What kind of information do I need to provide in order to open a corporate lending account?
When opening a corporate Lending Loop account you will be prompted to provide some details about yourself, the beneficial owners of the corporation (owners who hold more than 25%), and the corporation itself. Lending Loop requires the account manager to provide their personal details, as well as the personal details of any individual beneficial owners (If a beneficial owner is another corporation, please review the article at the bottom). During the process of creating a corporate account, all beneficial owners are required to be registered with Lending Loop, and provide the following information:
- Date of Birth
- Home Address
- Ownership Percentage of the Corporation
- Phone Number
The account manager will also be required to complete a questionnaire in order to help establish the risk tolerance of the corporation.
Lending Loop will also require some details about the corporation. This includes:
- The Corporation’s CRA Number
- Articles of Incorporation
After this information has been provided, the account manager will be prompted to link a corporate bank account, which will require a bank verification document such as:
- void cheque
- bank statement
Screenshot of your online banking interface (the screenshot must contain the name of the corporation, the account name, the account balance, logo of the institution, and the account number) This information is collected only to verify provided bank account information. Please note that at this time, Lending Loop cannot link personal bank accounts to a corporate Lending Loop account.