Updates about Clearco<\/h3>June 23, 2021:<\/strong> Clearco provides $50 million in funding to Caravan, a startup that helps celebrities build companies around their brands. Caravan is a joint venture with the talent agency CAA.<\/p>July 8, 2021: <\/strong>Clearco raised US$215 million in funding from global tech investor SoftBank. Clearco is the first Canadian startup to get funding from this giant Japanese investor.<\/p>July 8, 2021: <\/strong>Clearco provides $10,000 through the ClearAngel program to Tiannia Barnes, an affordable provider of luxury shoes for women. ClearAngel is a platform for early-stage founders that provides capital, data-driven advice and access to 500+ investors.<\/p>\u00a0<\/p><\/div><\/div><\/article>
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Pros and cons<\/h3>Pros<\/h4>- Instant funding.<\/strong> After you sign your contract, you\u2019ll be able to access your money in as little as 24 hours<\/li>
- Flexible repayment.<\/strong> Since your advance is repaid using a portion of your revenue, you\u2019ll be better equipped to manage your repayments when business is slow.<\/li>
- Bad credit doesn\u2019t matter.<\/strong> Decisions about whether or not you qualify for an advance are based on your business performance, so your credit score won\u2019t factor in.<\/li>
- Qualify for multiple advances.<\/strong> Once you\u2019ve repaid 80% or more of your original advance, you may be able to qualify to take out another one.<\/li>
- Optional credit card.<\/strong> You\u2019ll get an optional Clearco credit card if you intend to spend your advance on marketing.<\/li><\/ul><\/div>
Cons<\/h4>- Maintenance fees.<\/strong> You\u2019ll have to pay a small flat fee on your advance that will depend on your business metrics as well as how you plan to spend the money you borrow.<\/li>
- Limited sectors.<\/strong> Clearco only provides financing for eCommerce and Consumer SaaS (software as a service) companies.<\/li>
- High monthly sales needed to qualify.<\/strong> Your monthly sales have to be at least to qualify.<\/li>
- Startups can\u2019t apply.<\/strong> You won\u2019t be eligible for financing if your business is under six months old. You may want to check out start up financing<\/a> instead.<\/li><\/ul><\/div><\/div>
What should I know before I apply?<\/h3>Eligibility requirements<\/h4>
To apply for a Clearco business cash advance, you\u2019ll need to meet the following criteria:<\/p>
- Be at least 18 years old (and 19 in some provinces).<\/li>
- Be a citizen or resident of Canada.<\/li>
- Own a business that is incorporated and in operation for at least six months.<\/li>
- Be working in the eCommerce or Consumer SaaS (software as a service) sector.<\/li>
- Have an average monthly revenue of at least <\/li><\/ul>
Required documents and information<\/h4>- Government-issued ID. You\u2019ll have to show identification like your driver\u2019s licence or passport to verify your ID.<\/li>
- Verification numbers. You\u2019ll be required to supply your Social Insurance Number (SIN) and Employer Identification Number (EIN).<\/li>
- Direct deposit. You\u2019ll need to link your bank account to Clearco\u2018s platform so it can deposit your funds and directly debit your account for repayment.<\/li>
- Business bank statements. You\u2019ll have to show six months of your business\u2019s most recent bank statements to give an idea of its current cash flow.<\/li>
- Proof of incorporation. You\u2019ll need to upload your Articles of Incorporation to prove that your business is incorporated.<\/li><\/ul>
Compare other business loans<\/h3>
June 23, 2021:<\/strong> Clearco provides $50 million in funding to Caravan, a startup that helps celebrities build companies around their brands. Caravan is a joint venture with the talent agency CAA.<\/p> July 8, 2021: <\/strong>Clearco raised US$215 million in funding from global tech investor SoftBank. Clearco is the first Canadian startup to get funding from this giant Japanese investor.<\/p> July 8, 2021: <\/strong>Clearco provides $10,000 through the ClearAngel program to Tiannia Barnes, an affordable provider of luxury shoes for women. ClearAngel is a platform for early-stage founders that provides capital, data-driven advice and access to 500+ investors.<\/p> \u00a0<\/p><\/div><\/div><\/article> \u00a0<\/p> To apply for a Clearco business cash advance, you\u2019ll need to meet the following criteria:<\/p>Pros and cons<\/h3>
Pros<\/h4>
Cons<\/h4>
What should I know before I apply?<\/h3>
Eligibility requirements<\/h4>
Required documents and information<\/h4>
Compare other business loans<\/h3>