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EconoLease business loan review

Grow your business with targeted financing solutions designed for businesses working in the food-service industry. 

Econolease is a niche provider offering short-term working capital loans up to $300,000.

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Please note: All information about EconoLease business loan has been collected independently by Finder and this product is not available through this site.

30-second take

  • Consider an EconoLease business loan if you’re a restaurant owner looking for short-term working capital.
  • Pick something else if you need a business loan with a term longer than 12 months.
  • With an EconoLease business loan, you get daily and weekly payment options.

Expert review

Whether you own a 4-star restaurant or a low-budget catering company, you could benefit from an EconoLease business loan. This specialized private lender provides working capital loans up to $300,000 with terms between 6 to 12 months. You get fixed repayment terms, and you can choose between daily and weekly payments.

EconoLease can give financing within 3 days. You can use your business loan for restaurant renovations, inventory, repairs, emergencies, seasonality and marketing.EconoLease has been in business for over 30 years and works with more than 3,000 restaurant owners each year.

What other types of financing does EconoLease provide?

Besides working capital loans, EconoLease offers:

  • Equipment rentals. You can rent equipment through Econolease instead of taking out a loan to purchase it directly. Simply pick the model you want and make a monthly payment plus interest on the sale price. The benefit of this option is that 60% of every payment you make will be applied to purchasing the equipment, and you can renew your contract when your term is up.
  • Equipment leasing. Similar to renting equipment, this option allows you to pick a piece of equipment that Econolease will purchase on your behalf. You make payments to use the equipment over the term of your contract (usually for around 12-60 months). When your contract is finished, you may be given the option to purchase the equipment for a discounted lump sum
  • BuyNowPayLater. Buy restaurant equipment through EconoLease‘s BuyNowPayLater service. Make weekly payments with 0% financing.
  • Franchise systems. EconoLease offers tailored financial solutions for chain and national accounts.
  • Payment processing. You can get the Clover POS system through EconoLease.

Pros and cons

Pros

  • Instant access. If you qualify for a working capital loan, you should be able to access your money in as little as 3 days.
  • Competitive rates. You’ll get competitive rates on all financing options, with a fixed repayment plan designed to meet the needs of your business.
  • Working capital loans. You can use your working capital loan to pay for business expenses like inventory, maintenance, emergencies and marketing.
  • Rentals and leases. You can easily rent or lease equipment if you want to reduce your costs for equipment upgrades.
  • Tailored to your business. EconoLease 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.
  • Repay early. You can pay off your working capital loan early without facing penalties.

Cons

  • Short terms. Working capital loans have short terms, which can make them difficult to repay, depending on how much you borrow.
  • Costs of doing business. You’ll need to pay interest rates on working capital loans and additional sales taxes on leases and rentals.
  • Minimum monthly sales. Your monthly sales have to be at least $15,000 if you want to qualify for a working capital loan.
  • Startups can’t apply. You won’t be eligible to borrow money if your business is less than 6 months old (though you may be able to rent or lease equipment).
  • Industry-specific. EconoLease specializes in the food-service industry, so you may not qualify for financing if you don’t work in this sector.

Compare other business loans

Name Product Interest Rate Loan Amount Loan Term Minimum Revenue Minimum Time in Business Loans Offered
SharpShooter Funding Business Loan
Prime pricing from 9.00%
$500 - $250,000
6 - 120 months
$10,000 /month
100 days
Unsecured Term, Merchant Cash Advance, Invoice Factoring
To be eligible, you must have been in business for at least 100 days with a minimum of $10,000 in monthly deposits.

SharpShooter provides capital to small businesses that are underserved by banks and credit unions. It measures overall business health and potential rather than focusing strictly on traditional metrics. Fill out a simple application and get pre-approved in minutes. Receive your funds within 24 hours.
Swoop Funding Business Loan
4.00% - 25.00%
$1,000 - $5,000,000
3 - 60 months
$10,000 /month
24 months
Term, MCA, LOC & more
To be eligible, you must have been in business for at least 24 months and have a minimum of $100,000 in annual revenue.

Swoop partners with banks and alternative lenders to match your business with the right funding options. Register for free and browse your offers without affecting your credit score.
Lending Loop Business Loan
Starting at 4.96%
$10,000 - $500,000
3 - 60 months
$8,500 /month
12 months
P2P
To be eligible, you must have been in business for at least 12 months and have a minimum of $100,000 in annual revenue.

Lending Loop is Canada’s first regulated peer-to-peer lending platform. Complete an application in 5 minutes. Once you accept your loan offer, investors will begin to fund your loan on the marketplace. Your loan will be transferred to your bank account when it is fully funded.
OnDeck Business Loan
8.00% – 29.00%
$5,000 - $300,000
6 - 18 months
$10,000 /month
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 monthly revenue of $10,000.

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.
Loans Canada Business Loan
Prime Pricing from 9.00%
$2,000 - $350,000
3 - 60 months
$4,166 /month
100 days
Unsecured Term
To be eligible, you must have been in business for at least 100 days, have a credit score of 410+ and show a minimum of $4,166 in monthly deposits ($50,000/year).

Loans Canada connects Canadian small business owners to lenders offering financing up to $350,000. Complete one simple online application and get matched with your loan options.
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Do I qualify for an EconoLease business loan?

Below are a few basic eligibility requirements.

  • Own a business that’s been operating in Canada for at least 6 months.
  • Make at least $15,000 per month in sales.
  • Have a physical location.

How do I apply?

If you think you meet all of the eligibility criteria to apply for financing with EconoLease, you can do so quickly and easily.

  1. Choose the type of loan, lease or rental agreement that’s the best fit for your business.
  2. Complete the online application, which includes providing your business and personal information.
  3. Review and submit your application.

    Required documents and information

    • How much your equipment costs
    • Type of business
    • Legal structure of business
    • Business address
    • Time in business
    • Business phone number
    • Void cheque
    • Landlord information
    • Personal name
    • Personal phone number
    • Home address
    • Rent vs. own
    • Date of birth
    • Driver’s licence, passport or insurance card

      Bottom line

      EconoLease works with businesses in the food-service industry to give them easy access to working capital loans along with equipment financing. Whether you are a small or large business, EconoLease will work with you to create customized financing that fits your needs.

      Frequently asked questions

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