Outlook
The company believes its core business - MCA program - is a growth industry because institutional lenders are
not focused on meeting working capital needs of independent merchants, even more so because of impact of
Covid-19 pandemic and the currently prevailing economic uncertainties. Independent merchants are the
engines of significant economic activity and although there are several competitors in the MCA space the
company believes its strategy of transparent and competitive pricing give it an ability to grow its MCA
portfolio if it has access to growth capital.
The loyalty marketing program the company provides is dependent on its agreement with Aeroplan.
Operating this program gives the company a significant secondary business line and an advantage over
competition in the MCA space. The current agreement expires December 2022. The company expects to sign a
multi-year renewal.
Annual Report on sedar.com(p.5)