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While it is much smaller (in terms of population) than other provinces like Alberta, BC, and Ontario, Saskatchewan is still home to a ton of local and family-owned businesses. And while being a business owner is a worthwhile venture for most, it can sometimes be difficult to keep your business up and running. One of the biggest reasons why is the amount of capital needed to operate a business.
Looking for a short term Saskatchewan loan instead? Read this first.
If you have super high profits or investors that don’t mind pumping money into your company, you should be fine. However, if you don’t, it can be a bit of a struggle. Thankfully, business loans are another great option. Just like standard loans, these can be secured from a variety of providers to help you do everything from moving to a new location, hire and train more employees, or even purchase and maintain equipment that you need.
How to Know If You Need a Business Loan in Saskatchewan?
The easy answer is when you need some extra money to run your business, but it isn’t always that simple. All business owners or operators have a different feel for this sort of thing, they know when it’s the right time for them to seek out financial help.
Are you a restaurant owner in need of a business loan? If so, click here.
Some companies are okay with functioning for a while on limited resources and making it work, while others might want to get the loan immediately and are not comfortable with having low funds in their accounts and the elevated stress levels that can bring.
Generally, you should only get a business loan when you need the money, and shouldn’t jump the gun if you only “might” need the money. So if you need new equipment or are moving to a new location, you should look at securing a business loan in Saskatchewan, but only when you know for sure that those situations are upon you. Securing a business loan when you don’t need any extra money just means you are going to lose money in the grand scheme of things, so be careful.
For a look at secured business loans, check this out.
Where to Get a Business Loan in Saskatchewan?
When you are looking for a business loan in Saskatchewan, there are a variety of different providers that you can consider, and they include:
- Credit unions
- Local lenders
- Online lenders
As for which is better, that depends on your wants and your needs. Banks and local lenders have great reputations and a physical location you can go in, but their rates can be higher and it can take weeks for approval. Online lenders are fantastic because they not only offer easy application and a quick approval but can often offer very competitive interest rates.
Read this if you’ve been trying to compare lenders in Canada.
However, it can sometimes be hard to know the reputation or legitimacy of these online lenders. It’s important to always be on the lookout for any signs that a lender might be trying to scam you, including:
- Guaranteed approval
- The promise of outrageous benefits
- Lack of information
- A poorly executed website
Basically, if you feel uneasy about a lender, you should look elsewhere.
Loan insurance scams are also a problem in Canada. Click here to know more.
Applying For a Business Loan in Saskatchewan
Before you decide to apply for a business loan in Saskatchewan, conside the following information.
What types of business loans are available to me?
While a standard business loan can be secured, that is far from the only option. Your other options include merchant cash advances, commercial mortgages, asset-based financing, and equipment financing. These will all have different rules, regulations, and terms, so be sure to read more about them and see which is right for you.
To learn about these business financing options, check this out.
How much should I get?
This will entirely depend on how much you need. Also, the lender you choose, your current credit, and financial history will also have an effect. You should apply for only as much as you need, even though it may be tempting to get more.
Read this if you want to know how your payment history affects your credit score.
The better your finances look, the better your business plan is, and the better your credit will all determine how much, in total, you will be able to borrow. Some lenders will only be able to lend a few thousand, while others might be comfortable lending out hundreds of thousands of dollars.
I have bad credit, can I get a business loan in Saskatchewan?
Getting a loan for those who have bad credit can be a stressful thing to go through. However, of the many different lenders out there, some of them will have options available for those with bad credit. Sure, they might come with more strict terms or a slightly higher rate, but yes, even with bad credit, you should still be able to secure a business loan in Saskatchewan from certain providers. Of course, this will differ case by case, so always bring it up with any lender you are considering.
Look here for some information about bad credit loans in Saskatchewan.
Do I need a business plan to get a business loan in Saskatchewan?
What documents do I need to apply for a business loan in Saskatchewan?
How do I get a low-interest rate on my business loan?
Saskatchewan Business Loans Made Easy
Need a business loan in Saskatchewan? If so, consider reaching out to us at Loans Canada. We are confident that we can help you find the perfect business loan for all your needs.