Canada Small Business Loan 2024: There are various small businesses which are earning quite well and now want to expand them. Journey Capital help these businesses by offering the Canada Small Business Loan. The company has claimed to be quick and convenient online financing to propel the business forward. The company is situated in Canada and offers loans to small businesses.
More than sixteen thousand loans have already been funded. If any reader is also running a small business and ready to expand it, they should learn more about the Canada Small Business $300k Loan. Scroll down the following article and get information regarding the application process, types of loans, eligibility and others.
Canada Small Business Loan
Beneficiaries can get up to $300k from Journey Capital. The company is currently offering three types of Canada Small Business Loans i.e., Business Term Loan, Business Line of Credit and Flex Funds Advance.
The company has made the whole application process online. So, the customers can apply for the loan anytime anywhere. However, one must fulfill the eligibility conditions before starting the application process. The officials will only approve the Journey Capital Small Business Loan application of a person who fulfils all the specified conditions.
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Journey Capital Small Business Loan Types
The company is offering a total of three types of loans to small businesses. Let’s learn about them one by one to find out which one will be suitable for the beneficiary:
- Business Term Loan: It is a short-term infusion of capital which will help boost the business of the beneficiary to new heights. Beneficiaries can apply for a loan between $5K to $300K in as little as 24 hours. The term lengths range from 4 to 24 months. The company also offers daily or weekly repayment options.
- Business Line of Credit: Financing options are available at their fingertips ready to work for the users, whenever they need it. Beneficiaries can take loans of up to $300K within a single day. Beneficiaries can take as much as they want and interest will be charged in the withdrawal amount only.
- Flex Funds Advance: It allows the users to go with the flow. Financing is built to work with the natural ebbs and flows of their business. The loan amount will range between $5K to $300K in as little as 24 hours. The benefits of Flex Funds Advance are flexible payments, no interest rate and clear pricing.
Eligibility Criteria to Get the Canada Small Business Loan
If the details about the loan have made the readers interested and eager to apply then it is time to take a look at the eligibility criteria. Applicants must fulfill the eligibility criteria to get their loan applications approved. The following are the required eligibility conditions for the Canada Small Business Loan:
- The business must have been running for at least 6 months before applying for the loan.
- The credit score is very important. So, the credit score of the borrower should be at least 600 or more.
- The company should be earning a revenue of at least $100K yearly.
- The company must be incorporated in Canada to become eligible.
- The borrowers must hold a Canadian Business bank account of their business.
How to apply for the Canada Small Business $300k Loan?
The following section has been prepared to clear doubts regarding the Canada Small Business Loan Application process. The following is the step-by-step process using which the loan application form can be submitted:
- Start the process by searching the Journey Capital website using this link: https://www.journeycapital.ca/
- Afterwards, the home page will directly open on the screen.
- Now, tap the Apply Now option which is attached on the top right side of the screen.
- After that, a new page will open where applicants will have to answer three questions.
- Once, the applicants becomes pre-qualified, the loan application form will open on the screen.
- Start entering the details on the application form carefully and recheck them before proceeding.
- After that, provide the necessary documents for the application form.
- Finally, submit the application form to complete the application submission process.
- Once, the application is approved the loan amount will be transferred into the beneficiaries’ account shortly.
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Frequently Asked Questions
How much time does it take to complete the Canada Small Business Loan Application process?
According to the information provided by the officials, the loan application usually takes a maximum of 10 minutes to complete. Online method is one of the biggest reasons behind the instant loan application submission process.
What are the credit products for Canada Small Business Loan?
Journey Capital is offering three credit products i.e., Business Term Loan, Business Line of Credit and Flex Funds Advance to take a Canada Small Business Loan.
What is the interest rate on Canada Small Business $300k Loan?
Please note that the interest rate on small business loans ranges between 8 to 29%. To know the exact rate of interest, applicants will have to fill out the application form and provide the amount details and terms.
