HSBC Digitizes SMB Lending In Canada With Biz2Credit Partnership

HSBC Bank Canada is collaborating with alternative lending firm Biz2Credit to streamline and digitize small business lending in the country.

A press release issued Monday (Nov. 19) said HSBC Bank Canada is launching its eCredit solution, providing small business loan applicants with a digital platform to seek financing. Biz2Credit developed the platform to provide a streamlined loan application process for small firms, with the bank’s decision-making process taking just 24 hours in some cases.

“Our platform for HSBC Bank Canada is the type of innovation that Canadian small businesses need,” said Biz2Credit CEO Rohit Arora in a statement. “Through the platform’s always-on application process, and the expedited lending decisions it enables, we are helping Canadian entrepreneurs grow and strengthen their businesses with a quick, convenient application for borrowing.”

The digital application allows small businesses to complete the process in only a few minutes, and can access the platform on their desktop or mobile devices. In another statement, HSBC Bank Canada Head of Retail Business Banking Jeff Brown said the digital-first process for small business loan applicants aims to save business owners time.

“We know that small business owners have very busy schedules, so the single biggest issue that small businesses face is time,” he said. “HSBC eCredit will deliver a straightforward and efficient lending application to our small business banking customers, enabling them to spend more time running their business and give them time to grow their customer base.”

While the tool is available on an invite-only basis, HSBC said it will roll out the solution across Canada next month, and introduce a French-language version in January.

Biz2Credit has previously collaborated with FinTechs, including Tradeshift last year, to expand small businesses’ access to financing. The small business lending market in the country began the year with a slow start, after research published last December from PayNet found a decline in borrowing among Canadian small business owners.