Business Loans Surrey 2019

Surrey, like much of British Columbia, can be a pretty expensive place to live. That said, the increasing popularity of the province has made the town a profitable place to establish a business. The only problem is that any business, whether small or large, can also be pricey to build and maintain.

Check out our list of essential small business vocabulary.

In fact, until your operation sees a decent revenue, a lot of financing may be needed, and that’s where a business loan can be particularly helpful. Interested in learning more about this kind of solution?

Business Loan Check List

Getting Ready to Apply

In the realm of lending, there are many loan types that serve all sorts of purposes. Generally, a loan is a lump sum of money that gets deposited directly into your bank account soon after your application has been approved, although some lenders offer other payment methods, such as cheque and e-Transfer.

Repayment terms and amortization periods will vary according to the size of the loan you apply for, as well as the conditions set by your specific lender.

For instance, a common personal loan can be a few hundred to a few thousand dollars and have a payment plan that lasts only one or two years. Based on the borrowed amount and lending source, qualifying can be relatively easy, especially if you have a decent income and good credit. You can then use the loan to pay for your living costs.

Where Business Loans Differ

On the other hand, financing a business can be far more expensive than most costs you’ll encounter on a daily basis. Therefore, business loans have to potential to be larger and have longer repayment plans than the majority of credit products available in Surrey, even your home mortgage.

Some prime lenders, like banks, can even dish out over $1 million for qualified business owners and entrepreneurs. In addition, lenders may request that you make weekly installments, rather than monthly ones, although most repayment plans are adjustable under the right circumstances.

Expanding your business with new capital? Click here first.

As such, you’ll need to be far more prepared in order to qualify, at least if you want a better chance of securing for more capital with an affordable interest rate. Most lenders are looking for strong financial stability, a low chance of defaulting on your payments, and a solid strategy for how you’ll be using the funds you’re borrowing.

Here are a few things you can do for the best results:

  • Compare lenders and find one that understands your industry
  • Prepare the most recent proof of your income (bank statements, paychecks, etc.)
  • Make sure your business credit score and credit report are in good standing
  • Draw up an accurate business budget and reduce unnecessary expenses
  • Pay off any outstanding debts you have from other sources.
  • Formulate and present a viable business plan.

Surrey Businesses That Can Qualify For a Loan

Remember, qualifying for a business loan is all about showcasing your creditworthiness to your lender. The more confident they are that you’ll adhere to your repayment schedule, the easier it will be to get approved. In turn, the more practical and profitable your business plan is, the more eligible your operation will actually be.

Can your personal credit affect your ability to qualify for a business loan? Find out here.

That’s right, almost any business can be eligible for a loan when a lender sees little risk of future default. Having said that, it’s a good idea to study the industries that tend to profit in your location, so that your own enterprise has the best chance of succeeding.

Profitable businesses in Surrey include (but certainly aren’t limited to):

  • Dental practices and other medical facilities
  • Clothing shops and other retail locations
  • Yoga studios, gyms, and fitness clubs
  • Shipping and manufacturing companies
  • Shuttle, limousine, and transportation services
  • Grocery and convenience stores
  • Restaurants, bars, and nightclubs

Equipment Loans Canada

Areas of Your Business That Need Financing

Any aspect of any business can be expensive in its own way. A business loan, luckily enough, is liquid cash and can, therefore, be used to fund just about anything. However, it’s also important to decide which areas if your business will benefit the most from financing. A simple way of doing that is by tallying up the largest costs and modifying them to fit your business budget.

A business loan can help you pay for:

  • Property costs (mortgage, taxes, fees, etc.)
  • Administrative costs (licensing, insurance, etc.)
  • Vehicles, equipment, and heavy machinery
  • Compensation for employees/staff
  • Health, safety, and security measurements
  • Supplies and inventory
  • Required services (utilities, internet, etc.)

Look here to see some alternate ways of financing a business.

Other Business Financing Options

Although a business loan can help you manage the general expenses that come your way, there are a few more financing products and programs that your operation can definitely benefit from, such as:

Merchant Cash Advance – Allows you to leverage a percentage of your upcoming cash flows in exchange for additional financing for business expansion.

Commercial Mortgage – Helps you purchase property to grow your business or refinance an existing mortgage.

Asset Based Financing – Allows you to secure a loan by leveraging equipment, vehicles, and other assets as collateral.

Payment Processing – Increases your business revenue and customer clientele by allowing you to accept debit and credit card transactions.

Equipment Financing – Allows you to finance the cost of tools, machinery, vehicles and other business equipment.

Building Your Business With Loans Canada

Financing a business in Surrey takes a lot of time, money, and effort. However, your hard won’t be in vain once your operation takes off and a loan is the best way to get the ball rolling. Build your business by talking to Loans Canada today!

How useful was this post?

Click on a star to rate it!

Posted by
Bryan completed the Cinema, Video, and Communications program in Dawson College and holds a Bachelor’s Degree in English Literature & Creative Writing from Concordia University. Bryan covers a wide range of topics for Loans Canada, including cred...

Lenders in this region:
Provider Rating
Pylo Finance 4/5
Fresh Start Finance 4/5
Marble Finance 5/5
Money Mart 4/5
Speedy Cash 5/5
Private Loan Shop 5/5
Progressa 5/5
My Canada Payday 4/5
Mr. Payday 4/5
Money Provider 5/5
Loan Express 3/5
Loan Away 5/5
Lendful 3/5
LendDirect 5/5
Health Smart Financial Services -
GoDay 5/5
iCash 5/5
Focus Financial Inc. 2/5
FlexFi 5/5
Eastern Loans 5/5
DMO Credit 5/5
Capital Cash 2/5
Credit 700 2/5
Credit Club 5/5
Credit2Go 3/5
Ledn 5/5
Amber Financial 5/5
Affirm Financial 5/5
310 Loan 2/5
Newstart Canada 4/5
Ferratum 5/5
SkyCap Financial 3/5
Fairstone 2/5
Lending Mate 5/5
Consumer Capital Canada 2/5
Lamina 3/5
Loans SOS -
514 Loans 5/5
CashCo 5/5
UrLoan 5/5
Loan Me Now 4/5
Captain Cash 3/5
BC Loans 4/5
Urgent Loans 4/5
Easy Financial 3/5
Mogo Finance 4/5
Cash Money 5/5
Borrowell 5/5
Magical Credit 5/5
Provider Rating
SharpShooter Funding 5/5
First West Credit Union 5/5
Meridian Credit Union 5/5
Laurentian Bank of Canada 5/5
HSBC Bank Canada 5/5
National Bank 5/5
Canadian Imperial Bank of Commerce (CIBC) 5/5
Scotiabank 3/5
Bank of Montreal (BMO) 3/5
Royal Bank of Canada (RBC) 5/5
CWB National Leasing 5/5
Money in Motion 5/5
Lease Link 5/5
FundThrough 5/5
Econolease Financial Services Inc. 5/5
Easylease Corp 5/5
Dynamic Capital 5/5
Capify 5/5
Canadian Equipment Finance 5/5
Capital Key 5/5
Cashbloom 5/5
BFS Captial 5/5
BDC 5/5
Baron Finance 5/5
B2B Bank 5/5
AOne Financial Solutions 5/5
Borrowell 5/5
iCapital 5/5
Lendified -
IOU Financial 5/5
Company Capital 5/5
OnDeck 5/5
Evolocity 5/5
Lending Loop 5/5
Thinking Capital 5/5
Provider Rating
Car Creditex -
Auto Capital Canada 5/5
Carfinco 5/5
Canada Drives 5/5
Prefera Finance 5/5
Approve Canada 5/5
2nd Chance Automotive 5/5
Newstart Canada 4/5
SkyCap Financial 3/5
Splash Auto Finance by Rifco 5/5
Carloans411 5/5
AutoArriba 5/5
Provider Rating
Newstart Canada 4/5
BHM Financial 2/5
Provider Rating
Centum 5/5
Broker Financial Group Inc. 5/5
Bridgewater Bank 5/5
Alpine Credits 5/5
From the blog...
Can I Use a Personal Loan For Emergencies?
Posted on July 24, 2019
Can I Use a Personal Loan For Emergencies?

For this blog, we’ve teamed up with our partners at Fairstone Almost half of Canadians are $200 away from not meeting their financial obligations each month. You’re not alone if you fall into this category, but being cash strapped can make it difficult to tackle unexpected expenses. … Read More

Have You Made These Mistakes on a Personal Loan Application? 
Posted on April 24, 2019
Have You Made These Mistakes on a Personal Loan Application? 

Applications for personal loans can be daunting, sometimes there is so much to read and interpret. For this reason, many applicants make mistakes on their application. Unfortunately, filling out an application incorrectly can result in your loan being rejected, regardless of how minuscule the error is. To better your chances… Read More

What is Negative Equity? 
Posted on April 19, 2019
What is Negative Equity? 

Equity is defined as the total value of an asset less the owed obligations. Individuals want equity in their assets to be positive because it means they will make money if they were to sell the asset. Sometimes individuals do not have the fortune of positive equity, instead, they have… Read More

Related Videos
How To Identify A Loan Scam
How Your Credit Score is Calculated
The Ins & Outs of Debt Consolidation
Note:

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster.

Loans Canada and its partners will never ask you for an upfront deposit, upfront fees or upfront insurance payments on a loan. To protect yourself, read more on this topic by visiting our page on loan scams.