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Thursday, October 6th
Merchant Growth can help your business get the funding it needs, through both fixed and flexible loan programs. This proudly Canadian lender gets very high marks from clients and has loaned more than $300 million since 2012. Although it's possible that you might get lower interest rates from one of the other providers in our review, Merchant Growth is still one of the best overall choices for your business loan.
Loans Canada is a referral service that can match you with many different lenders for your business loan. The company is "A+" rated and accredited by the BBB and might be worth considering if you want to get a quick feel for which financial institutions match your needs. However, you'll still have to take the additional steps of connecting with your matched lender, and Loans Canada also clutters the process with a lot of extra, sometimes-unrelated product recommendations.
With so many challenges in traditional employment settings today, an increasing number of people are choosing to go their own way and start a business. And, regardless of how long you've been in business - a brand-new entrepreneur or an established owner of a family company that's been passed down for generations - you'll probably need a loan at some stage of your growth. You may need to cover an unanticipated gap between your profits and expenses in order to make payroll, or you might need a little extra to meet a welcome surge in customer demand.
Where should you turn when you need a business loan? Your first thought might be to use the financial institution where you already have accounts, either personal or business. That may be your most convenient option but not the best one. Why? Your local bank has little incentive to offer you the lowest rates. Also, if it's a smaller bank, it may not have the resources to approve a larger loan if you're really going for something big.
The good news is that business owners in Canada have a number of options to choose from when looking for a loan. Not only can you turn to your neighborhood bank, but you should also consider some of the most popular, trustworthy lenders who make it easy for you to apply online (and maybe even receive your loan proceeds within a business day or two!). Compare any offers you receive, both locally and from web-based lenders, to see which loan gives you the best rates and terms.
How can you tell which lender is right for your business? Here are several criteria to keep in mind:
TopConsumerReviews.com has reviewed and ranked the best Canadian Business Loan providers available today. We hope this information helps you get the funding you need for your company to grow and thrive!
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