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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.

Access to capital is essential for any business. And operating and expanding a business can be difficult without some form of financing. Depending on the need, there are different types of financing available. Businesses can utilize either revolving credit lines or instalment loans to address working capital needs, equipment loans, accounts receivables financing and more.

Factors to consider when seeking business financing

Type of Loan

What do you need the loan for? A loan needed for working capital will have different requirements than a loan to buy commercial real estate. The reason for the loan will dictate whether you get revolving credit or an instalment loan and what the terms of the loan will be.

Interest Rates

Expect to be quoted a higher interest rate than for a personal loan. And there may be a huge variance in interest rates. You may be quoted a rate in the low single digits or as high as 40% or more. Adding assets such as a home as collateral can help lower the cost of the loan.

Term of the Business Loan

The terms of the loan will vary depending on the type of loan. Revolving credit allows you to borrow up to a set limit and either pay off the balance each month or carry the balance over, much like a credit card. Instalment loans allow you to borrow a set amount and require you pay it back in fixed monthly payments. Instalment loans can be short-term (3-12 months) or long-term with durations up to 5 years or more.

Monthly Payments

Calculate the monthly payments,  which may include fees. This will clarify the monthly carrying cost of the loan and help you budget accordingly.

Size of Loan

Know how much money you need. Lenders want to know that you have carefully thought through why you need the loan and what the loan is for. Calculate the total expected cost of the loan by adding up the monthly payments over the term of the loan. This will also allow you to compare the cost of the loan with the estimated revenue the loan will help generate. If the expected revenue is high enough to justify the cost of the loan, proceed with the loan.

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