Meridian and Accord Financial Corp. announced a strategic partnership today to provide small and medium businesses with more options for financing. It comes at a time when businesses are looking for ways to ensure they succeed today and be positioned for the post-pandemic future.
Through a partnership program, Meridian is helping Members expand the access to capital they need to keep thriving. That’s critical for their prosperity, as well as for Canada’s overall economic recovery and growth.
“Our Members have told us that, more than ever, they need additional alternatives for financing their operations and expansion. Our partnership with Accord Financial, a dynamic, trusted and longstanding commercial finance leader, complements our existing suite of products and expands our breadth of offering,” says Kevin VanKampen, Vice-President, Business Banking at Meridian.
The new partnership will enable fast access to financing for Canadian small businesses, as well as loans of up to $20 million for larger businesses looking for capital. That includes:
- asset-based lending (i.e. against receivables, inventory at higher margins);
- factoring, based on specific accounts receivables;
- purchase order financing and letters of credit, to pay suppliers for goods that are pre-sold to customers.
“Businesses need to be nimble now, whether in strategizing or responding to unexpected events. The range of financing solutions provided through this partnership gives our Members the flexibility they need,” says VanKampen.
Such financing can help business to optimize their cash flow, spearhead a restructuring, execute buyouts or acquisitions, or invest in the next phase of growth.
“Canadian businesses are the engine of the economy, and financial liquidity is the fuel that keeps them running. We are pleased to partner with Meridian Business Members to help more businesses navigate the economic cycle, capitalize on emerging opportunities, and position themselves to thrive,” says Simon Hitzig, President & CEO, Accord Financial.
The partnership complements Meridian’s existing suite of financing services, from loans and lines of credit, to business mortgages and commercial owner-occupied lending.
For more information about financing solutions available to businesses through Meridian and Accord Financial, please visit our new co-branded website.
About Meridian Business Banking
Meridian’s Business Banking serves more than 25,000 Members in 15 Business Banking Centres located across Ontario, helping our Member businesses grow and build stronger communities. Meridian offers a full suite of banking services for all sizes of businesses, including cash management, financing and Business Visa. In addition, Meridian has specialized industry teams that focus on specific sectors such as Corporate Finance and Real Estate and Development. For more information, see our Small Business and Commercial Banking sites, and visit us on LinkedIn.
About Accord Financial Corp.
Accord Financial is North America’s most dynamic commercial finance company providing fast, versatile financing solutions for companies in transition including factoring, inventory finance, equipment leasing, trade finance and film/media finance. By leveraging our unique combination of financial strength, deep experience and independent thinking, we craft winning financial solutions for small and medium-sized businesses, simply delivered, so our clients can thrive. For 43 years, Accord has helped businesses manage their cash flows and maximize financial opportunities.
With more than 75 years of banking history, Meridian is Ontario’s largest credit union and the second largest in Canada, helping to grow the lives of more than 370,000 Members and customers. Meridian has $26.5 billion in assets under management (as at December 31, 2020) and delivers a full range of financial services online, by phone, by mobile and through a network of 89 branches across Ontario, and business banking services in 15 locations. Meridian cardholders have access to over 43,000 surcharge-free ATMs in North America with THE EXCHANGE® Network and the Allpoint Network in the United States. For more information, please visit: meridiancu.ca, follow us on Twitter @MeridianCU or see our Facebook site.
SOURCE Meridian Credit Union
For further information: Media Contact: Teresa Pagnutti, Public Relations, Meridian, Teresa.firstname.lastname@example.org, 416-275-3816 (m)