Online lender Merchant Advance Capital expands into equipment leasing space

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 21, 2016) - Starting today, small businesses looking to lease new or used equipment can now enjoy the same quick approval convenience associated with online lending. Merchant Advance Capital, a leading Canadian online lender today announced its expansion into equipment leasing, a natural progression for one of Canada's largest business loan providers.

This is the first time an alternative lender has offered equipment leasing, and Merchant Advance Capital is applying the same personalized customer care and 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, which includes 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 rapid 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," says 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, a process similar to taking out a mortgage against a home. This is an effective way for small business owners to continue building their credit. 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.

For more information on the Merchant Equipment Leasing program, visit www.merchantadvance.com/equipment-lease-financing.

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.