CEO & Co-Founder, Smarter Loans
President & Co-Founder, Smarter Loans
While access to capital and funding are key factors required for Canadian small business development and growth, a report by Startup Canada found that 75 percent of entrepreneurs named finding funding as one of their biggest challenges.
Of those who considered access to funding a major obstacle, 58 percent also believed that there are limited funding options available in Canada. However, the rise of financing through lenders outside of traditional banks, also known as alternative lending options, has given Canadian business owners a new way to access the capital they need to grow.
Unique needs, unique financing solutions
“Everyone is different — some businesses are starting out, some are growing already and scaling up, so they all have different financing needs,” says Rafael Rositsan, CEO co-founder of Smarter Loans.
Since launching in 2016, Smarter Loans has been a helping hand in Canada, connecting people who are seeking capital with leading companies that provide financing for businesses. The providers on Smarter Loans serve a wide range of businesses, that are different sizes, operate in different industries, and may be looking for anywhere from $25,000 to over $400,000.
Smarter Loans aims to be the central resource for business owners and entrepreneurs to discover financing options, compare products, and apply online. They’re already working with 40 of Canada’s biggest, most reputable alternative lenders, with 10 of those currently offering business financing solutions through Smarter Loans.
Smarter Loans aims to be the central resource for business owners and entrepreneurs to discover financing options, compare products, and apply online.
Safer, more transparent alternative lending
According to The State of Alternative Lending in Canada Study, published by Smarter Loans in 2018, nearly half of the people who used alternative lending products said that the online borrowing experience would improve if there were more transparency and clarity around the products, fees, and terms.
“We aim to make access to capital for small businesses safe, fast, and convenient,” says Vlad Sherbatov, President and Co-Founder of Smarter Loans. “That’s why we work with leading fintech lending companies and key industry organizations, like the Canadian Lenders Association (CLA), to ensure we’re collectively promoting education, transparency, and innovation aimed at helping Canadian small businesses.”
The company launched the Smarter Loans Quality Badge in 2018. The badge is awarded to select financial companies with an established track record that have consistently demonstrated a commitment to excellent product offerings, customer service, responsible lending practices, transparency, and safety for all Canadians.
“We wanted to make sure that Canadians that are in-market for loans and financing have a safe list of companies to turn to,” says Sherbatov. Those seeking financing are able to see detailed company profiles, read reviews, and learn about business financing solutions that are available on the market.
We wanted to make sure that Canadians that are in-market for loans and financing have a safe list of companies to turn to.Vlad Sherbatov, President and Co-Founder of Smarter Loans
Tools to grow your company
Business owners can also utilize Smarter Loans to educate themselves on the many key aspects that are needed to run a business successfully — from the business registration processes to the best tools to use for accounting, processing payments, marketing, filing taxes, and more.
“We develop video and written content in collaboration with published industry experts to help Canadians be more informed and better-equipped to make financial decisions,” says Rositsan.
And with thousands of Canadian businesses already accessing capital through Smarter Loans, it’s become clear that entrepreneurs are indeed utilizing the site’s resources as a solution to one of the toughest parts of business development.