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Business Loans Surrey 2019

Compare the best lenders in this region:
ProviderRating
Climb -
4 / 5
Pylo Finance 4 / 5
Fresh Start Finance 4 / 5
Marble Finance 5 / 5
Money Mart 4 / 5
Private Loan Shop 5 / 5
Progressa 3 / 5
My Canada Payday 5 / 5
Mr. Payday 4 / 5
Money Provider 5 / 5
Loan Express 3 / 5
Loan Away 4 / 5
Lendful 3 / 5
LendDirect 5 / 5
Health Smart Financial Services -
GoDay 4 / 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 4 / 5
Fairstone 2 / 5
Lending Mate 4 / 5
Consumer Capital Canada 4 / 5
Lamina 3 / 5
Loans SOS -
514 Loans 5 / 5
CashCo 5 / 5
UrLoan 5 / 5
Loan Me Now 4 / 5
Captain Cash 4 / 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
Speedy Cash 5 / 5
ProviderRating
CLE Capital -
Canada Equipment Loan -
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 2 / 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
ProviderRating
Capital Trust Financial -
Canadian Truck Loan -
Canada Car Loans -
Car Loans Canada -
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 4 / 5
Splash Auto Finance by Rifco 5 / 5
Carloans411 5 / 5
AutoArriba 5 / 5
ProviderRating
Newstart Canada 4 / 5
BHM Financial 5 / 5
ProviderRating
CMLS Financials -
CHIP Reverse Mortgage -
CanWise -
Centum 5 / 5
Broker Financial Group Inc. 5 / 5
Bridgewater Bank 5 / 5
Alpine Credits 5 / 5

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!   

FAQs

Can you get a loan with bad credit?

  • Yes, Canadians with bad credit can still qualify for a loan. Unsecured bad credit loans may be paired with higher interest rates, but consumers can still opt for a secured loan such as a car title loan to gain access to lower rates.

Will applying for a loan hurt my credit score?

  • If the lender performs a hard pull of your credit, yes your credit score will go down a few points. But it will recover over time. The most important thing is to make sure you don’t have too many hard pulls within a short period of time.

Can I pay off my loan early?

  • Yes, some lenders will allow you to settle your account early. Just keep in mind that you may be charged a prepayment penalty, which is typically a percentage of your remaining loan balance. Before you sign a loan contract make sure you understand the terms of your loan.

What is the difference between a secured and an unsecured loan?

  • A secured loan is backed by some form of collateral, typically an asset like a vehicle or piece of property. If a borrower defaults on a secured loan, the asset could be seized. An unsecured loan does not require collateral. The heightened risk of an unsecured loan may result in a higher interest rate, although this is usually a function of the applicant’s credit history.

How to tell if a lender is legitimate?

  • Choosing a legitimate lender can seem like a daunting task, but there are a few key factors to watch out for. For example, a legitimate lender will never ask for any form of upfront payment and should have many independent reviews you can look at online.

Can I transfer my loan to someone else?

  • Certain loans, for example, a car loan, can be transferred to someone else. But, a personal loan cannot be transferred.

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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 credit improvement, debt management, and all things related to personal finance. In his spare time, he maintains a passion for editing, writing film and television screenplays, staying fit, and traveling the world in search of the coolest sights our plan...

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