Accord Small Business Finance

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Accord Small Business Finance is dedicated strictly to small businesses. Our understanding of what makes small businesses unique has led to us developing application, credit granting, and customer service policies and procedures with the nuances of small businesses in mind.

Our lending products include term and revolving credit facilities for both working capital and equipment finance.  We are an approved lender under the Business Credit Availability Program, offering clients new working capital facilities of up to $6.25 million to adjust to COVID-19.

Our AccordExpress BCAP-backed loans allow small business owners to borrow from $20,000 to $250,000 to adjust to the effects of COVID-19 and is designed to facilitate the entire application through funding process in 3 business days or less.

  • TIME IN BUSINESS: Since 2005
  • LOANS OFFERED: Unsecured Term Loans, Secured Asset Based Loans, BCAP Loans, Other
Visit Site and Apply

1-844-982-3010

sales@accordsmallbusinessfinance.ca 305-889 Harbourside Dr, North Vancouver, BC V7P
Call Center: Mon - Fri: 8:30am - 4:30pm PST
Support Offered:
  • Phone Support
  • Email Support
  • Social Media
  • Business Loan Tips
  • Live Chat
  • Schedule a Call Back
Availability: All of Canada

Products Offered

Below are all the products offered by this company.

Conditions & Rates

 

Interest Rate

8.95% and up

Amount

$20,000 – $250,000

Term

48 Months

 

Designed especially for businesses impacted by COVID-19

Eligibility & Documents

Who is eligible

  • Businesses incorporated (or registered if sole proprietorship) for 1 year or more
  • Minimum of $100,000 in revenue
  • Most industries are eligible
  • All shareholders must be included on the application and be willing to guarantee the loan
  • The business and shareholders must have an average or better credit profile
  • Business must have been impacted by the COVID-19 pandemic
  • Must have a business-only bank account

Note: The following businesses are ineligible or have restrictions. Please contact us before applying: i) Entities owned by a Federal Member of Parliament or Federal Senate; ii) Any entity promoted violence, hatred, discrimination on basis of sex, gender identity, expression, race, religion, age, or disabilities; iii) certain non-profit, charitable organizations, and the like unless the organization earns revenue in the normal course of business from the supply of property, goods or services.

 

What you need to provide

Documents Required to Apply

  • Completion of on-line application through our portal. For businesses with more than one shareholder, the shareholder starting the application will complete the business and their own personal details. The portal will automatically send the remaining shareholders electronic application forms for their personal information only;
  • All businesses will be required to pre-qualify with EDC (Export Development Canada). Instructions for doing so are included on our application portal;

Documents Required for Funding

  • 2 pieces of ID (one being government-issued photo ID) for each shareholder;
  • Void cheque or PAP form for bank account
  • We may request verification of your stated revenues. We provide multiple convenient ways of doing so;
  • For most clients, the application through funding process will take 3 business days or less.

Repayment & Issuance

How fast can you get the money

Within a few days

Funding method

Direct Deposit

How does repayment work

6 months interest only payments, deducted from loan advance. Blended payments of principal and interest begin in month 7.

Conditions & Rates

 

Interest Rate

8.95% and up

Amount

$20,000 – $2.5 million, based on appraisal of assets and/or satisfactory purchase documentation if  new equipment

Term

Up to 60 Months

 

 

Eligibility & Documents

Who is eligible

  • Businesses operating for 1 or more years
  • Minimum $100,000 in revenue
  • Satisfactory equipment collateral at the discretion of Accord
  • Clients with near-prime credit profiles (profiles slightly outside of the lending criteria of lenders such as chartered banks) or better

 

What you need to provide

Documents Required to Apply

  • Last 3 years financial statements, or as available
  • Accord application form
  • Personal net worth statement for all shareholders

Documents Required for Funding

  • Varies dependent on complexity of transaction
  • 2 pieces of ID for each shareholders
  • Satisfactory evidence of ownership of equipment assets
  • Waivers of interest from existing lenders

Repayment & Issuance

How fast can you get the money

Within a few days

Funding method

Direct Deposit

How does repayment work

 

Conditions & Rates

 

Interest Rate

8.95% and up

Amount

$500,000 to $10 Million

Term

Up to 48 Months

 

 

Eligibility & Documents

Who is eligible

  • In business 3 or more years
  • Businesses who have or who are acquiring satisfactory assets that are able to demonstrate satisfactory debt service coverage on a post-close basis
  • Businesses whose shareholders are willing to personally guarantee the loan
  • Businesses willing and able to provide full financial transparency
  • Companies in transition – restructuring, rebuilding, or growing

What you need to provide

  • Minimum of 3 years financial statements
  • Equipment appraisal of all assets to be utilized for as collateral
  • Full financial disclosure on all aspects of business and shareholders, as well as any related entities
  • Contact our lending experts for more details as they would pertain to your situation

 

Repayment & Issuance

How fast can you get the money

Within a few days

Funding method

Direct Deposit

How does repayment work

 

Frequently Asked Questions About Accord Small Business Finance

What is Accord Small Business Finance?

Accord Small Business Finance is a direct funder dedicated to Canadian small to medium-sized businesses. They offer customized client solutions, with a variety of lending products including working capital and equipment financing solutions to help businesses grow. They are part of Accord Financial, a TSX-listed company serving Canadian businesses for over 40 years.

What services or products does Accord Small Business Finance offer?

Accord Small Business Finance offers working capital loans as well as equipment finance solutions. These include unsecured term loans, equipment loans, equipment leases, and more. As a direct funder, they’re able to offer and create customized client solutions.

Is Accord Small Business Finance safe?

Accord Small Business Finance, through its parent company Accord Financial, has been in business for over 40 years. Accord is an approved lender under the Export Development Canada’s Business Credit Availability Program. Accord is also a member of the Better Business Bureau and several Canadian Chambers of Commerce.

Who are Accord Small Business Finances's customers?

Accord Small Business Finance caters to Canadian small and medium-sized businesses and entrepreneurs.

What is Accord Small Business Finance's mission?

Accord’s mission is to simplify access to capital for companies in transition – reinventing, rebuilding, or simply shifting into growth mode.

How much can I borrow from Accord Small Business Finance?

Depending on the circumstances and product chosen, you can borrow anywhere from $20,000 to $10 million from Accord Small Business Finance. Up to $250,000 is available under our AccordExpress BCAP-backed program without assignment of any specific collateral, in 3 business days or less. As an approved BCAP lender, we can provide subordinate facilities up to $6.25 million. Note these facilities require a comprehensive business review and additional information requirements. We also offer financing on new and used equipment you are purchasing, or even the ability to unlock the equity in your existing equipment for working capital purposes.

What is the interest rate on an Accord Small Business Finance loan?

The interest rate on an Accord Small Business Finance loan starts at 8.95%.

What is the term length of an Accord Small Business Finance loan?

Terms vary by product and range from 36 to 60 months.

How fast can I get my loan money from Accord Small Business Finance?

If approved, in most cases, the entire application, approval, and funding process can be completed in a few days.

What can Accord Small Business Finance's equipment loan be used for?

Accord Small Business Finance equipment financing by way of both lease and loan structures can be used for companies acquiring new or used equipment, but whose balance sheet or circumstances fall slightly outside of traditional lending parameters.

What is Accord Small Business Finance known for?

Accord Small Business Finance is known in most segments of the capital-intensive industries (energy, forestry, construction, mining) as an equipment financier.

Why do people use Accord Small Business Finance?

Small business owners use Accord Small Business Finance because they assist clients whose financial needs cannot be readily met through their primary bank or credit union. They help clients whose situation takes a little more time and effort in understanding than other institutions may have the time or expertise for.

Who's eligible for an Accord Small Business Finance loan?

Eligibility requirements vary by product. See the information above for information on eligibility for AccordExpress BCAP-backed loans. Eligibility for equipment leases and loans and other equipment-backed products are based on a review of the financial statements of the business, the strength of the collateral, and the credit history of the shareholders.

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