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.
The HVAC (heating, ventilation, and air conditioning) service industry has rapidly become one of the most popular trades on the job market due to its in-demand nature and high rate of pay. In fact, it’s a service that almost everyone needs. This makes owning an HVAC business a great choice for many Canadians. If you own an HVAC business and you’re looking to purchase better equipment or hire a larger team, a business loan is the best way you can invest in the success of your own business.
Check out this guide on starting a business in Canada.
There are plenty of different costs that you’ll need to consider to keep your business running smoothly and a business loan can help you tackle all of them. In fact, there are endless ways that you can use a business loan to grow, improve, and expand your business, including:
Running an HVAC business requires financing specific equipment and tools. A business loan can help finance the equipment you need as well as a van or truck to meet clients and transport your equipment.
A business loan can help you purchase the necessary supplies to fill your inventory such as AC units, heat pumps, spare parts, ventilation ducts, and control circuits. You can also use it to purchase new uniforms, gloves, boots, and safety equipment. Lastly, a business loan can help you purchase fuel, new parts, or repairs for your company vehicles.
If you plan on expanding your business, you can use a business loan to remodel, modify, or move to a larger location. It can also be used to upgrade the look of your business location as well as your company vehicles.
You can use a business loan to hire and train new employees, to pay for any education/ certifications your employees might need and to make payroll on time.
Amount | APR | Term (months) | ||
![]() | 1k-300k | Fee-Based: Starting at 9% | 12- 60 | Learn more |
![]() | 5k-300k | 8% – 29% | 6-18 | Learn more |
![]() | 1k-500k | +5.9% | 3-60 | Learn more |
![]() | Up to 300k | 8%-22% | 6-12 | Learn more |
![]() | 5k-500k | - | 6-18 | Learn more |
![]() | 100K + | 6.05% + | 60 | Learn more |
![]() | 5K-100k | 15%+ | 12-18 | Learn more |
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An equipment loan is an alternative way to finance your HVAC business equipment. It’s similar to a business loan, except it secures itself against the equipment you purchase. This in turn leads to faster approvals and lower rates. However, it’s important to remember that lenders typically lend up to 80% of the equipment price, so you’ll have to put up a down payment of 20%.
Equipment repairs, vehicle repairs, and other emergency costs can affect your ability to offer your HVAC services. Moreover, paying for expenses like these, upfront can lead to cash flow shortages. A business line of credit is a great way to finance such expenses as you’re able to access the funds immediately. Like a credit card, you can withdraw as much as you need up to a credit limit, which you can then reuse as you pay it back. Moreover, interest is only paid on the amount you use.
The Government of Canada offers a number of financing programs for small Canadian businesses. One of the most popular programs out there is the Canadian Small Business Financing Program (CSBFP). You can receive up to $ 1million dollars for your HVAC business of which $350,000 can be used for your equipment or leasehold improvements. You can apply for this loan through any major financial institution.
Experienced business owners know, a business loan can help you stay on top of the stress that’s often associated with running your own business, while still working toward achieving your goals. Apply for a business loan today with Loans Canada to access:
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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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