ATB Financial serves more businesses than any bank in Alberta, and we know sometimes complex bank lending rules don’t fit every business. ATB LendR gives them a chance to tell their story, and if Albertans are willing to back the business then ATB will too.
Alberta Residents over the age of 18 can be a LendR. Securities rules do not allow us to accept LendRs from other provinces.
The most you can lend to any one business on any single loan is $5,000. You also can’t have more than $10,000 lent out in aggregate.
No. All repayments are split between all the LendRs, including ATB.
We currently support Electronic Funds Transfer (EFT), email money transfer, and plain old paper cheque.
Small businesses that have been an ATB Business customer for at least 12 months can apply for a Lift Loan. We use a unique lending model to review applications, looking at things like account history and credit scores. It is closer to a business credit card application than a bank’s commercial loan review.
In some cases the businesses may qualify for a regular loan, but may want a Lift Loan. In some cases they may not qualify for a regular loan. That could be because they aren’t established enough for regular loan criteria, or the nature of their business isn’t well suited to it.
The securities rules for LendR require that we have an existing relationship for 12 months.
In any loan there is a risk the loan will not be repaid. ATB cannot and does not guarantee the loans in any way. LendRs need to understand and accept the risk that they may lose some or all of their money.
No. The businesses have not gone through a normal bank lending review to qualify for a Lift Loan. Any loan to an individual small business has many risks. ATB participates based in part based on the validation of LendRs. We do not reduce or remove your risk.
ATB LendR is free to join. There are no fees load funds on the platform, or make a loan. As long as funds are on the platform or out on loan there are no fees, and any interest you earn is yours.
During our initial launch period if you load funds and decide not to make a loan, you’ll be able to withdraw them without charge. After our initial launch period there will be a 1% charge to take funds off the platform, to cover various transaction costs.
Borrowers can join LendR for free, and there is no cost to start an application. If you decide to go forward there is a fee to cover the costs of administration and creating the content that is needed. This will all be explained before you start. After your loan has begun the only platform costs are the repayment of principal and interest.
The loan agreement for both Borrowers and LendRs is available here.