How Econolease is funding the growth of the Canadian food services industry

Press Release

Smarter Loans is pleased to announce a new partnership with Econolease Financial Services. Together the two industry-leading brands will help bring more visibility and cutting edge financing options to Canadian business owners in the restaurant and food services industry.

The Toronto-based online lender has been providing lease, loan and rental options to the Canadian food services industry since 2005. Econolease now joins the growing roster of alternative loan providers at Smarter Loans, that can offer unique solutions designed to meet the financial needs of Canadian consumers and business owners.

“Econolease—like other partners that offer automotive and equipment financing options through Smarter Loans—are filling in the gaps left by traditional financial services providers, giving Canadians access to the capital and equipment they need in order to grow their businesses,” said Vlad Sherbatov, President of Smarter Loans. “We are excited to help publicize the innovative products Econolease is offering to a historically underserved market, and for the opportunity to help Canadian business owners in the food and hospitality industry find the best financing solution that suits their needs.”

In the past, restaurant and food service business owners had few options for financing new equipment, upgrades, renovations or other vital but expensive business needs. With Econolease, customers are able to secure equipment financing before making a purchase, and have the added ability to arrange lease and rental agreements when they are more advantageous than a loan.

With equipment leases starting at single-digit rates and financing available up to $1 million dollars, as well as rent-to-own options and short-term loan products, Econolease offers a solution to match any food service business need.

With offices in four provinces and services available from coast to coast, Econolease processed more than 4,800 contracts to Canadian foodservice industry operators in 2018 alone.

“As we’ve expanded our offering from just being an asset-based lender to offering leases, loans and rental products, Smarter Loans has been a great platform for us to showcase all three products in one place,” said Econolease president Michael Yablon. “Customers who are going to Smarter Loans with a variety of needs or have any one need that fits into one of our offerings can get access to us in an easier and more efficient manner.”

Yablon adds that he is pleased to see his company’s financing products showcased on Smarter Loans alongside other available options to equip Canadians with the information they need to make the best choice for their unique circumstances.

“It gives them a single, online access point to identify where they fit within a marketplace, and identify suppliers that meet those needs,” said Yablon. “From our standpoint, showcasing all our financial lending products is a perfect place for us to be.”

Yablon says that services like Smarter Loans are helping to bring a fast-growing industry to maturity by adding transparency and peace of mind to the alternative lending space. “As Canada’s leading Fintech asset-based lender, Econolease is thrilled to be partnering with Smarter Loans, which is leading the way in developing an online marketplace of financial products for Canadian consumers,” he said.

Sherbatov adds that the addition of Econolease to Smarter Loans’ growing roster of lending partners will help Canadians access even more information when making one of the most important financial decisions of their lives.

“By having such a strong brand as Econolease join our roster, we are now in a much better position to give business owners an easier way to get financing for the tools and equipment they need to be successful,” adds Sherbatov. “We’re excited to continue working together to help Canadian business owners in the food and hospitality sector nationwide.”

About Smarter Loans

Smarter Loans is Canada’s online loan directory for any type of financing. The website helps Canadians find reputable lenders and compare their financial products, rates, and terms in one place.

SOURCE Smarter Loans

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