HSBC Bank Canada, a subsidiary of HSBC Holdings, has collaborated with Biz2Credit to launch new service, HSBC eCredit, to help streamline banking for small businesses.
HSBC eCredit is a digital-first approach to lending, which will enable small business owners to apply for financing online.
The new service has been designed to provide quicker and easier access to Canadian small business owners for business financing.
HSBC eCredit is currently provided in selected areas by invitation, and is expected to be fully available by the end of this year.
HSBC Bank Canada retail business head Jeff Brown said: “Small businesses are the key to a strong local economy and thriving community. They really feed into that entrepreneurial spirit of Canadians.
“And we know that small business owners have very busy schedules so the single biggest issue that small businesses face is time. HSBC eCredit will deliver a straight-forward 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.”
Compared to traditional approach, HSBC eCredit uses advanced technology and security to better serve small business owners.
The new service will also to make application decisions with 24 hours, as the process is highly automated. It enables to submit applications for a small business line within five minutes.
Other benefits offered by HSBC eCredit include applications for financing do not have to be completed all at one time, borrowers can begin the application process, save the information, and finish at a later date and time of their choosing.
In addition, the new service provides freedom and flexibility to apply for credit at their convenience with the preferred device, including iOS and Android for smartphones/tablets.
Biz2Credit CEO Rohit Arora said: “Our platform for HSBC Bank Canada is the type of innovation that Canadian small businesses need. 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.”
HSBC Bank Canada operates three global business lines, including commercial banking, global banking and markets, and retail banking and wealth management.