Many old and new businesses will try to get a loan from a bank, but this is often a waste of time. Along with guarding your money, banks guard a few secrets. Firstly, they won't tell you that the larger they are, the longer you will have to wait for everything, from meeting with an advisor to getting approval to receiving the financing.
Secondly, if you apply for a loan at a bank you've worked with before, you won't receive any special benefits for your loyalty. Thirdly, banks often reject small business loans because the loans aren't a profitable financial product for them. Since thousands of good businesses can't get the funding they need from a bank, many go to alternative lenders and get overcharged.
Secondly, if you apply for a loan at a bank you've worked with before, you won't receive any special benefits for your loyalty. Thirdly, banks often reject small business loans because the loans aren't a profitable financial product for them. Since thousands of good businesses can't get the funding they need from a bank, many go to alternative lenders and get overcharged.
Services
Lendified is Canada's fastest growing online lender for small businesses and provides cutting-edge lending technology to financial institutions across North America. Our founders served as bank executives for over 30 years and saw countless opportunities to support small businesses missed. With deep financial expertise and a passion to support the economic engine of Canada, they created Lendified.
Getting financing shouldn't be time-consuming or expensive, so Lendified created a better way to fund your business. Lendified's innovative technology allows you to qualify for business financing anywhere, anytime. Lendified has made another $60,000,000 in fast and affordable funding available for new customers.
All small businesses need capital to grow, but when you begin to rack up credit card debt or take out multiple business loans it can become hard to keep up with payments. The interest payments can get quite high. If you find yourself in this situation, you may want to consider consolidating your business debt.
Growing your business should be an exciting time and you shouldn't be tied down due to cash flow issues. Small business owners understand that growing your business is no easy task and that is why Lendified is here to help. Short-term business loans are great during a time of growth, fluctuating cash flows, or when you need to make a purchase in preparation for the peak season.
When it comes to inventory and sourcing, small business owners sometimes find themselves in a bit of a "chicken and egg" predicament. Of course, you need goods and services in place in order to generate revenue. But then there is the question of raising the capital to make those purchases. It is often necessary in these situations to take on some debt to finance the building out of your inventory.
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