Unlike big enterprises that can apply for bank loans easily, smaller businesses have a harder time raising the capital they need. Banks tend to be strict with their loan requirements and they also require loan applicants to provide a business plan, a good credit history, and collateral.
Fortunately, going to the bank is not your only option if you need for a loan. There are many other sources of financing you can consider. In this article, we’ve listed four of the best small business loan providers in Canada:
1. Merchant Lenders
Since 2011, Merchant Lenders has been helping startups and small businesses in the country. They are dedicated to helping business owners realize their plans and dreams for their enterprise. They provide funding through merchant cash advances and other services.
Merchant Lenders offers cash advances as a solution to your financing needs. You can expect to have your loan approved within two to three days or even on the same day. Boasting of a 92% approval rate, applying for a merchant cash advance with them is fast and easy.
2. Lendified
Lendified is another small business loan provider in Canada. They offer quick approvals and instant funding to small business entrepreneurs. They believe that small enterprises are the backbone of the Canadian economy.
Lendified boasts of an extensive experience in the financing industry as well as a good understanding of technology. They offer same-day approval of loans and a fully online service. They also offer rewards for repeat clients who are satisfied with their services.
3. Company Capital
Company Capital has been offering financing to small enterprises for more than 20 years. They also pride themselves for being simple and flexible, as well as for providing great customer service.
Knowing how hard it is for small businesses to get loans, Company Capital seeks to make the loan process simple and easy. Their loan offerings are flexible, unlike bank loans, which are more strict and rigid. They also offer longer terms, lower payments, and even provide options for skipped payments.
Company Capital also adds a personal touch to their customer service. Their phone lines are always available for inquiries. Furthermore, they always see to it that their clients receive the help and information that they need quickly.
4. Small Business Capital
Small Business Capital is another small business loan provider in Canada. They seek to help small enterprises achieve their business goals. They provide borrowers a stress-free and convenient way to receive the funding they need.
Small Business Capital provides a variety of financial services to their customers. Among these is a startup financing loan and a merchant cash advance. They also provide equipment financing for clients who need to buy equipment for their business.
Final Thoughts
Because of their flexible terms and quick processing, these loan providers are fast becoming the better option for small businesses. If you are looking for a convenient and stress-free way of getting a loan, banks are definitely not your only option.
