Business loans without collateral are often referred to as “unsecured financing”, but this term isn’t technically accurate. Most business loans without collateral are secured by some kind of asset. Keep reading to learn more about these options, as well as what funding options are available to businesses with no collateral. But first, let’s take a closer look at what “collateral” actually means.
Every small business owner knows first-hand the importance of access to capital. As the adage goes, it takes money to make money. Offering efficient and tailored access to capital is the mission of OnDeck Canada, one of the country’s leading online business lenders that relies on data analytics and digital technology to make real-time lending decisions.
There are two common types of rate structures used in small business lending: interest rates and factor rates. If you’re seeking funding for your business, it’s integral that you understand the cost of your loan or advance before you sign a contract—after all, you have to know what you’re agreeing to in order to make the right choice for yourself and your business.
Ultimately, how good your credit needs to be comes down to the type of funding you’re seeking and the lender you’re working with. For example, government-funded and traditional lenders typically require high credit scores, while alternative lenders put less emphasis on credit score and will consider additional factors, such as the health and potential of your business.
In this post, we’ll compare Canada Small Business Financing Loans (CSBFLs) to merchant cash advances (MCAs) to help you understand the differences between these two popular but very different funding options.
Doctors and medical practices are typically considered to be ideal candidates for funding because of their high earning potential, high net worth, and stable income.
There are a number of loan and funding options available to medical practices in Canada, including long- and short-term funding, as well as secure and unsecured business loans for doctors. Here are 6 of the most popular.
One of Canada’s newest small business lenders is using the latest technologies to offer clients a more seamless financing experience, designed to meet the challenges of an uncertain economy.
Merchant cash advances are a relatively new form of funding that emerged after the 2008 recession in response to a greater need for accessible small business funding. Available from alternative lenders, including direct online lenders like Greenbox Capital®, merchant cash advances have less restrictive approval requirements and have made more working capital available to more businesses, including underserved communities like minority- and women-owned businesses.
Many people dream of working on their own – of not having to answer to an employer for their daily pay. However, working as a freelancer also carries some risk. Nonetheless, you can find the means today to succeed in a freelance capacity, whether you choose writing, editing, accounting, or providing a similar professional service.
If you are a small to medium sized Canadian run business and are seeking solutions to your financial problems, Thinking Capital has the experience and expertise to assist you.