AccordExpress2020-11-27T11:41:41+00:00

ABOUT ACCORDEXPRESS

Accord developed the AccordExpress program specifically for small businesses to obtain funds as fast as 2 business days, subject to the volume of applications received. Businesses requiring amounts greater than $250,000 (up to $6.25 million) or which have complex structures should apply under our standard BCAP program. This program is for small businesses only.

LOAN AMOUNTS

From $20,000 to $250,000. Advanced in one single advance.

LOAN STRUCTURES

  • For simplicity, we offer loans with one of two structures:

    • A 36 month term loan.
    • A 48 month term loan.
  • Loans are interest-only during the first 6 months. We deduct the first 6 months interest payments from your loan advance. Thus blended payments of principal and interest start in month 7. This minimizes the cash flow impact of the new loan on your business while you adjust to the COVID environment.

  • Loans may be repaid at any time without any penalty whatsoever

  • All loans must be personally guaranteed by all shareholders (owners) of the business. All shareholders must sign the application form.

INTEREST RATES

  • Rates start at 9.95% with a 0.50% loan origination fee
  • Final pricing is based on a combination of your business credit history and the credit history of the business’ shareholders

USE OF LOAN PROCEEDS

  • You can use the loan proceeds for ongoing business operating expenses including:
    • Rent, inventory purchases, working capital to manage timing differentials between collections of accounts receivable and payment of accounts payable, scheduled debt servicing payments, operating expenses and in some cases the purchase of capital assets required to adjust to operating in a COVID-19 environment
  • You cannot use the loan proceeds for any of the following:
    • Repayment or refinancing of existing debt outside of scheduled debt servicing payments, repaying any loans or advances from shareholders, to redeem or change the capital/equity of the business including options/warrants, to pay or declare dividends, pay any bonuses, or to increase any executive/shareholder compensation.

The AccordExpress program has been designed to assist as many Canadian small businesses as possible, in the widest range of industries possible. Your business may be eligible if:

  • You have been in business and your business has been registered/incorporated for at least 12 months;
  • Your business and each shareholder have average or better credit profiles and will provide personal guarantees;
  • You have a business-only bank account;
  • Your business was negatively impacted by the COVID-19 pandemic;
  • Each shareholder has a unique e-mail address and a mobile telephone number (for e-signature of documents);
  • Your business is NOT any of the following:
    1. A government organization or body or an entity wholly owned by a government organization or body;
    2. A non-profit organization, registered charity, union, or a fraternal benefit society or order, or an entity owned by such an organization unless the entity is actively carrying on a business in Canada (including a related business in the case of a registered charity) that earns revenue from the regular supply of property, goods, or services;
    3. An entity owned by any Federal Member of Parliament or Senator; and
    4. An entity that promotes violence, incites hatred, or discriminates on the basis of sex, gender identity or expression, sexual orientation, colour, race, ethnic or national origin, religion, age or mental or physical disability, contrary to applicable laws.

We’ve tried hard to make this process as fast and easy as possible. There are 2 steps as follows:

STEP 1: COMPLETE AND E-SIGN THE ACCORD APPLICATION FORM
EXPECT THIS STEP IN THE APPLICATION PROCESS TO TAKE 15 MINUTES

This form must include information for, and be digitally signed, by all shareholders of the business (up to a maximum of 4). Note: You will need to have your CRA business number.

The application form is designed that only one shareholder is needed to initiate the application. When the first shareholder has completed the business information and their own personal information, other shareholders will be electronically sent a link to an online form to complete their information.

STEP 2: EDC (EXPORT DEVELOPMENT CANADA) PRE-QUALIFICATION
EXPECT THIS STEP IN THE APPLICATION PROCESS TO TAKE 15 MINUTES

WHAT HAPPENS AFTER MY BUSINESS LOAN IS APPROVED?

After you have been approved, we will contact you for the information required to fund your loan. This information will include:

  • Verification of your revenue – instructions and several options for doing this will be provided. Verification is only required for loans in excess of $100,000;
  • Identification for all shareholders
  • Void cheque or PAP form for your business bank account
  • Upon satisfactory receipt of the above, we will call you to confirm your information and to ensure you understand the loan details
  • UPON COMPLETION OF THE ABOVE, YOUR LOAN WILL BE FUNDED DIRECT TO YOUR BANK ACCOUNT

FOR MOST CLIENTS THIS ENTIRE PROCESS WILL TAKE 3 BUSINESS DAYS OR LESS.

Learn more about AccordExpress Through Our FAQ Section

ACCORDEXPRESS FAQ

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