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Though Prince Edward Island is Canada’s smallest province, there are quite a few businesses on the island looking to expand. If it’s time for your business to secure extra financing on Prince Edward Island, there are several options that may work for you. Though securing a traditional loan on PEI is a lengthy process, there are solutions that are far more convenient. One of the best solutions to finding a business loan in Prince Edward Island is the online small business loan. PEI small business loans offer a simple online application, and the approval process tends to be much easier than applying for a traditional loan. These loans also offer access to your financing in a matter of hours, instead of the weeks a traditional loan may take.
Smarter Loans is the best way to find a great business loan provider in PEI for you to work with. If you are looking for small business financing, working with a well-reviewed firm is incredibly important. Check out Smarter Loans’ list of business loan providers in Prince Edward Island, and see what terms are currently available.
You can fill out an application directly from lender’s profile pages in a matter of minutes, or submit a form here on Smarter Loans to let us help you find the right lender for your business needs.
Getting a business loan in Prince Edward Island starts with understanding your business’s needs and circumstances. PEI business loans are available for lots of different uses, from financing a startup business to expanding an existing business. The type of loan you apply for will be dictated by your business type and the financial circumstances of the business owners. To get a business loan, you’ll need to be in business for at least 12 months and have monthly revenue of $10,000. Your options for loans include government-sponsored entrepreneur loan programs, banks, credit unions, online loan providers and traditional private lenders.
To qualify for a small business loan for your business in PEI, you must meet all of your chosen lender’s eligibility criteria. Traditional and online lenders have fairly standard requirements: a reasonable credit score, a clean financial history, and financial data for the business. However, PEI-specific lending programs have slightly different requirements for business loan eligibility, as well as restrictions on loan use. Under the Small Business Assistance program, borrowers may take out long term loans, under better terms and with fewer financial requirements than with a private lender, but the loan can only be used for acquisition or consolidation purposes.
Applying for a business loan in PEI is not as tough as you might think; there are a wealth of business funding sources to choose from. As a starting point, business owners need to choose the right lender. Different lenders have different terms, as well as different borrowing requirements, so it’s important to find one that works for you. If applying online you will need to fill out and application form with personal information, and business registration information, as well as provide your financial statements for the last 6 months.
Prince Edward Island’s small business community is a thriving one, and local entrepreneurs are able to access traditional short term private loans, as well as intermediate and long term loans. Longer loan terms can be 2-7 years. Shorter Loan terms are 3 months to 12 months. Loan terms vary according to the amount borrowed.
Obtaining a bad credit business loan in PEI is possible, as long as you use the right lender. Banks and credit unions will not approve bad credit customers. However, you might be eligible for Prince Edward Island’s business loan terms for private lenders and online lenders, who usually rely on the borrower providing collateral or paying a higher interest rate.
A business loan can be used for many purposes, but the origin of the loan may dictate what you are and are not allowed to do with it. Private lenders tend to be less strict on loan use than government programs, so it’s always worth double checking your loan terms. Business loans most commonly finance the following business costs:
Despite being Canada’s smallest province, PEI is home to a diverse range of businesses. Here are some quick facts: