Automatic Payments

No. A merchant cash advance is secured by a claim on your future credit card sales. Our Accord Small Business Finance Short-Term Small Business Loan is just that – a short-term loan with manageable weekly payments. We set up the loan payments to come automatically from your bank account each Wednesday. Unlike many (not all) Merchant Cash Advance loan providers, Accord Small Business Finance’s loan agreements detail in plain language the terms of your loan. And you can repay at any time, subject to a small interest penalty.

Manage Short-Term Packages

We know how difficult it is for small businesses to obtain loans to take advantage of an opportunity or resolve a short-term cash flow issue. Our short-term loan product, Accord Short-Term Small Business Loan, is designed to help you manage through these types of challenges. Maybe you need extra inventory for the upcoming season, or you’ve received a large order and need help fulfilling it. Or maybe your customer didn’t pay you on schedule and you need help with payroll or other bills. Our short-term loan can help ease your cash flow issues and allow you to get back to focusing on growing your business.

Clear Loan Agreements

We aim to be the most transparent business lender in Canada – there are no fees other than the lender fee and interest rate clearly outlined in the loan agreement. And unlike your bank and other lenders, we won’t ask for your home, car, equipment or your credit card receipts as collateral. Our pricing takes this, and the very short term, into account. Accord Small Business Finance is perfect for situations when the advantage of investing in your business outweighs the short-term cost of borrowing.

No Hidden Fees

No. There is no application fee. There is a Lender Fee, which is added to your loan only if your loan is advanced, so it won’t impact the funds you need for your business.

Too Many Loans

No, but if you are halfway through your existing loan, you can apply for a new loan. The new loan will pay out your existing loan first and any surplus funds will go to your business.

Repay Your Loan Quicker

Yes. You may repay the loan anytime for the principal amount outstanding plus three months interest.

We will debit your bank account each Wednesday for your fixed weekly payment.

Business Purposes

Anything your business needs: additional working capital, additional inventory, capital projects, marketing or even catching up on your accounts payable. The only restriction is that the loan proceeds must be used for business purposes and not consumer/personal purposes.

We are faster and more flexible. Unlike banks, we can make a decision on your application in minutes and fund as soon as the next business day. Also, most bank loans are secured by real estate, equipment or inventory.

In terms of other types of loans, Merchant Cash Advances involve selling a percentage of your future sales, and are typically much more expensive than our business loans. Merchant Cash Advance loans often require you to change credit card processors, and are often extremely expensive to repay early.

No Penalties

No. Your bank will not even know you have borrowed from us. Many of our customers have a bank line of credit and use us for additional working capital when needed.