Scotiabank and Kabbage Partner to Provide Small Business Customers With a New, Streamlined Digital Lending Experience

TORONTO, ON and ATLANTA, GA--(Marketwired - June 22, 2016) - Scotiabank customers in Canada and Mexico will be able to apply for and access a small business loan, up to $100,000, in as little as seven minutes through a new partnership with Kabbage, a leading financial technology and data company and disruptor in the online lending business.

Access to Scotiabank business loans, powered by Kabbage®, will combine the convenience of a six-month (Canada) and 12-month (Mexico) term loan, with the flexibility of a line of credit. Scotiabank will leverage Kabbage's data and technology platform to provide fully automated onboarding, underwriting, servicing and ongoing monitoring throughout the entire customer lifecycle. The Bank is piloting the new lending program in Canada and Mexico through a phased-in approach, beginning by offering the service to its more than 100,000 current non borrowing small business customers in the two launch markets.

Seven facts about the Scotiabank-Kabbage partnership:

• More than 80% of Canadian start-ups used personal financing to finance their new businesses in 2014 because they lacked the credit history or collateral to secure a loan.
• Scotiabank small business customers will be able to apply for a small business loan online and receive a decision and access to funds in minutes, using key business data sources and account information.
• The platform will be available through Scotiabank online banking sites in Canada and Mexico.
• Once approved, customers will have the flexibility to draw the funds as individual term loans, from $1,000 (specific to Canada), up to the approved loan amount. Each loan can have its own repayment terms.
• Scotiabank is the 3^rd international bank and the 1^st in Canada to select the Kabbage platform, in the past six months, reinforcing the importance of fueling small business growth across the world, with an unmatched customer experience.
• In October 2015, Kabbage announced that Scotiabank invested in the company's growth. This is another example of the Bank's commitment to providing customers with a digital banking experience, and an example of the work being done at the Scotiabank Digital Factory.
• Existing small business customers, currently not borrowing from Scotiabank, will be able to apply for a Scotiabank Fastline for business, powered by Kabbage® loan, beginning July 2016. Scotiabank Mexico customers will be able to apply for a Scotiabank Kabbage loan beginning August 2016.

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