SharpShooter Funding Business Loan review

What types of loans does SharpShooter Funding provide?

SharpShooter Funding offers a number of different loans based on the needs of your business. These loans have different eligibility criteria and come with a flexible or fixed repayment schedule, depending on your preferences.

• Business loan. You can get a business loan for anywhere between $1,000 to $300,000 You’ll pay back a fixed interest rate on the amount of money you borrow and your term can extend from a couple of months up to five years. This makes SharpShooter Funding unique since most other private lenders expect you to pay back your loan in two years or less.
• Merchant cash advance. With a merchant cash advance, you can borrow between $5,000 and $250,000 in return for a daily percentage of your credit card and debit sales. SharpShooter Funding uses your past sales history to figure out how much it wants to lend you, and you’ll be able to pay the money back with flexible repayments based on the financial performance of your business.

Quick comparison of loan types

What should I know before I apply?

Eligibility requirements

The criteria you need to meet to qualify for a loan varies based on the type of loan you want to take out. For most loans, you’ll need to meet the following criteria.

• Own a business that has been operating in Canada for at least three months
• Be at least 18 years old (and 19 in some provinces)
• Have at least $50,000 in annual revenue.
• For long-term loans, you’ll need a 500+ credit score and 12 months in business

Required documents and information

• Government-issued ID. You’ll need to prove your identity with a piece of ID such as your driver’s licence or passport.
• Business bank statements. You’ll be required to submit statements of income to show that you meet the monthly or annual limits for the type of loan you want to take out.
• Other financial documents. Depending on the amount you want to borrow, you might be asked to submit other documents (like your company tax returns).

How to apply

If you think that a SharpShooter Funding loan could be a suitable fit for your business, it’s easy to apply online in a couple of easy steps.

1. Complete the online application, which includes providing your name, email address, personal details, proof of ID and relevant documents.
2. Review and submit your application.
3. Get verified and approved in as little as 24 hours if you’re eligible for a loan.

Pros and cons

Pros

• Instant approval. You’ll know if you qualify for a loan in less than 24 hours, and the money will usually be deposited into your account in less than 3 days.
• Longer terms. It’s possible to take out funding with a five-year term, which is one of the longest terms being offered by a private lender.
• High loan amounts. You can apply for a loan up to , depending on how much revenue your business earns.
• Decent interest rates. You may be able to qualify for rates as low as 9%.
• No collateral required. You won’t need to secure your loan against an asset like your home or vehicle.
• Flexible repayment options. You can choose to repay the money in fixed monthly amounts or fluctuating amounts based on a percentage of your credit/debit card sales.
• Low minimum credit score. Your credit score won’t factor in for most loans as long as your business is making enough revenue.
• Reasonable sales requirements. You’ll need to make $50,000 in annual revenue.

Cons

• Higher interest for longer terms. You’ll pay a higher interest rate on your loan if you take longer to repay it.
• Administration fees. The fee you’ll pay on your loan will vary based on factors like your credit history, type of business and how much you make each year.
• Stricter criteria for long-term loans. You’ll have to be operational for 12 months to qualify for a long-term loan and have a good to excellent credit score.
• Startups can’t apply. You won’t be eligible for funds if your business is less than three months old.

Bottom line

SharpShooter Funding offers longer terms and flexible repayment on small business loans and merchant cash advances. If you want to find out if you’re eligible, you can apply online and get approved in less than 24 hours.

Frequently asked questions

• How much does a loan with SharpShooter Funding cost?

  Interest rates for Sharpshooter business loans are: Fee based, Prime pricing starting at 9.00%. You’ll also have to pay a fee for taking out a merchant cash advance. Fees and interest rates will vary depending on the length of your term, the amount of revenue you make and your personal credit score, among other factors.

• What can I use my financing for?

  The funding you receive can be used to pay for any small business expenses you may have. This can include purchasing new inventory, hiring seasonal staff, buying equipment and funding day-to-day expenses.

• How can I repay my loan from SharpShooter Funding?

  After you receive your funding, you’ll repay your loan with a daily or monthly amount depending on the repayment option you choose. All of Sharpshooter’s loans will have different conditions, so make sure to check with its customer service department if you’re unsure about the terms of your contract.

• Can I qualify for funding if I run a startup?

  Unfortunately, no. You can only qualify for funding if you’ve been operational for at least three months and can show that you meet the monthly or annual sales requirements.