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SharpShooter Funding Business Loan review
Get fast approval and competitive rates on business loans up to $300,000.
SharpShooter Funding is a reputable private lender that offers loans up to $300,000 with terms as long as five years. There’s no need to put up collateral for your loan, and you can get approved in as little as 24 hours.
Details
| Product Name | SharpShooter Funding Business Loan |
|---|---|
| Benefit Description | SharpShooter Funding offers loans up to $300,000 for small business owners. |
| APR | 5.49% - 22.79% |
| Min. Loan Amount | $1,000 |
| Max. Loan Amount | $300,000 |
| Loan Term | 6 - 120 months |
| Loans Offered | Unsecured Term, Merchant cash advance, Invoice factoring |
| Turnaround Time | 48-72 hours |
| Go to site More Info |
SharpShooter Funding is a reputable private lender that offers business loans up to $300,000. Your loan decision will be based on the overall health of your business instead of your credit score, and there’s no need to put up collateral to secure your loan.
- Best for small business owners that want fast approval and less strict eligibility criteria. SharpShooter is available across all provinces and territories.
- Pick something else if your business isn’t making much revenue or you would rather deal with your lender in person.
What is SharpShooter Funding?
SharpShooter Funding offers fast loans and high loan amounts to businesses that meet basic eligibility criteria. You can borrow up to $300,000 with no need for collateral, and your loan decision will be based on your overall business health rather than your credit score. Most loans are approved in as little as 24 hours, with funding disbursed in 2 to 3 days.
Do I qualify?
You may be able to qualify for SharpShooter business loans if you meet the following eligibility criteria:
- Personal age. Be at least 18 or 19 years of age in your province or territory of residence at the time of applying.
- Operational requirements. Show that your business has been generating revenue for at least 100 days or 12-24 months for larger loan amounts.
- Monthly revenue. Demonstrate that your business pulls in at least $10,000 /month.
- Credit score. Have at least a 580+ credit score for some loans, depending on the health of your business and how much you want to borrow.
What makes SharpShooter business loans unique?
SharpShooter business loans are unique because you can borrow large loan amounts with relatively few eligibility requirements. For example, SharpShooter lets you apply for some business loans if you’ve been operational for as little as 100 days, whereas most business lenders will require you to be in business for at least 12 months to borrow funds.
SharpShooter business loans are also unique because you’ll be assessed for a loan based on the overall health and performance of your business instead of your credit score. This means you can apply and get approved with bad credit as long as your business generates enough revenue. Business owners who are underserved by banks can apply for funding from SharpShooter.
What types of loans does SharpShooter Funding provide?
SharpShooter Funding offers a number of different loans based on the needs of your business.
1. Long term business loan
Long term business loans let you borrow a large amount of funds to cover a one-time expense.
- How it works: Borrow a lump sum and pay it back plus interest
- Loan amount: Up to $250,000
- Loan term: 3 to 10 years
- Eligibility: 12 months in business; $120,000 in annual revenue; 620+ credit score
2. Short term business loan
Short term business loans are often used to cover small or irregular expenses.
- How it works: Borrow a smaller amount and pay it back plus interest
- Loan amount: Depends on business revenue but often under $50,000
- Loan term: 3 to 18 months
- Eligibility: Average of $4,166 per month in sales; operational for 3 months (100 days)
3. Merchant cash advance
Merchant cash advances let you borrow money to fund daily expenses and you repay funds with a portion of your future credit/debit sales income.
- How it works: Access money and pay it back based on a portion of your revenue
- Loan amount: Up to $300,000
- Loan term: Varies
- Eligibility: Average of $4,166 per month in sales; operational for 3 months (100 days)
4. Bank-only EFT program
Similar to merchant cash advances but designed for companies that don’t process credit or debit cards.
- How it works: Use a portion of your revenue to pay back your loan
- Loan amount: Up to $300,000
- Loan term: Varies
- Eligibility: Average of $4,166 per month in sales; operational for 3 months (100 days)
5. Working capital loans
Borrow money to pay for daily operating expenses such as replenishing inventory or topping up payroll.
- How it works: Get a short-term injection of cash and pay it back within 12 months
- Loan amount: Depends on business revenue but often under $50,000
- Loan term: Up to 12 months
- Eligibility: Average of $4,166 per month in sales; operational for 3 months (100 days)
6. Business bridge funding
Use bridge funding to finance the gap between paying off a large loan and applying for new long-term funding.
- How it works: Borrow a small amount of funding to tide you over while you wait to get approved for a larger loan
- Loan amount: Depends on business revenue but often under $50,000
- Loan term: Up to 12 months
- Eligibility: Average of $4,166 per month in sales; operational for 3 months (100 days)
7. Business expansion funding
Apply for business expansion funding to cover expenses you need to pay to grow your business.
- How it works: Use funding to expand your business and pay it back with business revenue over the long term
- Loan amount: From $5,000 to $250,000
- Loan term: 3 to 10 years
- Eligibility: 620+ credit score, 3 or more years in business, minimum $20,000 average monthly deposits, minimum $3,600 average daily balances
8. Business line of credit
Finance ongoing expenses or cover seasonal lulls with a line of credit that you can access at any time.
- How it works: Use a business line of credit to access revolving funds and only pay interest on what you use
- Loan amount: $10,000 and over
- Loan term: Varies
- Eligibility: Industry experience and personal investments in your company, positive business revenue for 12 to 24 months, good credit score, detailed business plan
What are the benefits of a SharpShooter business loan?
SharpShooter offers the following benefits:
- Quick approval and funding. You can get approved in less than 24 hours, with the money you borrow typically deposited into your account in less than 3 days.
- Easy application process. You can fill out a quick application, get pre-approved within minutes and provide less paperwork than what banks require.
- Decent interest rates. You may be able to qualify for rates as low as 9%, depending on factors such as your credit score and how much you borrow.
- No collateral required. You won’t need to secure your loan against an asset such as your home or vehicle.
- Different types of financing. SharpShooter offers various ways to finance your business, from term loans to lines of credit.
- Bad credit is accepted. Your credit score won’t factor in for most loans as long as your business is making enough revenue.
- Available across Canada. You can apply for SharpShooter funding no matter what province or territory you live in.
What to watch out for
Keep an eye out for the following drawbacks when considering a SharpShooter business loan:
- High rates for bad credit. You could pay more for a SharpShooter business loan if you have bad credit.
- Stricter criteria for some loans. You may need to meet more stringent eligibility criteria to apply for certain types of loans (such as long-term loans or business lines of credit).
- No in-person locations. You won’t be able to go into an office location to negotiate your contract or deal with your loan if you’re having issues.
How do I 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.
- Complete the online application, which includes providing your name, email address, phone number, loan amount, loan purpose, province, average monthly sales and credit score.
- Get pre-approval after a few minutes.
- If you want to proceed with getting approval, provide 2 to 6 months of bank statements and merchant credit card processing statements (if available). You may need to provide other documents depending on the loan you’re applying for. To get funded, you’ll need to provide a copy of government-issued ID, a void cheque and your business licence or articles of incorporation.
- Review and sign your contract.
- Receive your funds.
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.
- Be at least 18 years old (and 19 in some provinces)
- Own and operate a business in Canada
You’ll need to meet additional requirements outlined in the table below based on your loan type:
| Type of loan | Eligibility requirements |
|---|---|
| Short term and working capital loans |
|
| Long term loans |
|
| Business expansion funding |
|
| Business line of credit |
|
What documents do I need to apply?
- Government issued ID. Provide identity documents such as your driver’s licence or passport.
- Business number and address. Show proof that you own a business in Canada.
- Business bank statements. Submit statements of income or revenue to show that you meet eligibility requirements for the type of loan you want to take out.
- Business plan (in some cases). Provide a detailed business plan where needed to demonstrate that you have thought through your decision to apply for financing.
- Credit check. Agree to a credit check to validate your credit score, even if this information isn’t factored into your loan decision.
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I got a SharpShooter business loan. Now what?
Once you get a SharpShooter business loan, you’ll need to start making repayments out of your business account based on the terms of your loan contract. For further information about your loan, you can contact SharpShooter Funding 7 days a week by sending an email to its business account or by calling its customer service line.
→ Didn’t get approved? Compare other business financing options with our guide to business loans
Bottom line
SharpShooter Funding lets you borrow reasonably large amounts for your business with fewer eligibility criteria. You can apply for funding and get approved in less than 24 hours, all from the comfort of your own home. You don’t need good credit to qualify for many types of business loans and you won’t need to put up collateral to secure the money you borrow.
