CommunityLend Inc., Canada’s only online peer-to-peer lending company, has entered into a partnership agreement with Strength Finance, an industry leader in vendor-based financing solutions, to provide a new financing alternative to the rapidly expanding vendor based finance industry in Canada.
”We are excited by the opportunity to work with a real market leader in financing solutions for point-of-purchase vendor sales,” noted Michael Garrity, CEO of CommunityLend. “Strength Finance and its group of companies have spent the last 5 years building out a strong vendor network into the Home Improvement and Elective Medical and Dental finance industries and we look forward to bringing the power of our lending community into that network.”
CommunityLend, which is pioneering a unique online lending marketplace in Canada, has been expanding its methods for getting its better priced financing options into the hands of good quality Canadian borrowers looking for small unsecured loans. Through this partnership with Strength Finance, CommunityLend will now be able to introduce their private lender marketplace directly into Canada’s multi-billion dollar vendor-based finance industry.
James Plewak, CEO of Strength Finance added, “By adding Communitylend as a new lender into the rapidly growing Strength Finance platform, we are continuing to increase the options available to our vendor community and their customers. We now have a viable option to expand our platform to all types of vendor communities in exactly the same way as we have built our business to date, by providing reasonably priced finance options that will not put our vendor’s clients into financial hardship. It is exciting to work with the CommunityLend team in supporting the launch of the first Peer-to-Peer lending system in Canada.”
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CommunityLend Inc. (www.communitylend.com) is Canada’s only peer to peer lending service, a financial services innovation which allows borrowers to connect directly with private lenders through open online loan auctions. Called “game changing” by financial industry analysts, this new lending model permits direct investment by eligible investors in the personal lending market. CommunityLend Inc. is registered as a Portfolio Manager and an Exempt Market Dealer in the provinces of Ontario, British Columbia and Quebec and is a wholly owned subsidiary of CommunityLend Holdings Inc., a Canadian corporation based in Toronto, ON.
About Strength Finance
Strength Finance is a family of companies specializing in point-of-purchase financing solutions for Canada’s rapidly growing vendor-based financing industry. Strength Finance is currently made up of 3 subsidiaries, Home Improvement Financial Services (HIFS), Health Financial Services (HFS) and International Training & Sales (ITS) Development Group. HIFS has created an industry leading financing and technology solution which is maximizing sales and profitability for its Home Improvement Vendor Partners. HFS has developed a national financial service program for dentists and laser eye doctors, their distributors and manufacturers which provides their clients fast and cost effective financing options. I.T.S. Development Group is an international automotive and corporate consulting and training company which focuses on conceptual training to dramatically increase performance and profitability. Collectively the Strength Finance Group of Companies work to dramatically increase contractor efficiency and profitability, while making it possible for a manufacturer or distributor to create its own specialty finance program for all their contractors.