Canadian Manufacturing

Amex Canada launches business loans to help Canada’s SMEs

60% of Canadian Small and Medium Enterprises (SMEs) believe that with their current cash flow, they can't maintain business for more than six months

February 11, 2021  by CM Staff

Flexible Lending Solutions for SMEs (CNW Group/American Express Canada)

TORONTO — In a first for American Express outside of the United States, the company is announcing the international expansion of its existing business financing product suite with the launch of Business Loans in Canada and Australia. American Express Business Loans, in partnership with ODX, will offer business loans of between $5,000 and $250,000 CAD to a select group of its small and medium enterprise customers in Canada.

American Express has partnered with global originations platform ODX to introduce these loans and harness the capabilities of its world-class digital platform to ensure a seamless online application and approvals process. The loans will initially be offered to a select group of American Express business card members, with more card members invited to apply throughout the year.

“While the Card is still a key B2B payment tool for SME customers, we’re looking to build our portfolio of offerings designed to support business owners beyond the Card,” said Paul Roman, vice-president and General Manager of Global Commercial Services, American Express Canada, in a prepared statement. “With small business owners in Canada needing our support now more than ever, this is the perfect time to focus on extending our leadership in SME lending globally.”

Amex recently commissioned The American Express SME Recovery Survey to better understand the current environment for Canadian business owners. Survey findings revealed that:

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It’s been a tough year for many Canadian SMEs, and small businesses are the most vulnerable.

  • Only 40% of SMEs believe that with their current cash flow they can maintain operations for more than six months.
  • However, despite considerable challenges, many feel optimistic about the 2021 outlook, with only 12% feeling pessimistic about what the year holds for their business.
  • While many SME owners have ideas for growth and feel inspired to reinvest in themselves and their business, they see access to capital from financial lenders as an essential factor in being able to do so.

“We are thrilled to be partnering with American Express in their efforts to help businesses grow and recover,” added Brian Geary, President of ODX. “Given the dramatic shift in customer needs and preferences during the pandemic, it’s more important than ever to provide them with a digital experience to tap into financing.”


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