Category: Business Financing
Term loan vs. line of credit – How are they different?
A fixed term loan provides a lump sum of money that a borrower pays back with interest over an agreed-upon period. A line of credit, meanwhile, provides access to a sum of money that you can use as needed. Both options can provide you with funds in advance so that you can use them immediately. As…
What is collateral and do I really need it for a business loan?
Traditionally, collateral has been considered an important part of qualifying for a small business loan. In fact, it’s one of the Five Cs used by many traditional lenders to help them evaluate a potential borrower. The term collateral refers to “an item of value used to secure a loan”. Traditional lenders, like banks, typically look for secure…
Summer 2021: What to expect and how to prepare your small business
As summer approaches, the COVID-19 vaccine rollout is sparking optimism for Canadian small businesses. According to Deloitte’s 2021 Economic Outlook Report, “the Canadian economy has proven more resilient than expected” and we can expect to see a surge in consumer spending as public health restrictions taper off over the next few months. SMBs can look…
11 questions you should ask before you get a small business loan
Small businesses have more financing options today than ever before. Yet, navigating this maze of options can make it challenging to choose the right loan and the right lender for your business. The days when the bank was the one-stop-shop for small business loans are over, and business owners need to be savvier about evaluating…
Small business funding: What are your options?
Every entrepreneur’s journey is unique, but there is one universal experience: finding business funding. Whether it’s to aid cash flow or support operational costs, weather the storm through low sales or expanding for growth, owners need to acquire cash to support their business goals. The good news? The options for business funding vary greatly. The…
Understanding the cost of financing: Factor vs. interest rate
When considering your small business financing options, you’ll want to determine the associated costs of every alternative. Although this may seem straight forward, pricing is often presented differently depending on the company or the type of financing product you are applying for. This can make it tricky to understand how much you are actually paying…
Why a business loan from Journey Capital may beat going to the bank
Whether you’re looking to expand your business, stock up on inventory or simply increase cashflow for daily operations, you’ve likely thought about securing financing for your business. Like many small business owners, your first thought may be to turn to your bank for funds. However, you might be missing out by overlooking other lending options.…
What is PPE & does my small business need it?
As a result of the ongoing pandemic, PPE (Personal Protective Equipment) has become a part of our everyday lives. Items that were once primarily used by healthcare workers must now be integrated into all types of businesses. As a small business owner, this is likely new territory for you. What is PPE? PPE is equipment…
Choosing the right loan for your business
Are you checking the right boxes when choosing financing for your business? When business owners think of obtaining finance for their small business, they may think of going to the bank, friends, or family. But business owners may not be aware of other trusted lending options. There are many financing options today to fund your…
Utilizing business financing to expand your business
Business financing can be used in multiple ways to expand your business; such as launching new products, locations, improving operations and maximizing profit margins, or through external growth opportunities like acquiring new businesses. In a nutshell, Business expansion financing is used to facilitate long-term growth, revenue, and profit for the business. Different businesses, interpret “expansion”…
How to acquire a business loan in Ontario
How to Acquire a Business Loan in Ontario? The Ontario province in Canada provides an excellent business environment for entrepreneurs and for small businesses to grow their company operations. According to recent surveys, Ontario is considered one of the top places in the world for companies to establish their headquarters and for investors to invest…
Business financing for retail stores in Canada
With Canada’s unique mix of cultures, history and modern innovation. It’s easy to see why the retail industry is booming. From province to province we can spot little shops in small local communities and huge malls that offer some of the best shopping experiences in North America. Running a retail store as a small business…
When to get a small business loan
When to Get a Small Business Loan? Small business owners often turn to a small business loan or a line of credit when they look for borrowed capital to fuel growth or other business purpose. According to the Government of Canada, as of December 2015, there were 1.17 million employer businesses in Canada and 97.9…
Why would you need a fast small business loan?
Many businesses finance growth and meet short-term capital needs with a small business loan. There are times when fast access to additional capital, or access to a fast business loan, is critical to taking advantage of an opportunity to create additional ROI or meet a short-term business challenge. Unfortunately, because popular media promotes the idea…
How to qualify for a small business loan in Canada
With all the different business loan options available today, qualifying for a loan is a possibility for almost every business owner – but it requires a more savvy approach to evaluating your options picking the loan that best suits you and your business’ situation. Lenders evaluate both your personal credit history and your business credit…