A few years ago not many Canadian small business owners had heard of online business loans or FinTech (financial technology) or alternative lenders. In 2010 there was only a handful of companies providing the service in Canada so most small businesses would automatically think “bank” or “credit union” if asked where to get a loan for their business.
Now, in 2016, small business owners have more choices than ever before. Online business lenders are increasingly popping up and filling a major gap for Canadian small businesses often overlooked by the major banks. The only downside of “more choice” is that it takes time to do a little research on all the different options and all the different companies.
You may have heard of some of the choices….crowdfunding, peer-to-peer, marketplace lending…or maybe you haven’t. If you’re looking for financing for your business, you owe it to yourself to understand the basics.
We’ve put together a brief outline of some of the questions you should ask when considering an online business loan. .
