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With OnDeck you can access three types of business funding solutions from one simple application: fixed-term loans, lines of credit, and flex funds.Funding Programs
OnDeck offers three funding programs for busineses. With fixed-term loans you can grow and invest in your business with a short-term infusion of capital to fund specific projects and purchases to drive your business forward. Lines of credit keep your business running smoothly with reliable, revolving access to working capital to help you manage your ongoing business needs. Finally, flex funds align to work with your cash flow. Pay back faster when sales are strong, and benefit from smaller payments when they’re not.
Smarter Loans is not a lender, but a platform that connects people and business owners to legitimate lenders that partner with them. Business owners can compare rates, terms, and conditions of about 100 lenders on the platform before making a decision. They helped many businesses get access to loans.Terms
Smarter Loans gives users access to a maximum business loan amount of $100,000 and a minimum of $5,000. Business owners can access the profiles of the available lenders on the platform to ascertain their legitimacy and boost confidence in making a choice.Other offerings
They also have a variety of loan calculators on the website to help ease all aspects of loan calculations. Businesses looking for loans on the platform can use the pre-applying feature on the site to make the best decision.
Alternative brokers like Kingsmen Capital Investments give Canadian business owners easy access to funds. You can apply for unsecured loans, secured loans, equipment financing, or a sale-leaseback. Kingsmen funds businesses within less than seven business days.Why Choose Kingsmen Capital?
Traditional lenders often have strict requirements to grant capital to businesses. You may need a high personal credit score. Your business’s credit history will also come into play. With alternative brokers, like Kingsmen Capital Investments, getting funds is easier. They cater to companies and business owners with less-than-perfect credit. For instance, their equipment financing solutions require a minimum credit score of 550.
Greenbox Capital is dedicated to helping your small or mid-sized business succeed by providing quick, easy small business funding in as little as one business day. They provide alternative business funding from as low as $3,000 up to $500,000 in all industries across Canada.Quick & Simple Process
Other lenders boast speedy approvals but require merchants to complete extensive and intrusive forms. The easy application process at Greenbox is built around an in-house communication center that gives underwriters instant access to the information they need to quickly and easily provide working capital, with approval in as little as 2-5 business hours and funding in as little as 1 business day.Responsible Funding
Sustainable lending practices are designed to help small businesses get ahead. Traditional lenders reject most applications for small business loans, but at Greenbox Capital, approvals are based on your business’s potential—not your credit rating—so they’re able to fuel the growth of more small and mid-sized businesses. They won’t over-leverage your business, and unlike some lenders, don’t restrict how you use your funds.
Forward Funding is a lending platform that gives businesses access to a minimum loan amount of $5,000 and a maximum of $300,000. Their interest rates range between 10% and 200% depending on the type of business loan.Terms:
Forward Funding business loan terms range between 4 and 12 months for small business loans. Longer loan term options of above one year come with higher interest rates. To access business loans on the platform, your business must have existed for at least 3 months.Eligibility:
Access to business loans on Forward Funding requires proof of income, citizenship, or permenant residence. Business loan applications can be completed on the platform within an hour, and funds can be received via bank account within one business day.
2M7 is proud to have the highest approval rating in Canada, with 97% of their clients successfully receiving funding. There are lots of benefits of going through 2M7 for your business funding.Benefits:
They provide merchant cash advances from as low as $1,000 and all the way up to $250,000 depending on what your business qualifies for. Plus there are absolutely no interest charges, no fixed payments, or hidden admin fees for the entire duration of your advance.Requirements:
2M7 offers its services Canada-wide including major business hubs such as Ontario, Alberta and British Columbia. In 2022 Manitoba and Newfoundland have entered a new progressive agriculture phase, and 2M7 is proud to help local businesses to grow with fast streamed financing. To qualify for funding you should be in operation for at least 90 days, operate in Canada, have no personal or commercial open bankrupcies, and earn a minimum gross monthly revenue of $10k.
Merchant Growth has provided funding for over 5,000 businesses and counting!Loan Types
They provide a range of business funding solutions including e-commerce business funding, fixed funding, and business lines of credit. Merchant Growth gives you quick solutions, with funding in as little as 24 hours. Plus their application is simple land takes only a few minutes.
iCapital is a trusted Canadian financial lender used by thousands of Canadians and Canadian businesses from coast to coast. They offer several stress-free funding options and great customer service so you can focus on what’s most important to you.Funding & Eligibility
iCapital offers several types of funding for Canadian businesses including: merchant cash advance, small business loans, business lines of credit, business term loans, and secured business loans. All types of credit are welcome to apply. As long as you can show that you make the required monthly or annual sales, your credit won’t factor in.
Loans Canada is not a direct lender but a platform that connects lenders to intending borrowers in Canada.Terms:
The minimum requirement for a business loan on the platform is about $10,000 in monthly sales, a credit score of at least 410, and the business should be over 9 months old. The maximum business loan amount available on the platform is $500,000, and the loan term is a minimum of 3 months and a maximum of 5 years.Process:
Loans Canada offers unsecured business loans. You can receive your payment via your bank account within 48 hours of loan approval. Using the platform to access loans is at no cost to you. Interest rates on the platform range between 6.60% and 29%.
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To qualify for a business loan, you'll want to have a business that can sustain its operations and profit for the foreseeable future. This lets lenders know that you'll have the capital to pay back your business loan.
Business loans in Canada usually have an average interest rate of 3% to 7%. This does vary from lender to lender and will depend on your business type.
Business loan rates are based on the type of business you operate, your business’ capacity for growth and the collateral needed to scale your business. Your lender will use these factors to assess your business’ ability to repay the loan easily.
Most business loans will have a term of 1 - 10 years. This means that you'll have a specified in window of time to pay back the loan as set by your business loan agreement.
You are already taking the first steps to saving on business loans. When you apply with Comparewise, we automatically match you with the best deal for your situation.
Before agreeing to a business loan you need to consider your business’ ability to pay off the loan. Consider the loan amount and repayment term (how long you get to repay your loan) and see if it is realistic for how your business has been growing. You’ll also want to consider the interest rates, fees, and collateral requirements set out by the lender.