user (a “User”), you agree to provide accurate and up-to-date information about yourself and/or any party on whose behalf you are acting during the registration process (the “User Registration”) and to promptly update this information, including but not limited to email addresses, as necessary to ensure it is accurate and complete at all times. Your Credentials will not change if and when you become a Borrower.
Loop Entities reserve the right to cancel or suspend your Credentials and to suspend, cancel or terminate your account, your use and/or your access to the Site or any services, as well as remove and delete any information or content related to this Site or one or more of those services (and terminate your use thereof), for any reason whatsoever and at any time at their sole discretion, without notice and without liability to you in accordance with the Terms.
Loop Entities are under no obligation to verify the actual identity or authority of any party using the Credentials to access or use the Site. Any Loop Entity may, at its sole discretion and at any time, require proof of identity of any party seeking access to and use of the Site and may deny such access, in whole or in part, if the Loop Entity is not satisfied.
You are fully responsible and liable for the confidentiality and security of your Credentials as well as for any activity resulting from the use of your Credentials, including any and all use or misuse of the Credentials which may result from your disclosure of the Credentials. You assume sole responsibility for any activity resulting from the use of your Credentials by anyone, including but not limited to, any of your principals, partners, employees, representatives or agents or any other person who may have obtained the Credentials by any means. After accessing the Site using the Credentials, you are responsible for closing the browser, clearing the browser’s cache and/or closing the session so that the Credentials cannot be accessed by a subsequent user. If you suspect that the Credentials are lost, stolen and/or known to be used by an unauthorized party, you shall immediately notify Loop Financial. Loop Entities assume no responsibility or liability, and cannot be held liable, for any damages arising from or related to your failure to keep your Credentials confidential and secure.
Once you have obtained the Credentials, you may apply to become a borrower (a “Borrower”). Users who do not become Borrowers may only view select content on the Site. To become a Borrower, Users must complete a loan application (an “Application”) on behalf of a prospective Borrower and Loop Funding must approve the Application on behalf of Loop Fund (See “How to Become a Borrower” below).
Although parties from all jurisdictions may complete the User Registration to access the Site where permitted by law, the Site is directed only to parties residing or having their principal place of business in one of the provinces or territories of Canada. As such, only parties residing or having their principal place of business in one of the provinces or territories of Canada may be eligible to become a Borrower. The Site is not directed to any party in any jurisdiction where, due to that party's residence, principal place of business or otherwise, the publication or availability of the Site is prohibited. Parties in respect of whom such prohibitions apply must not access the Site and may not become a User.
Loop Entities make no representations or warranties regarding the completeness, accuracy or currency of any information of the Site. Loop Entities shall not be liable for any omission, error, inaccuracy or failure to update such information.
UNDER NO CIRCUMSTANCES SHOULD ANY INFORMATION ON THIS SITE BE CONSTRUED AS A PUBLIC OFFERING OF SECURITIES IN ANY JURISDICTION OF CANADA OR OUTSIDE CANADA. THE CONTENTS ARE PROVIDED SOLELY FOR INFORMATION PURPOSES AND SHOULD NOT BE INTERPRETED AS A RECOMMENDATION OR AS GENERAL OR SPECIFIC FINANCIAL, LEGAL, TAX, INVESTMENT OR PROFESSIONAL ADVICE APPLICABLE TO ANY USER OR BORROWER’S SPECIFIC CIRCUMSTANCES. LOOP ENTITIES MAKE NO REPRESENTATION OR WARRANTY AS TO THE SUCCESS OF ANY SECURITIES OFFERED BY THE LOOP ENTITIES. THE CONTENTS MAY NOT BE RELIED UPON FOR INVESTMENT PURPOSES.
WE RECOMMEND THAT YOU CONSULT YOUR OWN PROFESSIONAL ADVISORS REGARDING USE OF THE SITE FOR ANY PURPOSE.
Trademarks and Copyrights
All logos, trademarks, service marks and trade names used or displayed on the Site are the registered or unregistered trademarks of Loop Entities or their respective owners. Nothing on the Site grants or may be construed as granting, by implication or otherwise, any license or right to use any logos, trademarks, service marks and trade names displayed on the Site without the written permission of Loop Entities or such other owner.
In addition, the Contents may not be copied, reproduced, republished, downloaded, posted, transmitted, distributed or modified, in part or in whole, in any form whatsoever, whether in text, audio, video or executable format, without prior written consent of Loop Financial. Nothing in the Site may be construed as conferring any right to use the Contents in any manner that is protected under the Copyright Act (Canada).
The Site was developed for optimal display on the following browsers: Google Chrome Version 51+ and Safari Version 10+. You are advised to use these internet browsers to enjoy optimal use of the Site. Loop Entities shall not be held liable for any damages relating to the use of the Site and problems with the display caused by your internet browser. You agree to access the Site using hardware that does not contain viruses and with an up-to-date browser.
The Site may contain hyperlinks to other websites that are not owned, operated or controlled by Loop Entities, such as hyperlinks to Borrowers’ websites. The hyperlinks are provided solely for convenience. To use the hyperlinks, you must leave the Site. Loop Entities will not and cannot verify the content, material or any other information on the other websites visited by you. Loop Entities do not endorse, guarantee, or make any representations or warranties regarding any other websites or any of the content, material or information that may or may not be on such websites. If you decide to access any other website from a hyperlink on the Site, you do so at your own risk. Loop Entities assume no responsibility and shall not be liable for any damages arising from the use of such other websites.
Navigation on the Site is likely to cause the installation of cookies on your computer or device. A cookie is a small file which does not identify a user, but which records the information about the navigation of a computer or device on a website. The data obtained is used to facilitate subsequent browsing on the Site and allows tracking of certain statistical data which helps Loop Entities improve the Site. Refusing the installation of a cookie may prevent you from accessing certain services or parts of the Site. You may configure your computer or device to accept or deny the installation of cookies.
Forums and Social Networks
Loop Entities can communicate information and news concerning Loop and related services on social networks. However, if the content on social networks differs from the Contents, the latter shall prevail.
References and Case Studies
Loop Entities reserves the right to use your name and/or company name as a reference for marketing or promotional purposes on the Site and in other communication with existing or potential customers of Loop Entities. To decline Loop Entities this right you need to email firstname.lastname@example.org stating that you do not wish to be used as a reference.
Amendments to the Terms
The Terms may be amended or updated from time to time to comply with law or to meet Loop Entities’ business requirements. Loop Entities may not always be able to give you advanced notice of such amendments or updates, but the Terms that are in effect at any given time will always be posted on the Site so that you can review them when you next log in. Any amendment or update will be effective immediately and automatically bind all Users and Borrowers to the extent permitted by law.
How to Become a Borrower
The following describes how to complete an Application, and, subject to approval, become a Borrower. All references to “you” and “your” in the “How to become a Borrower” section of the Terms includes the Applicant and/or the Borrower, each as defined herein, except where the context otherwise requires.
At any time during the application process, Loop Entities may provide quotes or estimates that are intended to be for general informational purposes only, and are not intended to be legally binding on any party and are expressly subject to the execution of appropriate agreements. In addition, nothing on this website should be construed as an offer or commitment on the part of Loop Entities to provide a service. Each of the parties acknowledges that no party hereto shall be bound to consummate a potential transaction described herein unless and until the parties execute a definitive agreement and then only upon the terms and conditions set forth in such definitive agreement.
To become and remain a Borrower, an Applicant must meet Loop Fund’s requirements, as they may be amended from time to time, without notice.
Types of Borrower Loans:
- “Loop LOC” refers to an uncommitted revolving demand credit facility made to businesses for amounts between C$10,000 to C$10,000,000.
Minimum Requirements to be a Borrower
- Have a deposit account at a regulated Canadian financial institution (referred to as a “designated deposit account”);
- Have a registered Shopify or Amazon account generating at least C$10,000 in sales in one of the last three months;
- Have a principal place of business in one of the provinces or territories of Canada;
- Be at least the age of majority; and,
- Have generated at least C$50,000 in revenue in any given 12-month period within the last 24 months.
Furthermore, if a Borrower is a corporation:
- at least 50% of its directors are Canadian residents; and
- all its directors are at least the age of majority.
To be approved as a Borrower, the Applicant must meet such other criteria and provide all information and documentation that may be required by Loop Fund.
Please note that:
- public bodies are not eligible to become Borrowers;
- entities that wish to become Borrowers must have a lawful purpose and be seeking funds in furtherance of their commercial activities; and
- satisfaction of any or all of Loop Fund’s criteria does not guarantee approval as a Borrower and/or that any request for a loan will be approved.
Information and Documents
To confirm that the party making the Application (the “Applicant”) on whose behalf you are acting is eligible and to verify its existence, and for underwriting purposes, Loop Fund requires the provision of certain information and documents prior to accepting the Applicant as a Borrower. Information and documents requested must be provided in satisfactory form prior to acceptance.
In the event any information and/or document provided is deemed deficient for any reason, Loop Fund may invite you to address the deficiencies. Please note that Loop Fund may at any time request additional information and documents regarding you, the Applicant, Guarantors (as defined below), and other individuals associated with the Applicant, including its shareholders, partners, officers and directors. If any of the information and documents requested by Loop Fund are not provided in satisfactory form in a timely manner in Loop Fund's sole and unfettered discretion, the Application will be rejected.
You hereby represent and warrant to Loop Fund that the information and documents provided in support of an Application and to obtain a loan or loans from Loop Fund and any and all additional information and/or documents submitted to or received by Loop Entities are true, complete and accurate in all respects, at the time submitted and at all times while the Applicant remains a Borrower or has any outstanding loans or indebtedness to Loop Fund.
YOU REPRESENT AND WARRANT THAT NO SUCH INFORMATION OR DOCUMENT, INCLUDING ANY INFORMATION WITH RESPECT TO THE DESCRIPTION OF THE APPLICANT’S BUSINESS, PRODUCT TYPE, USE OF FUNDS AND INDUSTRY, CONTAINS ERRORS, MISLEADING INFORMATION, OMISSIONS OR MISREPRESENTATIONS THAT WOULD BE REASONABLY MATERIAL TO LOOP FUND’S DECISION TO LEND TO YOU.
In the event of a change in any information or document provided to Loop Fund, you agree to immediately notify Loop Fund of such change and provide Loop Fund with the appropriate information or document, as the case may be.
BY SUBMITTING AN APPLICATION YOU REPRESENT AND WARRANT THAT YOU HAVE DISCLOSED TO LOOP FUND ALL CIRCUMSTANCES THAT YOU ARE AWARE OF AND WHICH COULD OR MIGHT RESULT IN A MATERIAL ADVERSE CHANGE IN RESPECT OF THE BUSINESS, ASSETS OR FINANCIAL AFFAIRS OF THE APPLICANT AND ITS PRINCIPALS OR GUARANTORS, INCLUDING WITHOUT LIMITATION ANY CLAIMS, UNDISCLOSED LIABILITIES, LITIGATION, ARBITRATION, COURT PROCEEDINGS OR INVESTIGATIONS, INCLUDING ANY INVESTIGATION BY ANY GOVERNMENTAL ENTITY, AGENCY OR OTHER SIMILAR ENTITY, WHICH ARE CURRENT, THREATENED, PENDING OR OTHERWISE REASONABLY LIKELY TO OCCUR BY ANY THIRD PARTY.
You agree that you will promptly notify Loop Fund upon you or the Applicant becoming aware of or suspecting that one of the aforementioned events has occurred or may occur and will provide Loop Fund with any information as it may reasonably require from time to time.
If you are, or at any time become, aware of any current or future claim (or potential claim) by the Canada Revenue Agency (or any other governmental agency, entity or public body) against you, the Applicant, or its Guarantors, the Applicant must contact Loop Fund immediately.
Disclosure of Information
By requesting that the Applicant be approved as a Borrower you understand that information pertaining to the Applicant’s business and affairs will be shared with Loop Entities. You acknowledge being aware of intellectual property laws and having taken the necessary measures to protect the information you share with Loop Entities. Loop Entities will not be held responsible for any loss or damage incurred by you in respect of any loss of intellectual property as a result of any disclosure of information by you to Loop Entities. You hereby waive all rights of claim, action or demand against Loop Entities.
Consent to Obtaining Credit Report
By submitting an Application, you irrevocably represent that you have the authority to authorize the Loop Entities to request and receive from Equifax Canada Inc. and/or Trans Union of Canada, Inc., (each a “Credit Agency”) for any reason whatsoever and at any time, any personal, financial or other information relating to you, the Applicant and Guarantor(s) (collectively “Information”) and any employee or representative of Loop Entities is hereby authorized to request and receive Information on Loop Fund’s behalf.
You understand that the Information will be disclosed to Loop Fund for the purposes of reviewing your application to become a Borrower and/or guaranteeing obligations under any loan agreement. Furthermore, you understand that Loop Fund may continue to request and receive your Information from a Credit Agency on an ongoing basis after you have submitted a loan application and that such information will be shared with the Loop Entities.
Typically, Applications will be acknowledged the next business day and decided upon within two business days of receipt of all requested information and documentation. However, it may take up to two weeks or longer to render a decision due to various factors which include, but are not limited to, information and document deficiencies, delays in identity verification and/or receipt of credit reports.
Loop Fund will inform you if your Application has been accepted or rejected, and in the latter case may provide the reasons for such rejection. If Loop Fund’s decision to reject your Application appears to be based on incorrect information or documentation, you may contact Loop Fund to submit the correct information and/or document, where applicable. If incorrect information was provided by a Credit Agency, you will be asked to contact the Credit Agency to have the information corrected. Upon the receipt of correct information or documentation, your Application will be reconsidered.
While Loop Fund generally applies standard internal guidelines and policies in assessing Applications, it retains absolute discretion to accept or reject any Application as it sees fit.
If your Application is accepted, you will be provided with a summary of the terms of your loan offer (the “Loan Terms”), together with the following documents:
- the loan agreement to be entered into by the borrower (“Borrower”) and Loop Fund and the Guarantor(s), if any (the “Loan Agreement”);
- the security agreement, if any, to be granted by the Borrower in favour of Loop Fund on all or certain of the Borrower’s assets described in the security agreement (the “Security Agreement”);
- one or more guarantees, if any, (each a “Guarantee”) to be signed by guarantors (each a “Guarantor”); and
- a pre-authorized debit agreement (the “PAD Agreement”) pursuant to which the loan repayments will be debited by Loop Fund from a specified deposit account (the “Deposit Account”).
- The Loan Agreement, the PAD Agreement, the Security Agreement and the Guarantee(s) are collectively referred to as the “Loan Documents”. In the event of any conflict between the Loan Documents and the Loan Terms, the Loan Documents will govern.
Loan Terms include the credit limit amount of the line of credit, which may be less than the amount requested by the Borrower, the interest rate, the fees payable and the terms of repayment.
The Borrower has 7 days from the receipt of the Loan Documents to review, sign and return them. They should be read carefully, and legal advice should be sought, to ensure you fully understand the consequences of executing each of the Loan Documents. You represent and warrant that there has been no undue influence brought to bear on any Guarantor to execute a Guarantee.
In order for Loop Entities’ to access your deposit account, you are required to verify and authorize the use of your bank account using a third-party data service provider for bank account authentication, Flinks API (“Flinks”). You will be required to agree to additional terms provided by Flinks, which will apply in addition to these Terms.