Loans Canada Launches Free Credit Score Portal And Is Recognized As One Of Canada’s Top Growing Companies
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Are you an Indigenous entrepreneur? Do you own a business that operates within the Indigenous community? Are you looking for the right funding, but would prefer to work with a specialized lender that understands the specific concerns or issues you may have?
We have some good news! Loans Canada can connect all Canadian business owners and entrepreneurs with the financing they need. Keep reading for all the information you need about applying for and securing a business loan in Canada.
Read this to learn all the small business vocabulary you need to know.
There are a number of different financing types that are readily available to Indigenous business owners and investors, and each can serve a different purpose. These financing options include, but aren’t limited to:
As long as you can demonstrate an effective business strategy to the lender you’re applying with, any enterprise can qualify for loans and other financing options, including, but certainly not restricted to:
While you might think that a business financing is solely for the purpose of getting your company up and running, there are actually a ton of ways you can use it. For instance, when your business is backed by the appropriate financing, you can:
Click here to learn how you can expand your small business with new capital.
When you apply for business financing, what lenders need to confirm is that your enterprise will be successful enough for you to repay the funding they’ll potentially be offering you. As we mentioned, preparing an effective business strategy is one way of doing that. You should also ask them what personal and financial documents are required, then update and organize those documents accordingly. To confirm your financial ability, your lender may also inspect elements such as:
Note: While offering up assets as collateral or finding a cosigner are both optional, either element may help you secure business financing, as well as better interest rates. especially when your own credit and finances are insufficient.
As we said, certain factors relating to your credit may be used to confirm your financial strength when you apply for financing. That’s because your credit health and financial health go hand-in-hand, one factor affecting the other in various ways. Here are a few examples of where each credit component fits into the application process:
Credit Score – This three-digit number ranging from 300-900 is one of the first components that most lenders examine as a basic way of observing your credit health. The closer your score is to 900, the better your approval odds and interest rates will be. Typically, a score of 680 or higher will give you “good credit” and the best approval results. A score of 560 or lower gives you “bad credit” and will have the opposite effect.
Looking for a bad credit small business loan? Try reading this.
Credit Rating – This is a grade each of your credit accounts will receive while activated. Each account is labeled with a letter corresponding to the credit type:
Each account also receives a number between 0 and 9, referring to how you’ve been managing the account. The closer your rating number is to 1, the better:
For a more detailed explanation of your credit rating, check this out.
Credit History – With this factor, lenders can see how you’ve been handling your accounts over a predetermined number of years, which includes your credit types and payments toward those accounts. The longer history you have of timely and full payments over a variety of credit products, the healthier your history looks.
Credit Report – Your report is a detailed file that contains all the above components and is another way that lenders can confirm your ability to handle potential credit. It also contains your personal details, such as your name, address, social insurance number, and other such details that validate your identity.
Note: Not all lenders look at your credit when you apply. However, as the business financing option you’re requesting might be risky, a credit check may be mandatory. Always try to improve your credit before you apply. Remember, the better your credit looks the more creditworthy you’ll be declared.
Click this link for information about small business loans without credit checks.
Remember, there are countless benefits that come with securing the right type of financing for your Indigenous business. While building your enterprise is one of the main benefits, you’ll also have to potential to:
If you’re an Indigenous entrepreneur looking for specialized funding from a lender that will work with you, you’ve come to the right place. Loans Canada can help match you with the right lender based on your wants and needs. Get started by filling out an application today!
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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