Obtaining business loans in Hamilton
Need funding to start a new business or to expand the one you are managing right now? Then let us help you find the ideal business loan that can help your business start or your old one grow. Our financial advisors will be there to help you find the right funding solution based on your requirements.
What is a business loan?
A business loan is a loan is offered to help new business get started and established businesses grow and improve. There are various funding programs available for entrepreneurs and business owners across Canada
What types of business loans can I obtain?
There are several types of business loans available to help your business venture. Some of them are as follows:
- Lines of credit – Similar to credit cards, this option lets you borrow the amount you need when you need it. The repayment is done only on the amount used. However, though these types of loans offer flexibility, they also have compounded rates of interest.
- Short-term loans – These are loans that can be borrowed from a bank or a credit union. However, instead of fixed monthly payments, a full repayment should be made at a pre-determined date.
- Long-term loans – These the most common type of loans that are offered for various business needs like working capital, refinancing, acquisitions and even business expansion. A good credit score and a well-established business are required to get a long-term loan with an outstanding interest rate. An effective business plan also needs to be created before you apply for the loan.
- Alternative lending – There are several sources of alternative lending for business ventures in Canada. These include peer-to-peer lending, merchant cash advances, invoice financing and equipment loans.
Applying for a business loan
A financial advisor at a bank, a credit union or a mortgage company can be sought to help you understand your financial standing and needs. The financial specialist will then review both your business proposal and loan application before proceeding with the approval and processing. Once the loan is approved, the institution will then disburse the required funding.
What can business loans be used for?
Loans obtained for businesses can be used to finance the following:
- Purchase or improvement of properties, be it land or buildings, that will be used for business purposes
- Purchase or improvement of used or new equipment for your business
- Purchase or improvement of new or existing leased property, including renovation to leased property by a tenant
How do I qualify for a business loan?
Here is what you need to be able to produce in order to be eligible for a business loan:
- A detailed business plan that outlines your business’s objectives, showcases your company’s stability, growth and profit, and details how the borrowed funds will be used.
- The capital business assets that can be used by the lender to collateralise a business loan.
- Cash flow projections and financial statements that demonstrate the financial stability of your business.
- Your personal credit score and business credit profile to showcase your financial situation and ability to complete repayments.
- Evidence of collateral, such as property, that can be used to secure your loan.
What can business loans NOT finance?
Business loans cannot be used to finance:
- Franchise fees
- Research and development
Feel free to contact the financial advisors at Matrix Mortgage Global to find effective funding solutions for your business.
We will be happy to help you with all your requirements.
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How Did We Help Businesses?
Accepted Business Industries
What business types get approved?
Some businesses, merely by the nature of their industry, have a hard time acquiring financing because of the industry business failure rate, seasonality of revenue and volatile market activity.
We thrive on helping these types of businesses to get the financing they need.
- Auto Repair Shops, Mechanics, Auto Body, Oil Change
- Retail business
- Online businesses
- Cleaning businesses
- B2B businesses
- Large ticket Furniture Stores
- Hotels and Motels
- Gowns (Bridal, events)
- Pool retail - Hot tubs, spas
- Butchers, meat retailers
- Moving companies