Small Business Loans – BC
As the province with the third-largest population in Canada, British Columbia has shown steady economic growth in recent years, led by small and medium-sized businesses.
The overwhelming majority of businesses in this province – 98% – have fewer than 30 employees. Of those businesses, the vast majority have less than four employees. Clearly, these small companies are the lifeblood of British Columbia’s economy.
Unfortunately, many are facing significant economic uncertainty, which poses a major barrier to growth. This is where Lendified comes in.
Lendified supports these companies by providing an alternative means of accessing capital so they can pursue their goals and overcome tough economic challenges, putting themselves on the path to sustained growth and prosperity.
Business loans can help your company succeed, and our team of experts will help you get the right kind of financing tailored specifically to your business’ market niche.
Small Business in BC
According to the 2019 Small Business of BC Profile produced by the provincial Ministry of Jobs, Trade and Technology, over a million British Columbians worked in small businesses in 2018, representing nearly half of total employment in the province. In fact, most (83%) of the small business operations in BC employ fewer than five employees.
The largest growth over the last several years has been among the specialty trade contractors industry (e.g. masonry, painting or electrical work), followed closely by those in the professional, scientific and technical services industry.
To make sure that these high-growth sectors can continue to grow and drive BC’s economy, it’s important that they have access to the kind of financing they need. Lendified can have a big impact in this respect, picking up the slack left by the restrictive lending policies of the big banks.
Because our loans provide a flexible alternative to paperwork-intensive bank loans and expensive merchant cash advances, Lendified’s business loans have become increasingly popular, and loans in British Columbia now accounts for 13% of our total loans.
Are you operating a small business? Would an infusion of cash help your company succeed? If so, Lendified may be the answer you are looking for.
Getting Loans for Business in BC
During hard times, small business owners need to find their own solutions to financial problems if they want to succeed.
Through Lendified, small business owners can apply for financing online and get pre-qualified in under 10 minutes. Best of all, they can have their loan deposited into their account in as little as 48 hours after approval!
In order to qualify for a small business loan, applicants from British Columbia or anywhere else in Canada, must meet the following criteria:
- Incorporated business in Canada
- 6+ months in operation
- $100,000+ in annual revenue
- 610+ personal credit score
Not sure if your business qualifies? Speak to one of our experts, who can walk you through the process and get you started.
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What Kind of Financial Help Can I Expect From a Lendified Loan?
Our loans range from $5,000 to $150,000 and have terms from 3 to 24 months. Typically, a small business loan in BC ranges from $60,000 to $70,000.
Lendified Supports BC Business
Ranging from retail to manufacturing to construction and beyond, Lendified supports a wide range of industries across the province. The experience Lendified has gained by supporting so many kinds of companies allows us to provide all the necessary financial information to our clients so they can get the best possible business loan.
We have provided financing across British Columbia to many different industries, including:
- Specialized and General Construction
- Gyms and Fitness Clubs
- Retail Merchants
- Information Technology Services
If your industry isn’t shown above, don’t worry! We also serve many other industries across Canada feel free to check out all the other industries we serve here!
The Best Uses of a Business Loan
Any small business needs capital to grow.
However, if you begin to rack up credit card debt or personal loans, it can become hard to keep up with payments. High interest rates can compound this financial hardship and make it difficult to find a way out of the debt cycle. Instead of using these financial tools to stay afloat, small business loans are your best bet to keep your company going.
Although there are some restrictions on how you can use business loans from Lendified, there are many ways in which you can use your newfound capital. A small business loan can be used to finance a variety of essential aspects of your business. including:
- Investing in new equipment
- Purchasing inventory
- Maintaining cash flow
- Paying suppliers
- Relocation or expansion
To learn more about the potential applications for a Lendified loan and get more information about how this financial support can help your small company, click here.