Did you know that brokers do more than mortgages?
Options for small business finance are growing with an increasing number of lenders and products on the market, and we can help you make sense of it all.
We know that small businesses may need to access finance for a number of reasons whether it be to expand, acquire another business, to buy inventory or equipment or to meet immediate costs.
Depending on your type of business and what you’re looking for, some financing options include:
Invoice financing
Allows a business to borrow against the amounts due from customers.
Businesses pay a percentage of the invoice amount to the lender as a fee for borrowing the money.
Invoice financing is also referred to as debtor financing, accounts receivable financing and receivables financing.
Business loans
A business loan could be secured or unsecured.
A secured business loan uses the business’ assets as security. Assets could include real estate, vehicles or inventory.
An unsecured business loan is approved based on a business’ creditworthiness, it is not secured against any type of collateral so the interest rate is often higher than a secured loan.
Unsecured line of credit
A loan that allows a business to access the funds as required for working capital or operational needs. It is not secured against any asset and is approved based on a business’ creditworthiness.
A line of credit is also referred to as a ‘revolving loan’ as the borrower can withdraw funds, repay, and withdraw again.
Call us today to talk about options for financing your small business today.
