Loop

Loop

Avg. Rating: 5.0 (3 reviews)

Loop is a banking platform built specifically for the needs of growing ecommerce businesses. Loop offers a multi-currency corporate Mastercard®, seamless payments to suppliers around the world at market-leading FX rates, real US Dollar bank accounts and capital solutions for D2C brands.

The Loop team has been building financial products for Canadian businesses for the better part of a decade. Since day 1, they have been exclusively focused on supporting the small business ecosystem. They’ve advocated for banking reform, pioneered low-cost funding methods for SMBs and lent more than $100M to businesses across the country.

TIME IN BUSINESS: Since 2021
# OF CUSTOMERS: Over 150
TOTAL FUNDED: Over $100,000,000
LOANS OFFERED: Line of Credit, Business Credit Card, Invoice Financing

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Frequently Asked Questions About Loop

What is Loop?

What is the cost to borrow money?

Loop’s Capital products are flexible and affordable. There are two fees that may apply when accessing Loop’s Capital products. All capital products have an associated cost of borrowing which is the interest rate charged on the outstanding balance. Interest rates range from 0.8% - 2% per month.

How much credit can I qualify for?

The credit limit you are granted will depend on your business’ performance over the past several months. Your credit limit will automatically scale every month to make sure that your limit is sufficient for you to pay for all of your business expenses with Loop Card.

What can I purchase with my Loop card?

You can use Loop Card anywhere Mastercard® is accepted. You just have more countries where you can spend like a domestic card. As a Mastercard product, you are able to seamlessly pay a supplier, make advertising purchases, or use it for any other business expense internationally.

What is Loop's first product?

Loop's first product is a corporate card that has features and benefits that are specifically designed to support the growth of cross-border businesses. Multi-currency support, an extended repayment grace period and credit limits based on sales.

Is Loop safe?

Loop's team has been building financial products for Canadian businesses for the better part of a decade. Since day 1, they have been exclusively focused on supporting the small business ecosystem. Coming from families of small business owners, they understand the challenges SMBs face and have advocated for banking reform and lent more than $100M to businesses across the country.

Are there annual fees?

No, the first version of Loop's product is free. Better yet, there’s no annual commitment so you can cancel your card at any time as long as you pay any outstanding balance in full.

Thank you Loop!

If you are a Canadian business struggling with the old bank system, this is a game changer. For us, we are already seeing incredible benefits after over a month of using them. You will fall in love with your bank again!

Phil

Loop is great for international transactions

Loop has allowed us to save on FX fees and made it easy to run our business which spans Canada and the United States.

Allana

Loop is great for e-comm

We’re a new and quickly expanding brand in Canada that operates primarily online, with retail locations as well. As we were growing our business and looking for working capital we discovered Loop. It was super simple and a game changer for us. Being of the digital age, and working with Shopify, we are used to working online and looking for a process that was simple, fast and focused on our needs. We found Loop and gave them a try. It’s been great. The process wasn’t cumbersome and/or invasive. We’ve seen immediate results and they’ve continued to partner with us as we grow

Ben