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Growing a business is a wonderful and complicated process. When it’s time for your business to buy new space or equipment, a small business loan in Saskatchewan is the perfect solution. Though there are several solutions available for getting business financing, the traditional route is no longer the fastest or most convenient. The best solution to getting small business financing in Saskatchewan is an online business loan. Saskatchewan business loans offer you a variety of payment terms, allowing you to find a loan that suits the status of your business. These loans also come with decent interest rates to help your business move forward. Approval is fast and easy, and you will see the money in your business account in a matter of days.
When finding the right loan for your business, it is imperative that you work with a firm that has a long history of good reviews and a great reputation. Smarter Loans offers a comprehensive database of lending institutions in Saskatchewan.
Look below to see what each of these providers are offering for your business, and apply from their home pages. If you aren’t sure which firm will work best for your business, submit a form here and we will help connect you with the right provider for your business’ needs.
You have several options when you are looking for a business loan in Saskatchewan. The first step to getting a loan is deciding where you’ll get it from.
First, you should try to find out if you are eligible for any government loans or grants. There are local institutions that help local business owners through grants. These grants and loans are the least expensive options you will be able to find. If you qualify for any of them, you should consider these options.
If you are not eligible for a government-sponsored financing option, you still have other options available. Traditional lenders like banks can get you reasonable rates while offering you great personal service. If you go to the bank that your business accounts are open with, they will already have access to your financial information and can offer you personal advice and service.
If you need money in a rush and/or your credit score isn’t perfect, you can still go to an alternative lender. In fact, alternative lenders will offer you the fastest service. They will also deal with the broadest range of borrowers but might have higher interest rates.
If you’re looking for funding, you should consider programs like these:
· Community Futures: Saskatchewan
· Operation Entrepreneur
· Western Canada Business Service Network
· Women Entrepreneurs of Saskatchewan
Applying for a business loan in Saskatchewan only takes a few simple steps. After you’ve decided which lender to apply to, you just need to:
1. Send the lender an application
2. Wait for the lender’s response
3. If they send an offer, review the terms they are offering you
4. Send a full application with required documentation
5. The lender will send you the funds and your first payment becomes due
Your eligibility for a loan depends on the lender you go to. Alternative lenders usually have the lowest requirements. On the other hand, government grants and credit unions usually have the most specific requirements. Most lenders want you to be in business for at least 6-12 months and have monthly sales of $5,000 or more.
Almost all lenders will want to see your:
· Credit score
· Business documents including financial statements
· Government ID
Different lenders will ask for different information. Of course, this is particularly true when it comes to business financial information. Most will want to see your revenue for the last three months.
This depends entirely on the lender you go to. Government programs will usually take the longest for approval. Banks will take anywhere from a week to over a month. Alternative lenders are the fastest, usually taking just a few business days. Some alternative loans can send the money sent to your account the next business day, but the cost of borrowing may be higher.
You can get a large loan if you have good credit in Saskatchewan. Every lender will be willing to lend you more money if your credit score is high and you have healthy financials for your business. Having a large and consistent revenue will also help qualify you for a larger loan. Most business loans can go as high as $300,000 to $500,000.
Yes, you can find bad credit loans in Saskatchewan. Many alternative lenders will still lend you money, but they will view you as a riskier borrower. For a lender, more risk means higher rates.
If you choose to look for a bad credit loan in Saskatchewan, you can expect higher rates which can still come with a fast approval.