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Banking – Ask The Professional Program for Small Businesses

Banking – Ask The Professional Program for Small Businesses

by Lesley Fennelly | Sep 16, 2019 | Events

Banking - Ask The Professional Program for Small Businesses December 5, 2018 | Toronto, ON Are you a small business – new or growing – looking for some professional advice? This opportunity provides you with a confidential meeting where you can ask your...

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x

Secured

Banks

Line of Credit
Eligibility
Annual Revenue:
  • Must be operating with a profit. Revenue amounts will determine eligible line of credit amount
Time in Business:
  • Usually 2 years in business (accessible for 6+ months in business usually relying on personal credit)
Typical Range
Up to 100% of the secured asset

Maximum of $1,500,000
Features
Payment Schedule:
  • Up to 7 year terms with 25 year amortization. Annual 10% prepayment privilege at no charge
Timeliness to Fund:
  • Usually within 72 hours post approval. Dependent on structure
Origination & Interaction Model:
  • Apply in branch with a specialist. 24/7 phone support or usual in-branch working hours

x

Unsecured

Banks

Credit Cards
Eligibility
Annual Revenue:
  • Minimum annual level of income similar to a midrange consumer credit card ~$35k
Time in Business:
  • Varies depending on type of card offering. More focused on credit scores
Other:
  • Usually requires personal credit history for small business
Typical Range
Average limit of $50k
Features
Payment Schedule:
  • Monthly billing cycle interest-free; 2-5% Minimum Payment
Timeliness to Fund:
  • Immediate use once approved
Origination & Interaction Model:
  • Apply over the phone or with a business specialist in branch. Apply online if already a bank client and tying to your personal credit score
Other Features:
  • A variety of traditional credit card awards - Can be tied to the business or the person applying (i.e. personal credit score, but shifting to business credit score)

x

Unsecured

Banks

Line of Credit
Eligibility
Annual Revenue:
  • Must be operating with a profit. Revenue amounts will determine eligible loan amounts
Time in Business:
  • Usually 2 years in business (accessible for 6+ months in business usually relying on personal credit)
Typical Range
$10,000 - $250,000
Features
Payment Schedule:
  • Flexible payment schedule
Timeliness to Fund:
  • Immediate use once approved
Origination & Interaction Model:
  • Apply in branch with a specialist. 24/7 phone support or usual in-branch working hours
Other Features:
  • A variety of features are targeted to specific industries (e.g. agriculture, franchises) - Can be tied to business banking accounts to act as overdraft - Overdraft accounts fill the gap up to $10k

x

Secured

Government

Canada Small Business Financing Program
Eligibility
Through banks, small businesses looking to purchase or improve their assets for new or expanded operations could benefit from the Canada Small Business Financing Loan (CSBFL) New businesses looking for financial support to start or grow a company Established businesses experiencing issues with cash flow as a result of a large investment
Typical Range
Usually up to $100,000
Features
Payment Schedule:
  • Funding paid back over 12 equal weekly instalments
Timeliness to Fund:
  • Initial limit provided within 24 hours of application. Early payback permitted
Origination & Interaction Model:
  • Apply online for an instant quote. Screening call required

x

Secured

Government

Mortgages
Eligibility
Refer to CSBFL
Typical Range
Features

x

Secured

Government

Equipment Loans
Eligibility
Refer to CSBFL
Typical Range
Features