The Business Development Bank of Canada is so focused on delivering money to Canadian entrepreneurs that it is issuing loans of up to $750,000 on an iPad app in less time than it takes to brew a pot of coffee.
BDC is fond of saying they’re in the business of moving fast, because they’re in the business of supporting entrepreneurs, and the 2019 annual report shows that business is good.Denham said the Express Loan app is only for existing clients, so there isn’t really any added risk to a speedy approval, since most of the due diligence is already done.
Over the past year, BDC issued $7.2 billion in loans, and in total the bank has nearly $35 billion in capital committed to small and medium sized companies in Canada.
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