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Small Business Loan Services

Mississauga Mortgage Agent

What is a Business Loan?

It is a loan where you borrow funds for business needs. You take the loan from a lender, and you are expected to pay the loan back in instalments over a certain period of time. Business loans are typically used for things like purchase orders, purchasing inventory or equipment, or opening a new location. You can grow your business by taking out a small business loan, saving money to run the business rather than just buying assets. The timeline to get a business loan is about 12 weeks.

What you need to Qualify For a Business Loan?

Here is a list that you will need to qualify for a business loan.

  • Financial Statements: Lenders want to see if your business is doing good financially and look at the income you are generating and your business expenses. Your financial statements will show the lenders that you can pay back the business loan.
  • Business Plan: Lenders want to see that you have a detailed business plan with details on how you will be using the funds.
  • Capital Business Assets: You may be asked for specific collateral; some lenders may accept a lien on your business.
  • Income: Lenders would like to know your personal income, as well as no taxes owing to the CRA (Canada Revenue Agency). This shows your financial strength.
  • Resume: Have a resume for yourself and everyone else who is involved in the business.
  • Collateral: You will need collateral evidence to secure a business loan. Real estate can be used, and an appraisal will be requested by the lender.

If you are interested in other business, you will need to bring information on that as well. If you are buying an existing business, you will need three years of Federal Business Tax Returns, current interim financials (profit and loss balance sheet,) and a letter of intent or purchase agreement. You will also need to bring a list of equipment, final purchase and sale agreement, and a business evaluation.

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