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Scotiabank partners with Kabbage to offer small business loans online

Published 2016-06-22, 10:19 a/m
© Reuters. Scotiabank partners with Kabbage to offer small business loans online
BNS
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TORONTO, June 22 (Reuters) - Bank of Nova Scotia BNS.TO
said on Wednesday it was partnering with financial technology
company Kabbage to enable small businesses to take out loans of
up to C$100,000 ($78,290) online in as little as seven minutes.
Banks that initially viewed fledgling financial technology
companies as a threat are increasingly looking to work with them
rather than be left behind.
Scotiabank , Canada's third-biggest lender, said it would
initially offer the new service to more than 100,000 small
business customers in Canada and Mexico that are currently not
borrowing from the bank.
The loans will be offered over six- or 12-month terms and
have interest rates as low as 1 percent per month. Customers
will be able to pay them back early without incurring extra
fees.
($1 = 1.2773 Canadian dollars)

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