HSBC Bank Canada has partnered with Biz2Credit to launch HSBC eCredit - the first digitalized approach towards lending for small businesses. Time and convenience are considered to be key issues facing small businesses and HSBC eCredit aims to address this issue by allowing businesses to complete their application process in a few minutes. The service will also make application decisions within 24 hours. Other benefits to help provide quicker and easier access to Canadian SMEs for business financing include, wider access to the platform on a range of devices, such as desktop and mobile phones and borrowers will be able to save progress made on their application and finish at a later date.
These benefits are echoed by Jeff Brown, HSBC Bank Canada Head of Retail Business Banking stating “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.”
Data from RFi Group suggests that more than 1 in 10 SMEs would be most encouraged to switch their primary business banking relationship to another institution by improving their access to lending. Additionally, almost 3 in 4 SMEs did not complete online applications for accounts or products due to the process being too long. This new partnership addresses the needs of SMEs and could strengthen their desire to open products with HSBC Bank Canada.