Running a small business is often about dealing with many challenges at the same time. When there is a financial crunch, startups and smaller companies may not have easy access to conventional bank loans and other financing options. That’s precisely where small business loans can be handy. In Canada, there are services like Accord Financial business loans, which offer loans up to $75,000, which typically have a limited term, usually not extending beyond 18 months. The client is expected to repay the loan in easy weekly fixed installments.
Why consider small business loans?
If your company cannot qualify for standard loans, or you need to get finance really quick, small business loans should work for your needs. As long as your business is growing, you have a stable business plan, and the performance has been satisfactory, getting a small business loan doesn’t have to be hard. This is a more flexible form of financing and is absolutely easy to get, which makes it useful for businesses that don’t have a lot to pledge as security.
What are the requirements?
For qualifying for a small business loan, your company needs to be located in Canada. While some lenders may have other requirements, it is usually very important to be in business for at least two years. Your company must be a growing, or at least a stable enterprise, and it is also necessary to have annual sales over $100,000. There should be income in the business bank account on a regular basis, and some lenders may insist on an average to good credit profile. So, what if your company’s credit profile isn’t that great? Well, most lenders are willing to work on a case-to-case basis, so if your business is stable and has good prospects, you may still qualify for a small business loan.
How to apply?
To apply for small business loans in a Canada, you can check online for lending services. The credit decision will be made within a day or two of submitting the application, and it is possible to get the money within the next business day, if the application is approved.
The lender will allow for weekly payments in fixed amounts for the next 18 months or less, including the interest and principal. We strongly suggest that you find the right service for getting your loan and try to build a relationship for the long run.