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.
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. 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.
Help Manage Your Financing
We know how difficult it is for small businesses to obtain loans to handle short-term working capital challenges or to finance the next stage of growth. Accord Small Business Finance is designed to help you manage through these periods. 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. The opportunities are endless. With this in mind, our repayment terms are 3-18 months. We expect most loans to have a term of 6-9 months.
Small Business Lenders
Accord Small Business Finance is a commercial finance company based in North Vancouver, BC. Our focus is on small business lending. Our lending products include everything from short-term loans, to equipment financing, to refinancing products. Through our parent company, Accord Financial Corp., we can link you through to a wide variety of other products as well ranging from inventory financing to accounts receivable and other solutions.
We call our short-term loan, easy to apply for, fast funding small business loan. Accord Small Business Finance Short-Term Business Loan is designed to provide fast and easy business loans to small businesses that have an opportunity they want to take advantage of or to help small businesses through a short-term challenge.
Our senior management have all been small business owners and held senior management positions with growing companies. Given our own experience, we understand the challenges and opportunities small business owners face.