Accord Financial Business Loans review

• Accord Financial Business Loans are best for semi-established businesses with existing inventory, assets, unpaid accounts receivable or proven track record of income.

• Pick something else if you are a startup looking for funding or have few assets and limited operations.

Expert review

Operating in Canada and the United States, Accord Financial offers financing options for amounts between $5,000 to $30 million. They aim to provide quick access to capital so businesses can grow. Their financing options are designed to restructure, streamline growth, and stimulate new buyouts and acquisitions. Accord Financial also has expertise in manufacturing, retail, services, wholesale, import and exports, lenders, apparel, food and beverage, and construction.

This lender works with growing companies with established operations and/or significant assets. New businesses, or businesses experiencing extreme hardships, may want to seek out other financial support.

What types of business loans does Accord provide?

Below is a summary of the types of loans Accord Financial offers.

Small business loans

The small business loan is the smallest yet most versatile loan Accord offers. Loans are extended to a maximum amount of $75,000 and are repaid over an 18-month term. The small business loan is given out based on past and forecasted sales. Approval decisions are made within 8 hours and funds are delivered the next business day.

Asset-based lending

Businesses that have tangible assets are eligible for asset-based loans. To secure financing, businesses must list the assets as collateral. There’s a risk those assets could be lost if the business defaults on the loan. Also, the loan amount will depend on the value of the assets.

Accounts receivable financing

Accounts receivable are a huge asset for many businesses, especially ones with long payment terms. Instead of waiting 30 to 90 days to receive payments, Accord can buy accounts and pay out up to 90% of outstanding invoices. This gives companies instant access to cash they know will be coming. Using this method, businesses can access $1 million to $20 million. Small businesses can also take advantage of this type of loan by calling Accord directly.

Lender financing

Financing companies often need financial support themselves. If you are in the business of providing loans for others, Accord can finance your business based on your portfolio of loans. This type of financing arrangement can take the form of a loan or partnership.

Inventory financing

Retailers often find themselves in a position where cash is tied up in inventory. However, other expenses can arise, leaving inventory-based businesses in a tight position. Inventory financing will give businesses a loan based on the value of their inventory as collateral. Accord will loan $1 million to $20 million under this form of financing. The typical term for inventory-based financing is typically 1 year, but can vary.

Equipment financing

Businesses often require large and expensive equipment to begin or expand operations. Accord can finance the purchase and lease of large assets required for operations. Note that the purchased equipment will be used as collateral for the loan. Equipment lease terms are up to 5 years. Accord will finance equipment valued from $500,000 to $20 million.

Media financing

Through Accord’s related company BondIt, they finance media projects. They provide funding from $50,000 to $25 million. They have financed Oscar-nominated films, Netflix Originals and other large Hollywood productions. BondIt will only join projects that already have reputable people attached and some funding secured. BondIt is never the first or main financer.

Factoring

Factoring is the process of buying accounts receivable accounts and collecting the debts. Accord offers factoring services through AccordExpress. Using this service, they would purchase your business’s accounts receivable and collect the debts on their own. As a business, you receive immediate cash, less a fee, which helps expand operations.

Do I qualify for Accord Financial Business Loans?

To be approved for a small business loan up to $75,000 with Accord Financial, you must meet the following criteria:

• Located in Canada
• Be operating for more than 2 years
• Be stable and/or growing
• Have annual sales over $100,000
• Make regular deposits into your business bank account
• Have average or better credit profile

Compare other business loans

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Name	Product	Interest Rate	Loan Amount	Loan Term	Minimum Revenue	Minimum Time in Business	Loans Offered
OnDeck Business Loan		8.00% – 29.00%	$5,000 - $300,000	6 - 18 months	$100,000/year	6+ months	Secured Term, Line of Credit, Merchant Cash Advance	To be eligible, you must have been in business for at least 6 months with a minimum annual gross revenue of $100,000. OnDeck offers fast and simple financing. Apply in less than 10 minutes with your basic business information and see your loan offers without hurting your credit score. Get approved within 1 business day, and choose your term, amount and payback schedule once approved.	Go to site More Info	Compare	loading Fetching your data...
Merchant Growth Business Loan		12.99% - 39.99%	$5,000 - $800,000	6 - 24 months	$10,000 /month	6 months	Unsecured Term, Line of Credit, Merchant Cash Advance	To be eligible, you must have been in business for at least 6 months and have a minimum of $10,000 in monthly sales. Merchant Growth offers financing tailored to business needs. It specializes in providing capital based on future cash flows, but it also offers fixed solutions. Fill out an application within 5 minutes and get your funds within 24 hours.	Go to site More Info	Compare	loading Fetching your data...
Loans Canada Business Loan		6.60% - 29.00%	$4,000 - $500,000	3 - 60 months	over $10,000/month	100 days	Unsecured Term	To be eligible, you must have been in business for at least 100 days, have a Canadian business bank account and show a minimum of $10,000 in monthly deposits ($120,000/year). Loans Canada connects Canadian small business owners to lenders offering financing up to $500,000. Complete one simple online application and get matched with your loan options.	Go to site More Info	Compare	loading Fetching your data...

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What are the benefits of Accord Financial Business Loans?

• Creative solutions. Accord uses all imaginable assets to leverage and deliver immediate cash.
• Operates in many industries. It works with many industries, including manufacturing, retail, food and beverage, construction and more.
• Quick access to money. Loan delivery times can be as quick as the day after applying.

What to watch out for

• Lack of information. Many of the rates, terms or even requirements for specific financing options are not available online and require customer service representative assistance.
• Designed for stable or growing businesses. Accord has a huge mandate for success and only works with established companies. Companies facing financial difficulties or are still in the startup phase may not be eligible.

How do I apply?

• If you are in Canada, call +1-844-932-9940
• If you are in the United States, call +1-844-725-4225

You can also sign up online through Accord Financial‘s website and begin a virtual application.

I got an Accord Financial business loan, now what?

You got your business loan and you are now able to grow your company. Use the loan for the intended purpose. Be sure to follow the terms of your loan by making payments on time and in full to avoid fees or damage to credit scores.

Before you apply for a loan with Accord, consider comparing your business loan options to ensure you’re accessing the best one for your needs.

Frequently asked questions

• I'm a startup company. Can I apply for financing with Accord Financial?

  Unfortunately, Accord Financial only works with companies that have been in operation for 2 or more years. If you meet this requirement, you also need to earn at least $100,000 per year and have stable operations. If you meet all these criteria, Accord Financial will definitely consider you as a borrower. If not, try to find a borrower that specialises in startup ventures.

• I'm a small business looking for a low value loan. Will Accord Financial work with me?

  Yes, Accord Financial has a starting loan value of $5,000. Their website advertises a lot of high value figures because they work with large scale companies. However, they work with small businesses as well.