Scotiabank and Canadian Imperial Bank of Commerce increased Thinking Capital’s credit facility to $125 million, bolstering their partnership with the fintech lender.

The expanded facility more than doubles Thinking Capital‘s former $50 million debt facility and will ramp up financing for loans ranging from $5,000 to $300,000 to small business owners – all processed online in as little as 24 hours with no upfront collateral required.

“The extraordinary pace of change in almost all industries is being driven in large part by the rapid advancement and adoption of technology by both business and customers,” said Gillian Riley, EVP, Canadian Commercial Banking at Scotiabank. “At Scotiabank, we are delighted to support Thinking Capital in its effort to use technology to empower a better customer experience.”

“CIBC’s support for Thinking Capital is about leveraging new and faster ways for Canadian small businesses to access funding, and broadens the borrowing options for these independent companies that are engines for job creation and economic growth,” said Jon Hountalas, EVP, Business and Corporate Banking, CIBC.

Montreal-based Thinking Capital has provided more than $400 million to 10,000 businesses across Canada since its inception in 2006.