Loan Details & Benefits

Click on each loan type below to learn more about its key features and benefits.

Term Loans
  • Fixed-term loans for a specific amount of money, often used for capital investments such as equipment or real estate.
  • Terms can range from a few months to several years.
  • Interest rates can be fixed or variable.
Equipment Financing
  • Loans or leases for purchasing or leasing equipment and machinery.
  • The equipment often serves as collateral for the loan.
  • Can be structured as term loans or leases.
Merchant Cash Advances
  • An advance on future credit card sales, often used by retail businesses.
  • The lender takes a percentage of daily credit card sales as repayment until the advance is paid off.
SBA Loans
  • Although more common in the United States, Canadian businesses may be eligible for certain programs through the Small Business Administration (SBA).
  • Offers various loan programs for small businesses with competitive terms.
Lines of Credit
  • Revolving credit facilities that provide businesses with access to funds up to a certain limit.
  • Useful for managing cash flow fluctuations and short-term financing needs.
  • Interest is typically charged on the amount of money borrowed.
Commercial Mortgages
  • Loans for purchasing commercial real estate such as office spaces, warehouses, or retail locations.
  • Terms and interest rates can vary depending on the lender and property type.
Government-Backed Loans & Grants
  • Loans and grants supported by government agencies such as the Canada Small Business Financing Program (CSBFP).
  • These programs may offer favorable terms and conditions for qualifying businesses.
Startup Loans
  • Loans specifically designed for new businesses and startups.
  • May have less stringent credit requirements but often require a solid business plan.

How to Qualify

Learn the essential criteria and documents needed to secure your business loan.

(Note: Not all criteria may apply or be relevant for your loan application. Contact us to determine what you need for successful business funding!)

Business Profile
  • Business Structure: Information about the type of business (e.g., sole proprietorship, partnership, corporation).
  • Business Age: How long the business has been operational.
  • Industry: The industry or sector in which the business operates.
  • Ownership and Management: Information about the owners and key management personnel, including their experience and qualifications.
Credit History
  • Business Credit Score: The business’s credit history and score, which lenders use to assess risk.
  • Owner’s Personal Credit Score: For smaller businesses, lenders may also consider the personal credit score of the business owner(s).
Purpose & Amount of Loan
  • Loan Amount: The requested loan amount and whether it aligns with the business's financial needs.
  • Loan Purpose: How the business plans to use the funds (e.g., working capital, expansion, equipment purchase).
Additional Information
  • Bank Statements: Recent bank statements to demonstrate cash flow and financial stability.
  • Tax Returns: Business tax returns for the last few years to verify income and financial performance.
  • Business Plan: A detailed plan outlining the business model, strategy, and future projections.
  • References: Professional references such as suppliers, vendors, or customers that can vouch for the business.
Financial Statements
  • Revenue and Income: Historical data on the business’s revenue and profit margins.
  • Balance Sheet: Details on the business's assets, liabilities, and equity.
  • Cash Flow Statement: Information on cash inflows and outflows over a specific period.
  • Accounts Receivable and Payable: Outstanding invoices and bills.
Collateral
  • Assets as Collateral: Information about any business assets that could be used as collateral, such as real estate, equipment, or inventory.
Legal & Compliance
  • Legal and Tax Compliance: Evidence that the business is in good standing with regulatory bodies and up to date on tax payments.
  • Legal Issues: Disclosure of any pending legal issues or lawsuits that could affect the business's ability to repay the loan.
Other Considerations
  • Industry Risks and Trends: Lenders may consider industry-specific risks and economic trends that could impact the business.
  • Owner’s Experience: Lenders may also assess the business owner's experience and track record in running the business.