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Meridian Partners with Accord Financial to Expand Financing Solutions

May 07, 2021, 07:00 AM
Filed Under: Industry News

Meridian and Accord Financial Corp. announced a strategic partnership to provide small and medium businesses with more options for financing. It comes as 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," said 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," said 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," said 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 the new co-branded website.

Accord Financial provides financing solutions for companies in transition including factoring, inventory finance, equipment leasing, trade finance and film/media finance.

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