Trust check
Is Merchant Growth legit?
Merchant Growth has been financing Canadian businesses for over a decade, has an A+ BBB rating, is a CLA member and publishes their privacy policy.
Merchant Growth: Overview
Since 2009, Merchant Growth has been a trusted partner for Canadian small businesses, providing fast, efficient and reliable financing. Small businesses can access up to $1,000,000, with funds available in as little as 6 hours after approval. With a commitment to clear communication and helpful service, Merchant Growth helps businesses grow by offering funding options designed to meet their needs.
Based in Vancouver, Merchant Growth has funded more than 15,000 businesses and over $1.5 billion in financing.
Who Is Merchant Growth Best For?
Merchant Growth is best suited for businesses that:
- Have been in business for more than 6 months. Merchant Growth works with established businesses, and that track record helps you get a decision quickly, often on the same day you apply.
- Earn at least $10,000 in revenue per month. Your offer is based on how your business is performing, so you can get financing without putting up collateral.
- Can cover frequent repayments. Payments are taken daily or weekly, which can work well when your business brings in steady sales.
What Does Merchant Growth Offer?
Merchant Growth offers two types of financing to support your business goals:
- Term Financing: A flexible funding option for a wide range of business needs, from expansion projects to equipment purchases.
- Line Of Credit: Flexible access to capital when you need it most. It's a good fit for managing cash flow or handling unexpected expenses.
Merchant Growth Products: Snapshot
| Term Financing | Line Of Credit | |
|---|---|---|
| Amount | $5,000 to $1,000,000 | $7,500 to $125,000 |
| Cost | One fixed cost, shown upfront, with no compounding interest | Shown in your offer before you commit |
| Repayments | Daily or weekly | Daily or weekly |
| Term | 6 to 24 months | Revolving |
| Funding Time | As little as 6 hours, usually within 24 hours of approval | As little as 6 hours, usually within 24 hours of approval |
| Collateral Required? | No | No |
| Availability | Canada-wide | Canada-wide |
| Eligibility | More than 6 months in business; at least $10,000 monthly revenue | More than 6 months in business; at least $10,000 monthly revenue |
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Qualifying With Merchant Growth
Qualifying for financing for your small business from Merchant Growth is relatively easy. Your business will need to meet the following criteria:
- Operate in Canada
- Be in business for more than 6 months
- Earn a minimum revenue of $10,000 per month
Instead of sending a stack of paperwork, you'll securely connect your business bank account so Merchant Growth can review your revenue. This helps you get a decision faster.
How To Apply With Merchant Growth
The application process with Merchant Growth is quick and simple. To apply, follow these steps:
Step 1: Choose Your Application Method
To get started, you'll need to give Merchant Growth a few pieces of information about your business, including how long you've been in business and your monthly revenue. You can do this over the phone or by completing the online application, and it only takes a few minutes.
Step 2: Review Your Options
Merchant Growth will look over the information you provide, and then they'll reach out to discuss the best financing for your needs. Checking your options only uses a soft credit inquiry on the business owner, so it won't affect your credit score.
Step 3: Get Approved And Funded
Once you're approved, you can receive your funds in as little as 6 hours, and usually within 24 hours.
Is Merchant Growth Licensed?
Merchant Growth Ltd. is an active, registered company in British Columbia. Since they only finance businesses, the provincial licences for consumer lenders don't apply to their financing.
What Do Consumers Think Of Merchant Growth?
Merchant Growth has a 4.8 rating on Trustpilot from 772 reviews, and an A+ rating from the Better Business Bureau (BBB), where they've been accredited since 2012. They're also a member of the Canadian Lenders Association (CLA). If you have a question, you can call or text 1-866-240-3694, Monday to Friday, 9 AM to 5 PM PST, or email clients@merchantgrowth.com.
From 772 customer reviews.
BBB accredited since 2012.
Listed in the CLA's lender directory.
What We Like About Merchant Growth And What To Watch Out For
What We Like
- Easy application: Complete the application online or over the phone in less than 5 minutes.
- Quick funding: Once approved, your funds can arrive in as little as 6 hours, and usually within 24 hours.
- High amounts: Term Financing is available for up to $1,000,000.
- No collateral needed: You don't have to put up collateral to secure your financing, so there's no risk to your valuable assets.
- Available across Canada: Merchant Growth works with eligible businesses located anywhere in Canada.
What To Watch Out For
- Not suitable for brand new businesses: While you'll need to be in business for more than 6 months to qualify, that track record helps you get a faster decision.
- Monthly revenue requirement: While your business must earn at least $10,000 a month, that revenue is what your offer is based on, so no collateral is needed.
- Frequent repayments: While payments are taken daily or weekly, smaller payments that follow your sales can be easier on your cash flow than one large monthly bill.
How Does Merchant Growth Compare?
Comparing Merchant Growth, Driven and IOU Financial on loan amount, term, availability, funding time, funding method, repayment options, eligibility and required documents, as listed by each lender.
| Feature |  Merchant Growth Term Financing Apply now Learn more |  Driven Business Loan Learn more |  IOU Financial Term Loan Learn more |
|---|---|---|---|
| Loan amount | $5,000 – $1,000,000 | $10,000 – $300,000 | $15,000 – $1,500,000 |
| Term | 6 – 24 months | 3 – 24 months | 6 – 36 months |
| Available in | All provinces | All provinces | All provinces |
| Funding time | As little as 6 hours, usually within 24 hours of approval | As little as 24 hours | 24 hours |
| Funding method | Deposit to your business bank account | Not listed | Direct deposit |
| Repayment | Automatic daily or weekly payments | Customizable repayment plans | Regular repayments from bank account |
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Figures are as listed by each lender and can change. Check the lender's site before you apply.
Final Thoughts
If your business has been in operation for more than 6 months and is already bringing in at least $10,000 a month in revenue, you may qualify for financing with Merchant Growth. With financing of up to $1,000,000 and funding in as little as 6 hours after approval, you can use the extra capital to grow your business and meet your goals. No matter where you are in Canada, Merchant Growth may be just what you need to grow your business.
