The Business Development Bank of Canada is so focused on delivering money to Canadian entrepreneurs that it is issuing loans of up to $750,000 on an iPad app in less time than it takes to brew a pot of coffee.
In BDC’s annual report, the bank revealed that since November of 2017 they’ve actually issued more than 3,000 such loans through the BDC Express Loan app, saving 26,000 hours of work. All 600 account managers with the bank are equipped with mobile devices to approve loans in a single site visit.
In some cases we’ve done it in five or 10 minutes
BDC CEO Michael Denham
Loans can be approved in 30 minutes, but Michael Denham, president and chief executive for BDC, said it’s often quite a bit faster.
“I think people know how focused I am on the Express Loans, so when things happen very, very rapidly, they give me a call,” Denham said. “In some cases we’ve done it in five or 10 minutes.”
BDC is fond of saying they’re in the business of moving fast, because they’re in the business of supporting entrepreneurs, and the 2019 annual report shows that business is good.