How Our Short-Term Business Loans Work
(All loans subject to credit approval)
AMOUNT: Up to $75,000
TERM: 6 to 18 months
REPAYMENT: Simple fixed weekly payments, each Wednesday, via preauthorized payment from your business bank account.
READVANCE OR BORROW ADDITIONAL FUNDS: Readvance to your previous high credit, or to a higher credit limit, without penalty anytime after you’re half-way through your term
REPAY EARLY AT ANY TIME: Subject to a 3 month interest penalty
BUILD YOUR BUSINESS CREDIT: We report to the leading credit reporting agencies, helping you build your business credit rating.
SECURITY: Our unsecured loan structure is designed to complement your existing bank credit.
TRANSPARENT: Our loan agreement has been specifically designed to ensure you understand your obligations. No hidden fees or charges.
How To Qualify?
Our short-term business loan initial qualifying criteria:
Must be based in Canada
The business has been operating for two or more years, with minimum annual revenues of $100,000
The business is profitable and stable or growing
Your banking activity shows regular monthly revenue deposits
All beneficial owners/co-owners have an average or better credit profile and have not been a party to a personal or business bankruptcy in the last five years
Banking activity show no NSF activity in the last three months
The business does not have a merchant cash advance loan or other short-term working capital loan, other than a bank line of credit
The business must not operate in an industry where we believe there is excessive moral, reputational, or financial risk to Accord for being a lender of record
- Solve the timing difference between suppliers and collecting from customers
- Finance an unusually large project or order
- Purchase inventory ahead of peak periods
- Managing cash flows through seasonal cycles
- Improve overall working capital situation
- Hiring new staff
- Handle unexpected equipment repairs
- Finance the purchase of small fixtures or equipment
- Bridge through challenging events e.g. an unexpected slowdown or an unplanned one-time expense.
Accord Small Business Finance is a subsidiary of Accord Financial Corp. In business for nearly 40 years, and listed on the TSX stock exchange, Accord is one of the largest and most stable independent finance companies in Canada. With offices in Canada in Toronto, Montreal, and Vancouver, we are a well-established player in the lending industry.
In a time when there are numerous new lending companies coming to market, we believe its important you know you’re dealing with a financially strong, committed, and experienced lender.
Accord offers numerous types of loans and financial services to help you as you grow. Our other services include equipment, receivables, and inventory financing, and much more.
Our short-term small business loans are easy to apply for. If we offer you a loan, you are under no obligation to accept it, and no fees will be charged for not proceeding.
When applying you will need to have the following information at hand (or, optionally, we will provide instructions to you as to how to provide it at a later date):
- Fill out our online form and we’ll send you our application form;
- Email us your completed application form, along with copies of your last three months bank statements from your business bank account (PDF or similar format). These are easily downloaded from your bank’s online banking website;
- If you have accountant-prepared financial statements, that are less than 6 months old, you can provide a copy of them instead of bank statements.
All information we receive from you is kept completely confidential and secure. We do not sell or share any client information whatsoever with any third parties, with the exception of our reports to the major credit bureaus.
We aim to be the most transparent business lender in Canada – there are no fees other than the lender fee and interest rate which are clearly outlined in our 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 – your good character is enough. Our pricing takes this, and the very short term, into account.
Your application will be reviewed by one of our experienced credit officers. Why is this important? Because many lenders made credit decisions based only on automated computer-based credit models. At Accord Small Business Finance we know there’s much more to understanding your situation than that. This allows us to consider your application and your situation even if you fall outside of our ideal criteria. You can even speak to us over the phone to explain your situation, speaking directly to an actual decision maker – something few lenders offer.
Accord Small Business Finance People Understand Canadian Business
Our small business lending department has its roots in financing small companies and individual owner-operators. We understand how Canadian small businesses work and their challenges, particularly those in the construction, transport, and resource industries.