For most small businesses in Canada, April 30th can be a major strain on cash flow. Both GST/HST and income taxes are due. Adding to the cash flow headache is the fact most small businesses are trying to ramp up inventory for their busy Spring and Summer months. So how do you pay taxes and buy more inventory? Why not consider a short term small business loan.
Terms can be as short as 3 months with daily repayments that ebb and flow with your sales trends. So rather than repaying the loan with a month-end lump sum payment you can repay the loan with small daily payments that are based on a percentage of your sales. So if you have a slow day you pay less.
Approval is based on your sales history – not your personal credit history – and funds can be in your account in 2 days or less. If you’ve been in business for at least 6 months and you generate at least $5,000 per month in sales you probably qualify. Check out the detail here