If you’re a Manitoba resident who’s looking to start, improve or expand your business, a solid loan might be the right element to help you get the ball rolling. Any self-sustained business takes lots of capital to stay afloat. However, once you have some solid financing, you can use your business loan to:
- Invest in marketing and advertising
- Hire new employees or compensate your current staff members
- Move your business to a new location
- Open a second or third location
- Make changes, additions or renovations to your new or existing location
- Purchase all the equipment you need
- Upgrade to new equipment when necessary
- Modify or expand your online retail store
- And much more!
How Can I Apply For a Business Loan in Manitoba?
Generally speaking, your business loan lender in Manitoba will need to know that you have the financial ability to pay off your loan in full by the end of your payment schedule, the length of which you will negotiate together. So, it’s best to prepare yourself for the application process with various steps, including but limited to:
- Find the right lender – Remember, you need to save every penny for the sake of your business. Some lenders in Manitoba offer better rates, larger loans, preferable terms, payment plans, and other such benefits. Take your time and be certain that your lender is a legitimate enterprise that will give you the best deal possible. Read this to learn how to compare lenders in Canada.
- Gather and update your relevant financial information – Some of the main elements that your lender will examine to determine your creditworthiness include your income, bank statements, employment record, and current debts. Make sure your finances look good to earn your lender’s trust.
- Formulate a proper business plan – Unlike a regular installment or short term loan, your lender is likely to want an idea of how you’ll be using borrowed funds. For obvious reasons, your lender may not grant you a loan if it looks like your business will not succeed.
- Build, fix and/or improve your credit – Depending on your lender in Manitoba and the size of the loan you want, another significant factor during the application process will be the health of your credit report and credit score. You can make your credit healthier by:
- Requesting a copy of your credit report (free once per year from Equifax or TransUnion).
- Disputing any errors you find, which can damage your credit score.
- Requesting your credit score (for a small fee).
- Raising your credit score as much as possible by paying off your other debts on time and in full.
- Keeping your credit utilization at no more than 30-35% of your available credit limit.
What Types of Industries Can I Get Business Financing For in Manitoba?
Again, this may depend on your lender’s specifications. However, with the right business strategy, you can get funding for almost any kind of industry in Manitoba, including but not limited to:
- Farming (equipment sales, agriculture, livestock, etc.)
- Transportation (car-hire, limousines, shuttle services, etc.)
- Restaurants/food service (cafes, diners, bakeries, food delivery, etc.)
- Medical (supplies/equipment, clinics, laboratories, etc.)
- Private law firms
- Hospitality (motels, vacation rental locations, bed & breakfast locations, etc.)
- Fitness (gyms, yoga/dance studios, personal training, etc.)
What Can I Use My Business Loan For in Manitoba?
Almost any aspect of your business really. Just remember that most lenders will require you to provide a detailed business plan and explanation of what exactly you intend to use your loan for.
Types of Business Financing Available in Manitoba
There are plenty of business financing options available through Loans Canada, such as:
- Small business loans
- Merchant cash advances
- Commercial mortgages
- Equipment financing
- Asset-based financing
- Payment processing
What Credit Score Do I Need To Be Approved For a business Loan in Manitoba?
In Canada, credit scores range from 300-900. While your lender in Manitoba may approve you if you have less favourable credit, it’s best to keep your score at 650 or above whenever possible. This should give you the best chances of approval, as well as a lower interest rate to make your payments more affordable.
Can I get a business loan in Manitoba with bad credit?
What do you need to apply for a business loan in Manitoba?
What is a secured business loan?
Choose Us For Your Next Business Loan
For business financing in Manitoba, there’s no better source than Loans Canada. Apply with us today and your business loan will be waiting for you just around the corner!