TORONTO, Jan. 01, 2022 /CNW/ — Driven, Canada’s largest non-bank online small business lender, today announced they are rolling out their longest term loans to date to give Canadian entrepreneurs more ways to sustain and grow their businesses during these challenging times.
The two new options, 18 and 24 month term loans, will be added to their existing product suite of 2, 3, 4, 6, 9, and 12 month loans (ranging from $500 to $300,000), providing small business owners with a wider array of options and empowering them to make decisions that are right for their needs.
“One advantage of these longer term loans is lower monthly payments,” explains Chief Revenue Officer Mario Bottone. “By stretching out their payments over a longer period of time, businesses can reduce the cost of each installment—and that gives them more cash flow to work with month to month.”
Connie Chen, Vice President of Product, reflected on how that might be especially helpful in light of recent lockdowns.
“We didn’t design these new loans for COVID specifically,” says Chen. “We were developing it well before Omicron hit. But for many businesses, especially those in retail and dining, government restrictions have been hard on them, so a lower repayment threshold may help get them through the tough times.”
Bottone was quick to add that the new loans don’t replace their shorter-term products so much as provide greater optionality for the customer. “Four months, 24 months—it all depends on what makes sense for your business. If you want to build a patio for your restaurant and expect it to pay off over the summer, then a short-term loan might make sense. If it’s about sustaining or growing your business more generally, and you want more cash on hand to make those investments as they arise, then a longer-term loan may be right for you.”
Driven's expanded line of products reflects their broader commitment to delivering flexibility and customer convenience.
“We’re doggedly customer-centric,” says Bottone. “Take our approach to repayment frequency. You can pay us back daily or weekly. It’s totally up to you. Only now, you can apply that frequency to a longer term and with lower amounts per installment. More options means more flexibility to manage your business the way you want to manage it.”
Driven designed its loans with the small business owner in mind. They aren’t tied to specific goals or outcomes, but can be used to cover everything from payroll and inventory to new projects, equipment, and marketing campaigns. You get the money upfront and can even mix and match different loan terms.
“At the end of the day, no one knows your business better than you do.”
Other customer-centric initiatives from Driven include a new and improved online application experience; proactive customer service via chat and telephone; pricing calculators; loyalty programming; a (free) cash flow management and insights tool; business content and reporting; and a customer success advisor program to help onboard new clients.
“We probably have the best account executive team in the country to help onboard clients. Whether your financial profile is straightforward or it’s a complicated arrangement, we provide exceptional guidance on which products and terms may be right for your needs. Whatever it is, we’re here for you.”
Driven is Canada's largest non-bank online small business lender. Through easy-to-access financial tools and flexible, personalized support, we've empowered more than 17,000 Canadian businesses to survive, thrive, and grow to their full potential since 2006.
Clayton Meyrick, Content Specialist.
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