VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 12, 2016) - Merchant Advance Capital, one of Canada's leading alternative lenders, entered the purpose lending space today with the launch of the Good Cents Loan. The loan was created for entrepreneurs seeking funding to make a positive impact on their community or environment through improvements to their business.
"The Good Cents Loan is our way of saying we know company initiatives and upgrades with a social and environmental benefit is good for business," says David Gens, CEO and founder of Merchant Advance Capital. "It can be hard as a small business owner to make traditional financiers see the monetary value of such an investment."
The Good Cents Loan is the first of its kind from an alternative lender, with the purpose of funding being the primary criterion for lower interest rate eligibility. Canadian business owners who want to build social responsibility into their daily operations, but cannot afford the upfront cost of solutions that can save money over time, now have a new financing option. Examples of eligible uses for the loan include energy efficiency upgrades or renovations to make a business more physically accessible for employees or customers.
"Only a few of the larger, international banks and lenders offer a purpose loan - or impact loan similar to the Good Cents Loan. We're pleased to operate in a socially conscious environment where this type of model is the increasing norm in other industries," adds Gens.
Approved applicants for the Good Cents Loan are eligible to receive funding at half the cost of Merchant Advance Capital's other financial products. Business owners fill out an application online with their campaign plan, business resources and predicted impact.
The Good Cents Loan is available across Canada. For more information on what types of initiatives are considered, visit http://merchantadvance.com/the-good-cents-loan/.
About Merchant Advance Capital
Merchant Advance Capital is one of Canada's leading online lenders on a mission to help small and medium-sized businesses grow. They leverage technology and data science to reduce risk and provide more control, lower fees and flexible repayment schedules. Merchant Advance Capital was founded in 2010 and has now grown to include offices in Toronto and Vancouver and serves clients Canada-wide.
About the Good Cents Loan
The Good Cents Loan is a "purpose lending" loan for entrepreneurs improving their business to make a positive impact on their community and environment. It's structured as a traditional business loan, with daily fixed repayments. Canadian business owners can now access special rates for sustainability and social responsibility initiatives.