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Who is Driven?
Since Driven (formerly Thinking Capital) first launched onto the Canadian financial scene in 2006, they’ve provided more than $1 billion in funds to more than 17,000 Canadian small business owners. What have they used these for? Almost anything!
As the largest non-bank small business lender in Canada, Driven is committed to helping small and medium business owners with the capital, support, and innovative solutions they need as they face new challenges, uncertainty, surprises, and opportunities every day.
How To Qualify For Financing With Driven
There are a few requirements you’ll need to meet in order to qualify for a small business loan or merchant cash advance from Driven, including but not limited to:
- Proof that you’re a Canadian resident and at least 18 years of age
- Your business is legally registered in Canada
- Your average monthly revenue is at least $3,000
- You have been operating for at least 3 months with a dedicated business bank account
- If your credit isn’t strong, you may be requested to provide a co-signer
Luckily, Driven is less focused on a business owner’s credit score. Instead, your approval odds, financing amount, and interest rate will hinge more on your enterprise’s current and future cash flow. As long as your business passes the criteria above, you may receive your funding from Driven in as little as 48 hours (depending on how much you apply to borrow).
Driven’s Application Process
Remember, Driven is a business lender. As such, there may be a few essential documents to present when you apply, including but not limited to:
- A piece of Government-Issued photo identification
- A void cheque
- Your most recent banking and/or merchant statements
- Similar documents from your co-signer (optional)
Driven has its own web portal, so you’re able to apply 100% online from anywhere in Canada. The entire process only takes about 10 minutes. All you have to do is fill out an application and finish it off with your electronic signature.
Otherwise, you can call their customer service number for more information about their borrowing process. Before you get started, however, keep in mind that if you’re applying for a large amount of financing, you may be required to provide additional documentation.
Features That Make Driven Stand Out
Having any doubts about Driven’s sustainability as a source of business financing? Then, let’s look at some of their best qualities. Driven might be your best choice because:
- Offer financing amounts of $500 to $300,000
- Borrow on a variety of repayment options ranging from 2, 3, 4, 6, 9, 12, 18 or 24-month terms
- Award up to a $1000 bonus to clients who refer them to other businesses
- Provide financing that can be used for almost any business expense
- Have easier qualification standards than many other business lenders
- Charge adjustable borrowing fees (based on the strength of your business)
- Offer funding to a variety of businesses, such as:
- Restaurants & Bars
- Health Services
- Fitness Clubs
- Retail Stores
- Construction Companies
- And more…
What Are The Pros And Cons Of Applying With Driven
- Approval requirements are relatively easy and happen quickly
- Application can be completed 100% online, Canada-wide
- Loan payments, terms, and interest rates are adjustable
- Many different businesses are eligible for fast financing
- Financing is liquid cash and can be used for almost any business expense
- Loan interest rates are transparent and displayed on their website
- Weak business revenue/credit can make financing conditions less favourable
- Defaulted payments can damage your business credit score
- Penalty fees may also apply for defaulted payments
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