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Small business financing is assessed on deposits and time in operation. Mid-market financing is assessed on financial statements, and that is a different exercise.
Reviewed or audited statements, generally two to three years. Internally prepared statements are rarely sufficient at this scale.
Covenants. Ongoing conditions in the loan agreement: minimum ratios, reporting obligations, restrictions on further borrowing or asset disposal. Breaching one can trigger a default even when every payment is current. This is the single largest difference from small business lending and it is frequently not understood until it bites.
A security package rather than a single pledge. General security agreement, specific asset charges, sometimes personal guarantees, sometimes intercreditor arrangements where other lenders exist.
A longer timeline. Due diligence at this scale takes weeks, not days.
Business borrowing in Canada is heavily weighted to smaller amounts. 68.8% of requests are under $50,000, and only 13.5% exceed $150,000.
At the top end, the average request is pulled well above the typical one. Overall business demand averages $98,168, roughly six times what a typical operator asks for, because of that tail.
Mid-market borrowing is the tail. Acquisitions, major capital projects, refinancing an existing facility, funding a step change in capacity.
Ask for the covenant schedule before you sign, and model it against a bad quarter rather than a good one.
Common ones: a minimum debt service coverage ratio, a maximum leverage ratio, a working capital floor, limits on capital expenditure, and a requirement to deliver statements within a set period after year end.
The reporting covenant is the one most often breached, and it is breached administratively rather than financially. Missing a statement deadline is a default in the same technical sense as missing a payment.
Term against revolver. Most mid-market packages combine both: a term facility for the asset or acquisition, a revolver for working capital.
Amortisation against term. These rarely match at this scale. A five-year term on a fifteen-year amortisation means a balloon, and refinancing at maturity is planned rather than optional.
Prepayment. Whether early repayment carries a penalty, and how it is calculated.
Broadly, raises above what small business lenders handle on deposits alone, where financial statements and covenants govern the assessment.
Reviewed or audited statements are generally expected. Internally prepared ones are rarely sufficient.
An ongoing condition in the agreement. Breaching one can trigger default even when payments are current, and reporting covenants are breached most often.
Considerably longer than small business financing. Due diligence at this scale runs to weeks.
No computed counts on these pages. See CONTENT-ASSET-BACKED.md for the reasoning.
