Meridian and Accord Financial Corp. have collaborated to offer additional financing choices to small to medium-sized businesses (SMBs). Their partnership occurs as companies are seeking methods to make sure they succeed in the present day and be set for times after the pandemic, according to a Tuesday (May 4) announcement.
The collaboration will provide small companies in Canada with expedient access to financing in addition to loans of as much as $20 million for bigger companies seeking funds.
Kevin Van Kampen, vice president, Business Banking at Meridian, said in the announcement that Meridian’s members have indicated that they require more alternatives for financing their operations and growth more than they have in the past.
“Our partnership with Accord Financial, a dynamic, trusted and longstanding commercial finance leader, complements our existing suite of products and expands our breadth of offering,” Van Kampen said in the announcement.
The partnership fits alongside Meridian’s current collection of financing services that includes lines of credit and loans, among other offerings.
“Canadian businesses are the engine of the economy, and financial liquidity is the fuel that keeps them running,” Accord Financial President and CEO Simon Hitzig said in the announcement.
Hitzig noted that the firm was teaming with Meridian Business Members to help additional companies “navigate the economic cycle, capitalize on emerging opportunities and position themselves to thrive.”
Meridian’s Business Banking serves over 25,000 members across 15 business banking centers throughout Ontario.
Meridian provides a complete slate of banking services for companies of different sizes, ranging from financing to cash management.
That workforce is concentrating on urban and rural centers, and it will interface with systems such as BMO Business Xpress, which is an onboarding platform for small companies.