The demand for business lending in Canada is red hot, according to official statistics from the Canadian government. The Biannual Survey of Suppliers of Business Financing, last updated for the second half of 2014, shows business lenders disbursed 9.6 percent more money compared to the first half of 2014. That reflects the highest growth rate since 2011 and continues several years of consecutive increases.
The figure clearly indicates the need for significantly greater lending resources in Canada, which is why IOU Financial, one of America’s fastest growing commercial lenders, has launched its Canadian business loan product. With this lending program, Canadian small businesses – both English speaking and French – are able to borrow money in as little as one business day.
Canadian small businesses will appreciate the many advantages we offer to small- and medium-sized enterprises:
- Quick Application: If you are accustomed to the mountain of paperwork banks collect from prospective borrowers, you’ll be astonished at how quickly you can apply to IOU Financial. It takes 10 minutes or less, and you can get a pre-approval right away.
- Convenient Repayments: Unlike many conventional lenders that hit you with a huge monthly payment, IOU Financial collects daily fixed payments directly from your bank account. This greatly reduces the impact on your working capital.
- No Upfront Costs: There are no upfront costs or hidden fees when you deal with IOU Financial. The application process is completely free and no-obligation.
- No Prepayment Penalties: You can repay your balance at any time without penalty. We charge simple interest on our loans, which means you pay interest only on the principal you owe, not on accrued interest.
- Affordable Rates: Our loan rates start as low as 6 percent. Our rates are half of what you would pay for a cash advance.
- Loan Renewals: You can renew your IOU Financial loan after you’ve repaid 40 percent of the principal amount.
The Power of “Yes”
The biggest difference between IOU Financial Canada and ordinary banks is that we do everything possible to get you funded quickly, whatever your credit history or score. You see, we look at the whole picture when you apply for loan, including your company’s equity and cash flow. Many of our customers in the U.S. come to us after being turned down by a conventional bank. We are proud of the fact that we approve 85 percent of applications, based on the overall health of their business.
Our clients rave about our services. Voodoo Vapor Inc. told us, “We received our funding from IOU within days and it enables us to put newer product on our shelves more frequently. This gives us more reasons to engage with our target market on social media, attract new customers, and build relationships with loyal customers.” You can read the full case study here.
Our staff is ready to assist you with any questions you have! Canadian merchants and brokers are invited to call 844-750-5468 for more information on how the IOU Financial small business loan product could impact their business.