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SMALL BUSINESS LOANS: APPLICATION REQUIREMENTS
18 years or older
A Canadian citizen or permanent resident
Free of current bankruptcy proceedings or consumer proposal
In an employment for at least 3 months
SMALL BUSINESS LOANS FOR ENTRPRENEURS
Any Purpose Small Business Loans With Flexible Payments
A large number of businesses in Canada are small to medium size enterprises. Demand for small business loans is therefore very high. However, many small businesses don’t have access to finance. It is even more difficult for business owners with bad credit to get a small business loan.
If you have an idea about a business, you may be wondering how you are going to get money to set it up and run, especially if you don’t have enough savings put aside for that purpose. Or maybe you own business, but perhaps you have reached a plateau and need additional funding to help you grow the business. This is when you need to explore the option of getting a small business loan.
If you have an idea about a business, you may be wondering how you can set it up and start and start running, especially if you do not have enough savings put aside for that purpose. Or maybe you own business, but perhaps you have reached a plateau and need additional funding to help you grow the business. This is when you need to explore the option of getting a small business loan.
Small Business Loans Benefits
Sometimes all it takes to get your business off the ground is a small business loan. If you have been operating your business for some time but need a small cash injection or working capital to keep the business afloat, a small business loan may be all that you need.
There are fundamental benefits that a small business loan can provide for a business:
Make it possible for excellent ideas to be turned into businesses that are profitable
Good access to additional funds to help keep the business afloat
Purchase equipment that is badly needed in the business
Improve cash flow
Getting A Small Business Loan
To start with, you should be clear about the amount of money that you need and how you are going to be able to pay back the loan. As mentioned in the opening paragraph, getting a small business loan can be difficult. Getting these loans is not very easy since small businesses are largely viewed as high risk. It is even more difficult for a small business owner with bad credit to get a small business loan.
The most challenging part of getting a business loan is going through the comprehensive application process.To begin with, if you are going for a secured small business loan, you need to provide the right collateral security. You will also have to demonstrate that you have faith in yourself and in the business you are running or you are about to start. This is done by showing that you have some of your own money invested in the business. This is a real dilemma for someone who is starting a new business because they don’t have the money in the first place and that is why they are going for the small business loan.
Qualifying For Small Business Loans
Banks and other financial institutions have different lending criteria. However, with all of them, you must be able to show that you can pay back the loan. If you have an existing business you may be required to show a profit and loss statement for 3 years or so. If you are starting a new business then you will have to show a spreadsheet of income and expenditure projections for at least one year.
In some cases, you will have to provide a collateral security to get the loan. In such cases, if you don’t have a security you won’t get a small business loan. Additionally, what you use as collateral will show that you have faith in your business. The more valuable the item, the better your chances. This does not necessarily mean your house or any landed property. If you have an existing business, You can even use the account receivables as collateral.
Qualifying for small business loans from a bank requires a good personal credit of the business owner. If you don’t have a good credit history then forget about getting a small business loan from a bank. For this reason, any small business owner should work hard to maintain an excellent personal credit score, as well as develop a credit score for their businesses.
Small Business Loans Canada Bad Credit
The main thing most lenders think about is whether you will be able to pay back the loan. If you can prove that you can pay back the loan you can get a loan, even if you have a bad credit history. Any documents you provide to the lender to support the application must indicate this fact.
The Interest rate you pay for a small business loan will depend on the type of loan, for example, secured or unsecured, how much you borrow, where the money was borrowed from and the length of time required to pay back the loan. Secured loans will typically have lower interest rate. If you have a bad credit you are seen as high risk and therefore may pay higher interest rate.
Before you take your loan, make sure that you are clear about the interest rate and all the add on charges. Be aware of the annual percentage rate (APR). This rate includes the interest rate as well as all other fees which may be incurred as a result of taking out the loan.
Small Business Loan From Loan Away
If you know you have a bad credit history, when looking for small business loans in Canada, for example, it is better to seek out smaller lenders or banks as these may be considerably more helpful and consider your case sympathetically. Besides, even if you have good credit you still may not be able to get a loan from a bigger bank. This is because the larger institutions often prefer to work with business customers with established history.
The application process involved in applying for small business loans can be daunting but don’t be put off by that. Just take your time to supply all the information required. Also, realize that when applying for a small business loan in Ontario, for example, you are likely to be rejected a few times. When you experience a rejection, rather than losing heart, you should find out why you have been rejected and then deal with the deficiency in your application.
If you are looking for a loan for your small business but can’t get a loan because of bad credit, contact Loan Away Inc. The company is sympathetic towards people with bad credit and you could get a small business loan from them to finance your business. Furthermore, the Loan Away application process is very simple. It only takes about 8 minutes to complete.
WHERE WE OPERATE
We are committed to provide best customer experience possible. Currently we offer personal term loans in Ontario, Alberta and Newfoundland, but do check back with us soon, as we are working on expanding our reach to other provinces and territories.
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