Canadian credit union Coast Capital Savings has partnered with online small business lender OnDeck Canada to new online lending option to small businesses in Canada.

The partnership is part of Coast Capital Savings’ strategy to accelerate online lending to its small business members.

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The partners aim to meet the short term liquidity requirements of small businesses in Canada.

All Coast Capital Savings small business members can now apply for term loan financing from OnDeck of up to C$250,000. The members can apply through the branch, online or through the Coast Capital Contact Centre.

Eligible applicants can receive approval and funding in as little as one day.

Coast Capital Savings small business head Derek Turner said: “By partnering with OnDeck Canada, Coast Capital is now able to offer a seamless member experience that is both fast and incredibly easy.

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“As a purpose-driven and member-owned federal credit union, we are in a unique position to help small business members improve their financial well-being.

“Today’s announcement is an integral part of our always expanding offerings for our existing and future small business members that will see new and innovative products and services brought to market to serve this very important segment.”

OnDeck Canada CEO Neil Wechsler said: “As the proven leader in online small business lending, OnDeck Canada is delighted to partner with Coast Capital to offer online financing to its small business customers, ensuring that their unique and ever-evolving needs are met faster than ever with the power of automation and a world class digitised customer experience.”

OnDeck Canada is an online small business lender. It uses data analytics and digital technology to make real-time lending decisions and disburse funds to the eligible applicants swiftly.