Merchant Advance Capital, a Canadian online lender, will expand into the equipment leasing industry. The company will apply its technology-based model of online applications to expedite approvals for the equipment leasing space.
The new product follows two other launches this year by Merchant Advance Capital, including the “Give Yourself Credit” line of credit and the purpose-driven Good Cents Loan, which is offered to Canadian entrepreneurs who are giving back while growing their business. Merchant Advance Capital’s expansion of product lines comes as a result of the data science algorithm that powers the company’s underwriting.
“Our model looks at more than 300 data points, including personal credit score, to paint a fairer and more complete picture of the businesses we lend or lease to,” said David Gens, the CEO and founder of Merchant Advance Capital. “We look at credit reports, revenue, outstanding invoices, social media channels and even details like time of application, to make a decision.”
In addition to being able to lease equipment as easily as taking out a loan, merchants also have the option to refinance equipment they already own. The Merchant equipment leasing program is open to Canadian businesses with a physical location that have been in operation for more than six months, as with any other products by Merchant Advance Capital.
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