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Find A LenderPrimed Loans: Overview
Primed Loans is a loan brokerage that connects businesses with lenders. The company comprises a team of loan specialists with over 25 years of experience in the loan industry.
The Primed Loans team has comprehensive expertise and financing opportunities that many businesses are looking for. They also offer dozens of loan solutions tailored to meet the needs of individual businesses.
In 2023 alone, Primed Loans has processed over 17,000 loan applications and facilitated $140 million in loaned funds with a 97% approval rate. Businesses can access anywhere from $10,000 to $20 million with a streamlined application process and expert guidance.
What Does Primed Loans Offer?
Primed Loans offers over 40 customizable financing solutions for businesses. Their team of loan specialists will work with you to come up with a suitable financing solution based on your current and anticipated needs.
Type Of Solutions Offered By Primed Loans
Among Primed Loans’ 40+ customizable loan programs, the following are among the more popular ones:
Lines of credit
Access a credit line of up to $2 million to purchase inventory for your business. Primed Loans’ line of credit is secured by your inventory.
Bank Financing
Get as much as $20 million in capital to start and grow your operations through bank financing. Primed Loans can also help you secure a Canada Small Business Financing Program (CSBFP) loan to fund your specific needs.
Factoring
Ensure positive cash flow while waiting for future payments with factoring. This type of financing allows businesses to access funds held up in accounts receivable. Access between $100,000 to $20 million through Primed Loans’ factoring solutions.
Equipment Financing
Get the funding needed to buy equipment for your business or tap into cash from existing equipment with quick, flexible equipment financing. Those eligible can finance equipment between $50,000 to 20,000 million.
24-Hour Cash Flow Financing
Get immediate access to funds to cover cash flow shortages or take advantage of growth and investment opportunities with Primed Loans’ 24-hour cash flow financing. Businesses eligible can receive up to $250,000 to help their cash flow problems.
Primed Loans: Snapshot
| Loan Amount | Eligibility Requirements | |
| Line Of Credit | $250,000 – $20 million | -Years in business: 2 years -Business annual revenue: $500,000 -Equifax credit score: 660 |
| Bank Financing | $250,000 – $20 million | -Years in business: 2 years -Business annual revenue: $500,000 -Equifax credit score: 660 |
| Factoring | $100,000 – $20 million | -Years in business: 1 year -Business annual revenue: $350,000 -Equifax credit score: 620 |
| Equipment Financing | $50,000 – $20 million | -Years in business: 1 year -Business annual revenue: $350,000 -Equifax credit score: 620 |
| 24 Hr Cash Flow Financing | $10,000 – $250,000 | -Years in business: 1 year -Business annual revenue: $350,000 -Equifax credit score: 625 |
Primed Loans Features
Primed Loans’ financing products feature the following:
How Much Can You Borrow?
The amount you can borrow depends on the type of financing you’re looking for. While many offer up to 20 million, the minimum amounts vary.
- Line of credit: $250,000 – $20 million
- Bank financing: $250,000 – $20 million
- Factoring: $100,000 – $20 million
- Equipment financing: $50,000 – $20 million
- 24 hr cash flow financing: $10,000 – $250,000
What’s The Interest Rate?
The interest rate varies depending on different factors, including the current market and whether the financing comes from private or public financial institutions. That said, Primed Loans’ rates can be as low as the prime Canadian rate, which is currently 7.20% as of mid-2024.
In fact, banking loans can range from 4% to 12% and 12% to 45% for merchant cash advances (MCAs).
How Long Is The Funding Process?
Funding times vary based on the amount borrowed:
- Amounts between $10,000 and $250,000: within 24 hours
- Amounts over $250,000: 10 to 90 days
How Will You Receive The Funds?
Primed Loans is not a lending company, they will not be the ones that send the funds. Instead, the lender you work with will deposit the funds directly into your business bank account.
Can I Repay My Loan Early?
Many Primed Loans financing products allow early repayment without penalty fees. However, each loan contract is different, so it’s important to go over your agreement or speak with a Primed Loans specialist to verify the terms.
What Are The Requirements For A Loan With Primed Loans?
Each Primed Loans financing product has its own specific eligibility criteria:
Line Of Credit:
- Years in business: 2 years
- Business annual revenue: $500,000
- Equifax credit score: 660
Bank Financing:
- Years in business: 2 years
- Business annual revenue: $500,000
- Equifax credit score: 660
Factoring:
- Years in business: 1 year
- Business annual revenue: $350,000
- Equifax credit score: 620
Equipment Financing:
- Years in business: 1 year
- Business annual revenue: $350,000
- Equifax credit score: 620
24 Hr Cash Flow Financing:
- Years in business: 1 year
- Business annual revenue: $350,000
- Equifax credit score: 625
Documents Required
- Merchant cash advances: Bank statements required
- Banking loans: Financial statements required
How To Apply For A Loan With Primed Loans?
To apply for financing with Primed Loans, follow these steps:
Step 1: Get Pre-Qualified
Each financing program has specific pre-qualification requirements, including annual revenue criteria. To get pre-qualified, schedule a 20-minute consultation with a loan specialist. During this meeting, you’ll be pre-qualified for the specific loan program you want to apply for.
Step 2: Research And Review
The team at Primed Loans will review your qualifications, including how much revenue your business generates each year and how long you’ve been in business.
Step 3: Formal Application
Once you’ve been pre-qualified for the specific financing program you need, you’ll complete the formal application and submit all relevant documents to support your application.
Step 4: Funds Disbursement
After you’ve been approved for financing, the funds requested will be directly deposited into your business bank account from the lender you choose to work with.
Benefits Of Working With Primed Loans
There are several perks to working with Primed Loans for all your business financing needs:
- Quick and simple process. Start the application process by quickly scheduling an appointment through Primed Loans’ scheduling portal.
- Immediate pre-qualification. After a quick 20-minute initial consultation, you’ll be instantly pre-qualified for financing.
- Ongoing support. Your loan specialist will guide you through the process from getting pre-qualified to finding the right lender. Primed Loans understands the immediacy of capital requirements and will work diligently to get you the funding you need as quickly as possible.
- Loan application and documentation assistance. Primed Loans’ specialists will carefully review your documentation to ensure accuracy and completeness before you submit your application.
- Negotiation assistance. Primed Loans’ specialists will negotiate on your behalf with lenders to get you the most affordable and favourable loan rates and terms.
- Contact with decision makers at banks. Primed Loans maintains communication with those who are directly involved in the loan decision-making process at financial institutions.
- Free analysis. During your initial consultation, your loan specialist will analyze your financial needs and guide you accordingly at no cost and with no obligation.
Primed Loans FAQs
What happens if you miss a payment?
Is Primed Loans safe?
How do I contact Primed Loans?
- By phone: (514) 244-2206
- By scheduling a call
- In-person at one of the Primed Loans offices:
- 3055 Blvd. Saint-Martin O Suite T500, Laval, Quebec H7T 0J3
- 3 Pl. du Commerce #500, Verdun, QC H3E 1H7
