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Lethbridge, like many of the major cities in Alberta, is always ever expanding in size and populace. One of the best things about that gradual increase in popularity is that Lethbridge has become a great place to establish a business. The only problem is that any business can be quite expensive to build and maintain.
Luckily, that’s exactly why business loans exist. Interested in learning what one of these credit products is and how it can help your enterprise succeed? The keep on reading.
Learn how to expand your business with new capital, click here.
What Types of Business Financing Are Available to Me in Lethbridge?
For the most part, building a solid and profitable business is not as simple as it sounds. As a matter of fact, there are many different areas of your operation that will require your constant attention, especially when it comes to financing.
Don’t worry, there are several different business financing options that Loans Canada can help you secure, such as:
Business Loans – Through our network, you can apply for and access up to $300,000 in available business capital. Typically, this would be a lump sum of money that gets deposited directly into your bank account within 48 hours of approval and is then paid back through a series of installments.
Avoid these business loan application mistakes.
Merchant Cash Advance – This service allows you to leverage a small portion of your future credit and debit sales in exchange for additional capital, which you can use to further expand your enterprise.
Commercial Mortgage – This product can help you purchase property to establish your business or, if necessary, refinance your existing mortgage.
Equipment Financing – Any business tools, gadgets, machinery, and vehicles can certainly drive up your daily costs. However, that kind of equipment can be made more affordable with this kind of financing.
Payment Processing – Many businesses these days need to accept credit and debit card payments to increase their revenues, and that’s exactly what this service can help you do.
Asset-Based Financing – If you have any equipment, vehicles, or other commercial assets that have some residual value, this service allows you to leverage them in exchange for additional business financing.
What Can a Business Loan Be Used For in Lethbridge?
As we mentioned, a business loan is essentially a lump sum of liquid cash and can, therefore, be used to finance just about any aspect of your enterprise. That said, a business loan can also be a serious amount of money and business lenders will want to know that you’re planning to use the funds appropriately.
In fact, when you apply, lenders will generally request that you present them with a detailed business strategy that outlines the areas where the money will be invested. So, it’s important to show them that you are qualified to handle such a large amount of financing and that you only plan to use it where it’s necessary, such as:
- Advertising and marketing
- Hiring and compensation of new employees
- Upgrading, repairing or renovating your workspace
- Moving to or expanding a secondary location
- Building an online retail outlet
- Leasing or purchasing the right equipment
Everything you need to know about business credit scores, check this out.
What Industries Can Qualify for a Business Loan in Lethbridge?
Another bit of good news is that almost any business can be eligible for this kind of financing, as long as you’re financially qualified and can show your potential lender a viable plan for success.
That said, if you’re building your business from the ground up, it’s also essential for you to understand what types of industries in Lethbridge have the greatest chance of seeing a profit, both presently and in the future. For instance, an estimated 21% of the city’s economy comes from the health and education industries.
Other eligible businesses in Lethbridge include (but certainly aren’t limited to):
- Restaurants, bars, and clubs
- Spas and wellness facilities
- Gyms, yoga studios, and fitness centers
- Motels, vacation rental agencies, and hospitality locations
- Hairdressers and beauty salons
- Wholesale and retail trade locations
- Limousine, shuttle bus, and transportation companies
How Can Someone Get Approved for a Business Loan in Lethbridge?
As we mentioned above, a business loan can be a significant amount of financing, whether it’s for a small, medium, or large scale enterprise. As such, it will work to your benefit if you go into the application process as prepared as possible, because your financial profile will be examined to calculate your creditworthiness.
This is particularly important when it comes to both your interest rate and the amount of money you’re actually eligible for. Essentially, the stronger you are as a candidate and the easier it is for your business to succeed, the better your approval chances and interest rate will be as a result.
Before you apply, be sure take the following precautionary measures:
- Shop around for a lender that offers the best rates/conditions
- Organize and update any financial documents your lender requests
- Pay down any outstanding debts you have
- Check your business credit report for signs of error, fraud, or identity theft
- Improve your business credit score as much as possible
- Create a proper budget and cut down on unnecessary expenses
- Draw up a detailed and realistic business plan for your potential financing
Check out these small business loan myths.
Start Expanding Your Lethbridge Business Today!
If you’ve been searching for a reliable business loan or another type of business financing service in Lethbridge, you can rest easy knowing that Loans Canada is on the case. We’re here to help you expand your enterprise in any way you see fit. Get started by filling out an application today!