The bank refused the loan to your small business, what to do now?
The source of the money does not stop there: there are other commercial lending options in Canada for small businesses
In our last message, we explored the various types of small business loans in Canada. To recap briefly, there are three types of commercial lenders providing business loans:
- The Canadian government
- Commercial banks
- Online Lenders
The scenario (a common scenario): The bank refused your loan application to small business; so what are your options?
Online lenders are part of a new sector in the financial market. Our growing trend to access online services, and even more so on our mobile devices, has brought tangible change to many industries, including finance. This factor, coupled with the growing lending restrictions faced by many small businesses, explains why Fintech lenders are gaining more and more popularity.
Does provide loans to small businesses in Canada?
Yes, we lend. We offer the traditional small business loan as well as the Advance Cash program. The is not really a loan, but an advance on the future sales of a business by debit and credit cards.
Unlike traditional lenders, we do not require personal guarantees when applying for a commercial loan; we are also different in a few other key areas that can make all the difference for our small business owners.
For many small businesses looking for financing, time is critical. They can not always afford to wait for funding for weeks after the application. Our technology platform has been designed to allow us to quickly know a business so that we can offer merchants the best financing option for their business as quickly as possible.
Small businesses need to stay on the alert and we are sensitive to it; then we do not impose any restrictions on the use of our loan funds. Our merchants are free to use their capital for any need of their business:
- Urgent expenditure
- New equipment
- Renovations of the site
- Marketing and Advertising
Are you eligible for a small business loan?
Yes, if your small business meets the following criteria:
1. You have a company located in Canada
Owned and run entirely by Canadians and we choose to focus our efforts on helping other small Canadian businesses grow and grow.
2. Your company has a commercial lease in effect
We only lend to companies that have an existing lease. This means that your business must have a physical location. We do not lend to businesses exclusively online or to home-based businesses.
3. You have been in business for at least twelve months
We require that you have at least twelve months of sales experience to qualify for a loan. A year of activity gives us a good indication of the overall health of your business and the amount of financing you can manage.
4. The gross amount of your sales must be at least $ 15,000 per month
Requiring no personal guarantee for a small business loan, we need a minimum amount of sales to give credit to any company.
How do I apply for a small business loan?
It is very easy to apply. It should not take you more than a few minutes if you can give the following information:
- General information about the company: start date, address, legal name of the company, etc.
- Commercial lease information
- Statements of the bank account of the company for the last three months
- Information about the owner such as name, home address, date of birth, etc.