Small Business Loans British Columbia
A Canadian small business loan option for entrepreneurs in British Columbia
If you’re planning on growing your business, a small business loan can help your efforts. By having the right business financing solution in place, you’ll be able to improve your operations, expand your business offerings, impress your customers, and increase revenue.
At Thinking Capital, we’ll help your business grow by providing you with working capital. Having a clear idea of your working capital needs can help us evaluate your plan, quickly qualify and approve you for financing, and allocate your funds accordingly.
What Loan Terms are available for Small Business Loans in BC?
Long-term loans are secured with new assets, stakeholder funds, or personal guarantees. They’re used for larger expenses that are expected to last for more than one year, such as infrastructure, property, vehicles, equipment, and machinery.
Short-term loans are typically for a one-year term or less. Short-term loans are generally used to finance day-to-day expenses, such as payroll, inventory, and emergency items. They could also be used to make renovations and improve cash flow. Thinking Capital can provide you with short-term loan options.
How Much Money is Required to Grow your Business?
In order to get financing for your BC-based business, you’ll need to take a hard look at what you want to accomplish. At Thinking Capital, we’ll want you to present a clear picture of your company, what your plans are, and how you plan to make repayments so that we can help you finance your business.
A strong business plan outlines company objectives, offers viable projections, and gives details on how borrowed funds will be allocated. By presenting clear and attainable goals, lenders will have a clear idea of how you’ll use borrowed funds and how you’ll make repayments on those funds.
A formal business plan is not mandatory to apply for a small business loan at Thinking Capital, but it will help support the application and qualification process. The main pieces of information that we look for include your business’s cash flow and your daily business transactions. This information helps us evaluate your business’s financial health.
Cash flow statements will indicate the financial condition of your business. By measuring your cash expenditures against your income, financial institutions gain a clearer picture of how much cash you have available to make repayments on your small business loan and service your new debt.
A high personal credit score is often a requirement when borrowing from a financial institution. Lines of credit, government grants, or other funding sources can help demonstrate your creditworthiness and reputation.
Thinking Capital has its own criteria and doesn't rely solely on your credit score. Your ongoing business cash flow and daily transactions will also play a role in getting approved for a business loan.
Some lenders may require the principal owners of the company to provide professional resumes. Canada businesses that have the support of professionals in the industry can demonstrate a pattern of success.
While other financial institutions require professional resumes and personal guarantees, Thinking Capital focuses on the main information about your business, including cash flow and transactions. By having a clear picture of your business plan and aspirations, Thinking Capital can help you get the type of loan you need.
By conducting a loan-to-value analysis of your proposed collateral, financial institutions will make sure that the value of the collateral provides the necessary security. Capital assets such as real estate can help secure a loan from lenders as collateral.
Traditional lenders may want to use your capital business assets as collateral, but other lenders such as Thinking Capital do not require this. Since specific collateral is not a requirement for Thinking Capital, healthy businesses that might not have adequate collateral can still qualify for working capital.
How Can I Get a Small Business Loan with Thinking Capital?
When you’re ready to obtain funds for your business, Thinking Capital can help. We have a simple 3-step process for applying for a business loan, getting qualified and approved, and receiving your funds. If you are qualified and approved for a business loan, you could receive your funds in as little as 24 hours. Here’s more information about our process:
Step 1: Tell Us About You and Your Business
The process begins by filling out our online application. This application takes about five to 10 minutes to complete. Enter some details about you and your business, including your monthly revenue and how long your business has been in operation for. These details allow our expert advisors to evaluate your business and find a financing option that’s suitable for you.
Step 2: Get Qualified and Approved
After you complete the application, one of our advisors will contact you within the same business day. They will review the information you provided and gather more details about your business to help you get qualified and approved for a loan.
Financial statements that show your business cash flow and daily transactions will help demonstrate your business’s financial health. By analyzing these statements, our advisors can gain a better understanding of how much money you have available to make repayments on a business loan.
Step 3: Receive your Funds
Once you’ve been qualified and approved for a small business loan, your funds will be deposited directly into your business bank account. You could expect to receive your funds in as little as 24 hours.
With these funds, you can make the purchases, investments, or fixes you need to grow your business. Renovations, inventory purchases, and expansions are some common areas business owners like you use their funds for.
Thinking Capital Small Business Loans in British Columbia
By showing commitment, character, and a history of cash flow success, your business will be in a better position to qualify for a small business loan today. With Thinking Capital, you can get the funds you need to improve your cash flow, increase your market share, and grow your business.
Fill out our application today, so we can get started on growing your business.