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Business Financing Companies in Vancouver

business financing vancouver

Having access to working capital for business is an essential part of starting or growing any company. Obtaining a business loan will mean most likely mean having collateral or an operational business with a minimum amount of revenue or years in operation.

Top Business Loan Companies in Vancouver

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EDC

Export Development Canada is a federally owned agency that works with organizations on risk management, financing and growth.

Liquid Capital

Business financing options from $20k to $20 million per funding.

BDC

Crown corp with business financing and consultant options.

Lendified

$5k to $150k business loans with an easy online application.

Vancity

Vancouver credit union with 59 branches.

Coast Capital Savings

The largest credit union in Canada by member count with 543,000 members across Metro Vancouver and BC.

HSBC

7th largest bank in the world with total assets of US$2.6 trillion.

Considerations when seeking business financing

Growing and expanding a business, is difficult without some form of financing. Here’s a few considerations when seeking out loans.

Interest Rates.

Expect a higher interest rate than a personal loan. Lowering the cost of the loan will mean adding assets such as a home as collateral. There will be a huge variance on interest rates. They can be as low as 7% and be as high as 40%.

Length.

The terms of the loan will be over months or years depending on agreement. Some short term loans can be for 3-12 months while longer agreements can have the financing last for 5 years.

Repayment Amounts.

Calculate the monthly and total amounts required to be paid back which may include fees. This will put the loan into clear view and provide the line item on what you’ll be paying back each month.

The Total Amount.

Carefully consider how much the loan will be. Is that amount directly correlated towards the specific goal the loan is for?

What it’s used for.

Business financing can be used for practically anything that will grow the company or make it more profitable. The business loan can be used for expansion, operations, marketing or anything associated with increased profits.

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