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Find the right business loan for your business right here with Smarter Loans. Our experts have analyzed all of the small business loans in Barrie to identify those that meet our strict criteria: competitive interest rates, simple application process, transparent terms, and reliable, trustworthy lenders.
Take a look at the options below, or pre-apply with us and our team will match you with the best business loans in Barrie for your specific circumstances.
The requirements to get a business loan in Barrie are pretty simple: the business needs to be located in Ontario, incorporated/licensed/registered as appropriate, and when completing a loan application you will have to supply some financial information for the business. Exactly what information is required, and how it will be analyzed, depends on the lender you apply to. Many small business lenders perform a business credit check and have minimum income requirements, and ask to see bank statements, cash flow statements or financial records. But there are small business loans in Barrie that don’t rely on credit or income, so businesses in almost any situation will be able to find some form of financing. Just be sure you check a lender’s exact requirements before seeking business loan approval in Barrie from them.
There are many different types of commercial loans in Barrie, and they offer different loan amounts. Secured loans, such as commercial mortgages, can be very large – up to $1 million or more for qualified borrowers. Fast business loans in Barrie offer up to $500,000 on an unsecured basis. Equipment loans can offer up to $750,000. Merchant cash advances typically offer one to two times a business’s monthly credit card revenue. The exact amount you can borrow therefore depends on what type of business finance in Barrie you apply for, and your business’s financial health when applying.
Private business loans in Barrie are available from banks, credit unions, online companies, private lenders and alternative lenders, and each has their own benefits and drawbacks. The best lender for you depends on how these benefits and drawbacks interact with your business’s particular needs and priorities. Most business owners look for a balance between cost, accessibility, flexibility, loan size and lender services, but the exact mix of these priorities will change which lender is best placed to help you.
For example, if your business needs access to funds quickly, for example to cover emergency expenses, then accessibility and fast services are probably more of a priority than loan flexibility. Or, if your business needs long-term funding and budget is a big concern, then cost might be the only important factor. Understanding your business’s priorities will allow you to choose the best commercial financing in Barrie for your unique circumstances.
Regardless of your business’s other priorities, it should always be the aim to keep your loan costs as low as possible. You can do this by shopping around for the best interest rates for business loans in Barrie. Basically all business loan rates in Barrie are advertised online, and these are usually stated in APRs (annual percentage rates). The APR is the true measure of how much a loan will cost over a year, including loan fees, and so can reliably be used to compare different options to find the most cost-effective.
Almost all business finance in Barrie is accessible online via secure loan application systems provided by each lender. In order to apply for a business loan in Barrie, you simply need to navigate to a lender’s website, locate their application form, complete it, and submit it. The information required on a loan application varies from lender to lender, but you can expect to be asked for some basic business information, as well as detailed financial information. Once submitted, it can take anything from a day to several weeks for the application to be processed.
Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.
Jenna West is Smarter Loans' in-house financial writer and content director. She has been covering the Canadian FinTech and finance industry since 2017, including financial trends analysis, industry surveys, regulatory updates and changes in Canadian consumer behaviour when it comes to finance.
