The True Cost of a Small Business Loan

There are a lot of online lenders providing a great service to small businesses across Canada that can’t always get traditional financing to help grow their business. The online small business loan industry started in Canada about 10 years ago but in the past couple years has really taken off and is becoming more and…


Things you need to know about online business loans

A few years ago not many Canadian small business owners had heard of online small business loans 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….


What Small Business Lenders are looking at

Year after year and survey after survey, Canadian small business owners list access to funding as the most challenging part of growing their business. The Canadian Federation of Independent Businesses reports that of the smallest businesses (5 employees or less), almost 50% have applied for some type of financing in the past couple years. Of…


Wouldn’t you rather deal with a Canadian company?

Have you ever received a phone call or a direct mail piece from On Deck? If you own a small business in Canada you probably have – they’ve spent millions of dollars in advertising since creeping into Canada from the US in 2014. If you’ve never heard of them, On Deck is a 10 year…


How do you talk to an automated system?

Thank you for calling. Our automated attendant will help navigate you through our system. Please press # now. To continue, press 5 and listen. If the instructions tell you to press 9, ignore them and press 8. But if they tell you to press 8, ignore them and press 9. Press the button directly to…


Short term inventory loan

Have you ever considered a short term small business loan to buy more inventory? Many business we work with are getting quick, short term loans to buy seasonal inventory. They repay the inventory loans in 3 or 4 months and then re-finance for the next season. The small daily or weekly micro-payments are much easier…


Online Small Business Lender On Deck posts record losses

I wrote a LinkedIn article almost 2 years ago about On Deck, the behemoth Wall St based online small business lender that announced they were expanding to Canada.   Click here to read It was a tongue-in-cheek “Welcome to Canada” article where I sarcastically marvelled at some of their stats like $60 million spent in marketing…


Fintech is changing the game for Canadian Small Business Loans

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Before online lenders arrived on the scene, Canadian small businesses often found themselves running into the same roadblock.  A typical Canadian entrepreneur establishes a company with their own savings, or using small loans from friends and family. Within two to three years they typically have a 3-4 employees and are seeing between $30,000 and $40,000…


It’s hard for small businesses to get a loan from the bank

The smallest businesses have the hardest time getting business loans according to a new Canadian Federation of Independent Businesses (CFIB) report that also found many small business owners are using their own personal credit cards as additional sources of financing. Nearly half of Canada’s small businesses have applied for some form of financing in recent…