(February 22 – 10:15 ET) – PrimeStreet, funded by Royal Bank, will launch its U.S. loan auction business to Canada in the spring with RBC as the first lender to sign up. Small business owners have to complete an online application.
PrimeStreet will then add credit bureau information and throws the application open to a variety of lenders to make their best offer for the business on an anonymous basis. The lender and borrower then strike up their own relationship.
“The Internet has changed the dynamics of lender-borrower relationships and Canadian small business owners will benefit from a more convenient borrowing process and broader access to funds,” said Kevin Talbot, PrimeStreet’s chairman and chief executive officer, and vice-president of Royal Bank Ventures Inc.
Talbot says the move into Canada is “an important first step in our strategy to become a global leader in small business financing and services”. PrimeStreet of Menlo Park, Ca. is 34% owned by Royal Bank Ventures Inc. and opened for business in the U.S. last May.
-IE Staff