201705.230

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…

201704.170

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…

201704.110

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…

201703.300

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…

201702.210

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…

201701.132

Fintech is changing the game for Canadian Small Business Loans

by in Blog

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…

201610.250

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…

201609.070

6 reasons to consider an online small business loan

If you’re researching a loan for your small business, it can be overwhelming given the number of options available. Banks are always the best option in terms of rates but loans are difficult to qualify for and can take months to get approved. And, if you’re a small business with less than perfect credit or…

201607.180

Small Business Loan rates – update.

Back in May we posted some advice about small business loan terms and rates and, when looking for quotes, to “always get it in writing”. A recent study by a think tank down in the US clearly highlights that same advice. They got their hands on 15 different loan contracts from 14 different companies in…