Company Capital Business Loan Review
Get competitive rates and flexible terms when you borrow money with a Company Capital Business Loan.
If you’re looking for money to fund your small business, Company Capital has worked with small businesses across Canada for over 20 years and prides itself on providing flexible loans, competitive rates and top-notch customer service.
What types of loans does Company Capital provide?
Company Capital offers three types of loans for businesses that have been operational for a minimum of six months and generate a minimum of $5,000 in revenue per month. You can apply for the following products online, via email or over the phone.
- Business loan. You can take out a business loan for an amount between $5,000 and $100,000. It will come with an interest rate starting at 7% and you’ll be required to pay it back over a period of 3-18 months with fixed payments.
- Line of credit. You can borrow between $5,000 and $100,000 with a line of credit. Interest rates are variable and only apply to the money you borrow from your line of credit rather than the full amount you qualify for. There’s no specific term for repayment but you’ll have to make a minimum monthly payment.
- Merchant cash advance. With a merchant cash advance, you can borrow between $5,000 and $100,000 in exchange for a percentage of your daily credit card and debit sales. Company Capital will look at your historical sales to determine how much it wants to lend you. This information will also be used to determine what percentage of your sales you can reasonably pay back each month to make up your debt.
Quick comparison of loan types
|Type||Best for||How it works||Required sales||Size of loan||Interest rates|
|Business loan||Covering a large, one-time expense||Borrow a lump sum and pay it back plus interest in 3-18 months||$5,000+ per month||Between $5,000 and $100,000||Starting at 7%|
|Line of credit||Working capital and in case of emergencies||Get a “wallet” of funds that your company can use as needed||$5,000+ per month||Between $5,000 and $100,000||Variable interest charged on amount taken out of line of credit|
|Merchant cash advance||Funding daily expenses with future sales income||Get an advance on your future sales and pay it back plus a fee with a percentage of daily revenue||$5,000+ per month||Between $5,000 and $100,000||No interest charged but you’ll incur a fee for service|
What should I know before I apply?
To apply for a Company Capital Business Loan, you need to meet the following criteria:
- Own a business that has been operating in Canada for at least 6 months
- Be at least 18 years old (and 19 in some provinces)
- Make at least $5,000 per month in sales
Required documents and information
- Government-issued ID. You’ll need to verify your ID by showing a document like your driver’s licence or passport.
- Business bank statements. You’ll have to provide six months of your business’s most recent bank statements to give an idea of its current cash flow.
How to apply
If you meet all of the eligibility criteria and you want to apply for a loan with Company Capital, you can do so quickly and easily. Just follow the steps listed below to get started.
- Choose the type of loan that’s the best fit for your business.
- Complete the online application, which includes providing your name, email address, home address and relevant documents.
- If you’re requesting $50,000 or more, you’ll also need to include your financial statements.
- Review and submit your application.
Pros and cons
- Instant access. If you qualify, you should be able to access your loan in a matter of days.
- Competitive rates. You’ll get competitive rates as low as 7% on your loan, with better rates offered for shorter terms.
- Several types of loans. You can pick the loan that’s best suited to your business based on the purpose you need it for.
- Tailored to your business. Company Capital will work with you to make sure that you can qualify for the money you deserve and make your repayments.
- Good customer service. You can access a customer service agent over the phone, via email and online if you run into any issues with your application or loan.
- Short terms. Business loans have very short terms which can make it difficult to repay them if you borrow a large amount.
- Fees for service. You’ll have to pay a fee for merchant cash advances and interest as high as 20% on loans and lines of credit.
- High monthly sales needed to qualify. Your monthly sales have to be at least $5,000 if you want to qualify for any type of loan.
- Start-ups can’t apply. You won’t meet the eligibility requirements if your business is less than six months old.
Company Capital gives you instant access to the money you need to fund your small business. Find out which loan type is best for your business and start your application today to see if you qualify.