Evolocity Financial Group: Cash Advance or Small Business Loan

evolocity small business loans - smarter loans


Evolocity has set out with one main goal in mind, to offer Canadian SMBs access to the working capital they so desperately need to sustain operations, and to offer it to them quickly and easily. Not as easy as it may sound, yet Evolocity has succeeded in keeping the Canadian merchant satisfied for years. They built out their technology-driven solutions with the Canadian small business owners in mind. They do this to relieve the burden of constantly worrying about the financial status of your business, allowing you to focus on what you do best – running your business.


This is not to say that both of the options Evolocity offers are the right fit for all business owners in Canada. On the contrary, there are some significant differences between the two, and your particular needs will determine which option is best for your business. Both the Cash Advance option and the Small Business Loan option service a very specific set of standards, and it is important to understand how each option differs.


The Merchant Cash Advance option is touted by Evolocity, as a flexible alternative to a business loan for merchants. Its advantages are clearly outlined by Evolocity, giving merchants a bit of perspective on how things play out when they choose this option. It is a flexible financing option, which is geared toward the specificity of your business. With this option, Evolocity does the leg work in getting to know the in’s and out’s of your business using a variety of real-time data so that they can offer financing that is tailor-made just for you. They want to construct the perfect fit, so this means gaining a fine understanding of the particulars of your business. There are zero fixed payments attached, no fixed term, and no specific collateral required whatsoever. Another awesome feature this option has is Evolocity’s option to repay on your terms. The program is aligned to work with your business’ cash flow.


Not every business is the same, revenue is generated on different scales, and Evolocity is aware that not every repayment plan is appropriate across the board. You can pay off your balance faster when revenue is coming in strong, and remain calm when business is stagnating a bit. When you select the Merchant Cash Advance option from Evolocity, as a business owner, you make a conscious decision to invest in the advancement of your business. This loan can be used for whatever it is that is necessary to keep your business on the incline. Capital is the lifeblood of small and big businesses alike, and Evolocity can be the lifeline. The best part about this option—Evolocity takes you by the hand for each step, starting with the application, until you receive your funding.


The process works like this—Apply for the loan online by filling out a quick form. Evolocity’s team will process your application and review all the documents in order to provide you with a decision. This typically takes no more than 48 hours. If approved, you will receive the funds in your bank account, at which point a small percentage of your daily sales will be debited from your business account, putting you on the path to repayment in no time. Lastly, you may check in on your progress at any time through your account 24/7.


An Evolocity Merchant Cash Advance is very similar to the competitors’ offerings as a base product. What differentiates it is the level of customer service provided, as well as a very clear fee structure. A MCA is a very flexible product. It works in conjunction with the merchant’s cash flow. This means they only pay when they get paid. Merchants love the fact that they are not stuck making payments even when business is slow.


Your chances of qualifying for a Merchant Cash Advance are dependent on a few factors. One, you must have a Canadian-based business. Two, you must have an active commercial lease. Third, your business must have the ability to accept debit and credit cards. Next, you must average a revenue of at least $15,000. Lastly, you must have been in business for at least 6 months.


On the other side of the coin is Evolocity’s Small Business Loan option. The company advertises it as a service designed to put you in control of your business’ financing. Their small business loan’s fixed term and predictable payments make managing your funds extremely easy. The benefits of the small business loan option are obvious when you see Evolocity’s commitment to helping Canadian merchants get the funding they need. First, the financing is again, tailored to the specific business. And similar to the Cash Advance option, they get familiar with your business using different real-time data, which can be personalized to you and your business, again with no collateral necessary.


Unlike the Cash Advance option, the repayment plan is a little different. The repayment is fixed and structured. With a fixed term and super easy management regarding payments—the small business loans make managing your small business a really easy endeavor. The loan, once received, can be used to serve any aspect of your business—anything that it needs. Similar to the Cash Advance option, Evolocity is with you every step of the way, from application to repayment. The qualification for the Small Business Loan is identical to the Merchant Cash Advance option, minus the stipulation regarding debit and credit card acceptance.


Speed, ease and the team draw consumers to the Small Business Loan option. Applying for and receiving financing from a bank is long and tedious process that many small business don’t even quality for. By coming to Evolocity, they are able to apply online in minutes and receive funding within 48 hours of approval.


Evolocity’s focus is placed on small and medium sized Canadian businesses looking to grow. Many SMBs are unable to secure financing from a bank simply because they are too small, it’s also possible they have financing with their bank but it’s not meeting their needs. Evolocity is not trying to replace your bank, but work alongside it to help your business thrive. Note, to qualify, the business has to have been in business for at least a year, Evolocity, does not fund startups.


Evolocity intends on making their services even more accessible, in hopes even more Canadian merchants will have the chance to reap the benefits of Evolocity’s stellar options.

Evolocity offers small business financing in Canada with fast and easy process, and funding in just a few days.

Click here to apply for an Evolocity business loan today

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Michael Dautner

Michael Dautner is the editor-in-chief at Paymentweek.com, an international financial technology website. Based in New York, Michael is a FinTech expert, published in numerous top-tier publications in North America.