November 27, 2020 - Toronto

Alterna Bank and fintech partner, Thinking Capital, are pleased to continue collaborating to assist Canadian small and medium enterprise (SME) owners with business loans of up to $300,000.

These loans are offered through an innovative digital solution that allows business owners to seamlessly apply for a small business loan online and receive real-time credit decisions. This is paired with Alterna’s Small Business Banking offer which allows SME’s to quickly and easily open a bank account entirely online. This solution is time-saving and tailored to the unique needs of business owners across Canada as they work to recover from the economic impact of COVID-19.

While this partnership has been in play for some time, Thinking Capital recently re-launched their lending solution with an improved product offering to better meet the needs of SME’s. Alterna Bank is pleased to extend these revised lending capabilities through its existing Digital Small Business Banking Solution.

With Alterna Bank small businesses can securely:

• Open an Alterna Bank Small Business eChequing Account entirely online;
• Apply for a loan in minutes;
• Get instant approval with no obligation;
• Find 24/7 online support;
• Arrange repayment solutions tailored for small and growing small businesses; and
• Discover seamless payment processing solutions.

“Through this continued strategic partnership, we can do more for small business owners during this challenging time. By expanding on the services available through Alterna Bank’s convenient Digital Small Business Banking solution, we are helping to bridge a lending gap and offer entrepreneurs more help,” explains Rob Paterson, Alterna Bank President and CEO. “We are pleased to be meeting this need for small business owners, allowing them more time to focus on their financial health and plans for growth.”

The pandemic has presented many challenges to small businesses. Alterna Bank and Thinking Capital are pleased to be working together to help businesses stay or get back on track.

“2020 has been a challenge for many small businesses, which are at the heart of the communities we live in. Partnerships like Alterna Bank and Thinking Capital’s will contribute to the country’s economic recovery from the COVID-19 pandemic,” said Stephane Marceau, CEO of Thinking Capital. “We’re excited to continue our work with Alterna Bank. We share a commitment to empower small businesses to recover, to grow again, or to simply accelerate their growth.”

For more information on Alterna Bank’s Digital Small Business Banking solution and qualifying for a loan please visit https://www.alternabank.ca/business.

For more information on Thinking Capital, please visit www.thinkingcapital.ca.

About Alterna Bank

Alterna Bank is The Good in Banking. As one of the most innovative digital banks in Canada, Alterna Bank puts clients before profits while taking bold approaches to help Canadians manage, grow and save their money. Alterna Bank launched its highly competitive and award-winning high interest eChequing, eSavings, RRSP and TFSA products in 2016, and convenient digital mortgages in 2017 through an easy-to-use digital banking platform. In addition, Alterna Bank clients have access to the largest surcharge-free ATM network in Canada with THE EXCHANGE® Network, providing access to over 3,700 ATMs.

Alterna Bank is a wholly-owned subsidiary of Alterna Savings and Credit Union Limited, which is the first member-owned cooperative financial institution outside Quebec and which has been operating in Ontario communities for 112 years.

For more information about Alterna Bank and its products please visit www.alternabank.ca, or to learn more about Alterna Savings, please visit www.alterna.ca.

About Thinking Capital

Thinking Capital, founded in 2006, is a leader in the Canadian fintech industry and Canada’s largest non-bank lender to small businesses. Since inception, the company has lent over $1B, enabled over 16,000 businesses to quickly, conveniently and securely access capital to grow. By combining industry expertise and technology, Thinking Capital enables business owners to qualify for financing in minutes and receive their funds in as little as 24 hours. The company has offices in Montreal, Toronto and Ottawa and is a subsidiary of Purpose Financial, a diversified financial services platform focused on addressing historically underserved segments of the market

Media Contact:

Adrienne Finlay – Director, Communications
Alterna Savings | Alterna Bank
P: 416.213.7900 ext. 7655
E: Adrienne.Finlay@alterna.ca

William Ross
Thinking Capital
P: 514-643-4353
E: William.Ross@thinkingcapital.ca