Business loans in Vaughan
If you are planning to start a new business and need funding, a business loan is an ideal financial option. At Matrix Mortgage Global, we can help you get your business underway with the right funding solution.
A business loan is a loan that is designed to help new business get started and established businesses grow and improve. There are various funding programs available for entrepreneurs across Canada.
Types of business loans
As mentioned before, there are several types of business loans available to help you get your business started. Here are few of them:
- Lines of credit – These are like credit cards. You can borrow the amount you need when you need it and repay only the amount you use. However, though these loans offer flexibility, they also have compounded rates of interest.
- Short-term loans – These loans can be borrowed from a bank or another type of lender. However, instead of making fixed monthly payments, you simply repay the entire amount in full on a specific date.
- Long-term loans – These are the most popular type of loans. Commercial lenders offer long-term loans for various business needs like working capital, refinancing, acquisitions and even business expansion. You will need to show a good credit score and a well-established business to get a long-term loan with an outstanding interest rate. You will also need to develop a business plan 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.
- The purchase or improvement of land or buildings that will be used for financial purposes
- The purchase or improvement of used or new equipment
- The purchase or improvement of new or existing leased property, including renovation to leased property by a tenant
- Working capital
- Franchise fees
- Research and development
- A detailed business plan that outlines your business’s objectives, showcases your company’s stability and profit and details how the borrowed funds will be used.
- The capital business assets that a lender can use 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 standing.
- Evidence of collateral that can be used to secure your loan.
How do I apply for a business loan?
You can discuss your financial need with any advisor at a bank, a credit union or a mortgage company in Canada. The financial specialists will review both your business proposal and loan application before approval and processing. Once the loan is approved, the institution will then disburse the negotiated funding.
What can be financed with business loans?
Business loans can be used to finance:
What are the aspects of business not financed by business loans?
Business loans cannot be used to finance:
How do I qualify for a business loan?
Here is what you need to provide to lenders to be eligible for a business loan:
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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