Why Is AccordExpress the Best Option for Canadian Small Business?
We developed the AccordExpress program with the Canadian small business owner in mind. Here’s why we think this program is the best choice in the market for Canadian small business owners:
Nothing can be more frustrating or intimidating when applying for a business loan and not knowing how to proceed or where your application is at. We also know that business owners like the option of being able to deal primarily on-line, while still being able to reach out to a real person with questions or concerns. With that in mind, we developed AccordExpress so that you:
a) Can apply on-line, 24/7, when it is convenient for you, with clear forms and questions so that we can complete an initial adjudication of your application with as little of hassle as possible;
b) Can keep informed. We will send you updated information on the status of your application, and provide you with clear instructions along the way when there is a missing piece of information we need to make a final decision;
c) Know, clearly, all the terms and conditions of any offer of financing we make you. We will clearly state your interest rate, term, and payment schedule in our response to you, so that you can make an informed decision as to whether our offer meets your needs;
d) Can reach a real person with any questions you may have, whether it be on our live chat feature on our website or by telephone. We understand everyone has a different level of comfort with different means of communication, particularly when undertaking a significant financial commitment.
You shouldn’t have to be an MBA or a CPA to understand the terms of your financing offer. We communicate in clear language, and you’re always welcome to ask us questions. As an extra step, prior to funding your loan, our staff will reach out to you just to double-check that you do understand all the terms. We want you to have a positive experience with Accord, and we believe one of the best ways of ensuring you do is to ensure you fully understand your loan offer and ongoing commitments.
We strive to get back to you the same day you apply, and most often we succeed in doing so. In periods of higher than normal volumes of applications, it may take us a bit longer. Whatever the case, you can anticipate moving through our entire process from application through to funding in a few days.
Circumstances change. You may decide in a few months or a couple of years you no longer need our financing. We make early repayment easy – repay at any time with a six-month interest penalty. You may decide you need additional funds – we provide options for that as well, with the ability to add collateral to your loan or to even request funds for purchasing additional equipment, whether it be new or used. In addition, we have other lending products designed to support growing businesses, including accounts receivable, inventory and equipment financing options.
So why is a 48 month term a good thing? Well, because it strikes a balance between providing you with the funds you require with a manageable payment. Many working capital lenders will provide you with a one-year (or less) loan. What happens in this case is you need to pay back the loan so quickly (with very high payments) that it really doesn’t give you a lot of time to put the money you borrowed to use to build your business.
We have a very simple loan structure. With very straightforward wording. We don’t invent terms like “payment factors” that try to hide what your actual interest rate is, like some alternative lending products do. We don’t tie your loan payments to your daily sales like some alternative lenders do. While doing so notionally sounds like an attractive solution, in practical terms, it never allows you to get ahead financially – because the better your business does, the more your payments increase. We believe a manageable payment from the get-go is a much better solution, and easier for you to budget for.
You may not know it, but many “lenders” actually immediately sell off your loan to a third party. Should you care about this? Yes! The reason is that should you require a change in your payment timing, amount, or other such cooperation from your lender, they may not be able to oblige you in this regard. Being that we really are your lender, if you need to propose a minor change in timing, etc., of a payment, or your needs change, we have the ability to work with you to everyone’s benefit.
We are always innovating and adding new products, and working to make those products more accessible to as many Canadian business owners as possible. We sincerely hope you find your AccordExpress experience to be a positive one. We invite you to contact us at anytime with any questions you may have. Just reach out to us at: