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Every Apply button starts the same single application. Your chosen lender is prioritized first.
The distinction that matters: a business generates revenue. That gives a lender something to underwrite besides a credit file.
Which is why credit-challenged business applications are approved more often than equivalent consumer ones, and why the assessment weights differently.
Revenue and deposit consistency. Revenue-based lenders read the business bank account directly. Regularity of deposits carries more weight than the annual figure.
Time in business. 11 of 15 lenders in our network fund businesses trading under 12 months.
Owner credit still matters, particularly at smaller amounts and for newer businesses, because most Canadian small business lending carries a personal guarantee.
Most small business financing in Canada is personally guaranteed. The business borrows and the owner is personally liable.
Two consequences. Your personal credit is assessed on application even though the business is the borrower. And if the business fails, the debt follows you.
Incorporation does not change this where a guarantee has been signed. Read what you are signing.
Expect revenue-based products rather than term debt: merchant cash advances, revenue-share advances, short-cycle working capital.
11 lenders in our network price as factor rates rather than APR. A factor of 1.3 on $50,000 means repaying $65,000, and early repayment does not reduce it. That structure is common at this end of the market and it costs more than the number suggests.
12 price as APR. Do not read those two counts as a partition, since lenders carry multiple products.
Taking a second advance while a first is outstanding. Lenders read your bank account and can see the daily or weekly debits from an existing advance.
It is also the most common route to a business failing under revenue-based financing. Two remittances against one revenue stream leaves too little.
Commercial financing reports. A term of on-time payments builds business credit alongside personal, and the realistic path is one term at elevated rates then refinancing into better terms.
Yes, and more readily than an equivalent personal application, because revenue carries significant weight. Expect revenue-based products rather than term debt.
Not necessarily. Revenue-based lenders assess deposits rather than profit, which is why the product exists.
Almost certainly. Most Canadian small business lending is personally guaranteed regardless of incorporation.
11 of 15 lenders in our network fund businesses trading under 12 months.
