Join millions of Canadians who have already trusted Loans Canada
Find A LenderOnTap Capital: Overview
Money is always of top concern among small businesses. Whether it’s getting your hands on the money to start your business or grow operations, or to tie you over when cash flow is a bit tight, money issues are always top of mind for entrepreneurs. But with a service like OnTap Capital, this is one less thing to worry about.
OnTap Capital is a private lender that provides a range of flexible financial options for businesses, including cash advances, bridge financing, property loans, and lines of credit. Businesses can focus on serving their clients without worrying about cash flow.
With OnTap Capital, businesses can access necessary capital within 24 hours to build and grow their operations. The firm works with all types of entrepreneurs, including those who may struggle to meet the strict financing criteria from traditional banks.
Our Thoughts On OnTap Capital
| Who Is OnTap Capital Best For? | – Business owners that need quick cash to bridge the gap between long-term financing solutions – Business owners who struggle to get approved for financing with traditional lenders – Business owners looking for a customized financing solution at competitive rates |
| What We Like About OnTap Capital | – Easy online application – Fast funding – Less stringent loan criteria – Available across Canada – Multiple loan products- Competitive rates – Flexible terms |
| What We Don’t Like About OnTap Capital | – Cash advances may not be suitable for all businesses |
What Does OnTap Capital Offer?
OnTap Capital offers the following financing options for small to medium-sized businesses:
Merchant Cash Advances
A merchant cash advance provides quick access to funds needed to cover various expenses when cash flow is low. These advances are suitable for businesses that expect future payments from clients. With a cash advance, you’ll receive a lump sum of money in exchange for a percentage of future sales or invoices.
A merchant cash advance is an alternative financing option that businesses with lower credit scores can use to fund their operations. Instead of using your company’s credit score, OnTap Capital will assess your creditworthiness by looking at several factors, such as the money your business collects via bank statements.
If you choose the merchant cash advance route, you can receive funding within 24 hours. Then, you can repay the advance with a fixed amount for up to a year.
Bridge Financing
Bridge financing is a short-term option that businesses may use to cover costs before future income is expected. In other words, this type of financing is used to “bridge the gap” between financial events. Until your business works out long-term financing, bridge financing may be considered as an interim solution.
Businesses can use bridge financing to fund real estate deals, business acquisitions, investment opportunities, and equipment purchases, or to support periods of low cash flow.
Property Loans And Mortgages
Businesses looking to acquire property to run their operations typically require financing assistance to complete these transactions. OnTap Capital offers flexible secured term property loans and mortgages, with funding provided in as little as 4 to 7 days. Such quick funding allows businesses to expedite the real estate transaction process so they can get their operations up and running with little delay.
Lines Of Credit
With a line of credit, businesses will have ongoing access to funds as needed. Businesses will be approved for a credit account with a specific credit limit, which they can withdraw from at any time. Interest is only charged on withdrawn funds, and repayments can be made on a flexible basis.
With a line of credit, there’s no need to apply for multiple loans when the need for extra money crops up. Instead, a line of credit from OnTap Capital will provide immediate access to much-needed funds for businesses to use to build and grow their operations.
OnTap Capital: Snapshot
| Products Offered | – Merchant cash advances – Bridge financing – Secured property loans – Lines of credit |
| Loan Amount | $10,000 – $2 million |
| Interest Rate | 10%+ |
| Loan Terms | Up to 36 months |
| Funding Time | 24 hours |
| Funding Methods | Wire transfer, ACH, EFT, and e-transfer |
| Repayment Options | – Daily – Weekly – Bi-weekly |
| Eligibility Requirements | – Own a business for at least 1 year – Minimum revenue of $25,000/month |
| Availability | All provinces |
How To Qualify With OnTap Capital
To qualify for financing with OnTap Capital, you’ll need to meet the following requirements:
- Own a business
- Business must be operational for at least 1 year
- Minimum revenue of $25,000 per month
Documents Required
- Signed and dated application form
- Last 3 bank statements
How To Apply With OnTap Capital
The entire loan application process with OnTap Capital is done online and via email. Follow these steps to get started:
Step 1: Apply Online
To start the process, click the “Apply Now” button on the top right corner of the home page.
Complete the simple online application to pre-qualify for a financing option. You’ll need to provide the following information:
- Your full name
- Email address
- Phone number
- Company name
- Number of years in operation
- Monthly company revenue
- Funding amount requested
Once you’ve completed the form, click “Submit”.
Step 2: Connect With A Representative
One of OnTap Capital’s funding experts will contact you to verify the information you entered on your application form. You’ll also need to email your last 3 business bank statements, which will help OnTap Capital calculate an accurate quote for you.
You can complete your application online or call OnTap Capital at 929-388-4737, and a representative will be able to help you.
Step 3: Get Funded
After you receive a quote, you’ll need to fill out and sign some forms. Once OnTap Capital receives these forms, verifies your information, and approves your application, your request will be processed within an hour.
What We Like About OnTap Capital
- Easy online application. Fill out an application form online to prequalify for one of OnTap Capital’s funding solutions.
- Fast funding. Funds are available within 24 hours of application via wire transfer, ACH, EFT, or e-transfer.
- Less stringent loan criteria. OnTap Capital works with business owners with less-than-perfect credit who can’t qualify for business financing with a traditional lender.
- Available across Canada. OnTap Capital helps business owners in all provinces.
- Multiple loan products. Choose from several financing solutions for small businesses, including merchant cash advances, bridge financing, property loans, and lines of credit.
- Competitive rates. OnTap Capital customizes financing solutions for businesses to ensure rates are as low as possible.
- Flexible terms. Choose between daily, weekly or bi-weekly repayments.
What We Think You Should Watch Out For
- Cash advance payments may be difficult to budget. Since repayments of cash advances are based on revenue generated, payments can fluctuate. The lack of fixed payments may not be suitable for business owners who prefer more predictability in payments.
Is OnTap Capital Safe?
OnTap Capital guarantees the confidentiality of all information provided. All personal and financial data transmitted online is encrypted for utmost security.
How Does OnTap Capital Compare To Helium Loans?
| OnTap Capital | Helium Loans | |
| Loan Amounts | $10,000 – $2 million | $5,000 – $50,000 |
| Interest Rates | 10%+ | 6.99% – 46.99% |
| Loan Terms | Up to 36 months | 6 – 36 months |
| Funding Time | 24 hours | N/A |
| Provinces Available | All | All except Quebec |
Final Thoughts
OnTap Capital is a great financial resource for small businesses that need quick cash. These financing solutions are particularly helpful for those who fall short of the loan qualifications required by banks and other traditional lenders. If you need funding to help build or grow your business, consider a loan option from OnTap Capital.
