It was mid 2014 when Cato Pastoll and Brandon Vlaar started building their dream company, Lending Loop. Fresh out of university and full of drive, they spent their weekdays looking for jobs and dedicated their weekends to working on bringing this idea to life. Three years later, Lending Loop has materialized into a fully functional, regulated peer-to-peer lending platform.
A Better Way To Borrow, A Smarter Way To Lend
This is Lending Loop’s mantra. With a focus on connecting small businesses with Canadian investors looking to lend, they offer accessible capital at fair interest rates with the help of a simple and intelligent online platform.
Lending Loop turns a traditionally complex process into a simple four step program. Businesses apply for a loan through an online application. The application is evaluated by Lending Loop and the business is then assigned a risk rating which determines the interest rate. The loan then gets funded by individual investors on the online marketplace, and the business receives the funds once the loan has been fully funded.
Evolving Lending Loop
When we first spoke to Cato, he was working with 5 employees. His team has since doubled, and is on track to double again in the next 6 months. A fast growing team is both necessary and exciting for small business owners, but with it comes the added hassle of payroll.
Before we met Cato, he had been processing his payroll through a traditional payroll process. “It just didn’t work for me,” he said, when we asked him about the experience. “It was so rigid and didn’t respond well to adjustments.” They were lacking the dedicated customer service and flexibility that Cato was after.
Cato knew that he needed a more effective payroll service, but as a busy entrepreneur, he didn’t have the resources or the cash flow to go with any of the other major payroll players on the market.
When Cato found Knit, he knew that he had found the right solution for his company. Knit has taken care of all of Lending Loop’s payroll needs since then. On top of managing their scheduled payments and calculating all their payroll deductions, Knit is never more than an email or a phone call away.
As a small business owner, Cato values speed, technology, and customer service above all. A lot of things can go wrong when you own a small business, and when they do, you want someone you can speak to. “I don’t want to have to deal with the customer support of a large company, so being able to deal with a smaller, more customer-oriented company is always better,” says Cato, of switching to Knit.
Lending Loop needed a simple payroll service that worked consistently. Cato appreciated the straightforwardness of Knit and how easily he could add and manage employees on the platform. “Payroll sounds simple, but there are always small occurrences, like someone taking a half day off. Knit is flexible to our needs as a company.”
The best part? Thanks to Knit, Cato now saves a ton of money while still benefiting from just as great of a service. As a new business, paying premium prices for a payroll service isn’t viable. Knit’s free payroll and HR platform helps Cato by providing him with the same great service he needs at absolutely no cost.
Handing over Lending Loop’s payroll to Knit has made things “easier, simpler, and faster.”
By Melody Dusastre on Jan. 2, 2019