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Unsecured Lines of Credit Ontario, Canada

There are several advantages to an unsecured line of credit in Ontario,  including a fast approval process for qualifying applicants. This often requires less paperwork than other loan options, ultimately saving time for clients. As long as the business owners have a good credit score, an unsecured line will provide funding without the need for assets or collateral.

Lenders for business lines of credit in Ontario will generally only consider this type of loan for well-established companies who have excellent debtor reputations. Our team of experienced loan brokers is here to help you decide whether it is a good fit for you. If we determine it is we work to provide our clients with low APR and find the right repayment options for each business’ unique repayment needs.

Ontario Secured Lines of Credit

For those companies that need a higher maximum credit limit and lower interest rates, a secured line of credit is a better option. Our Ontario commercial lines of credit specialists can help you evaluate if this option is best for you. Lenders will require proof of business owned assets and there will be a lien placed on the amount and duration of the loan. This provides the lender with a way to recoup the funds should the business be unable to repay the loan. For medium and small businesses, a secured line of credit is usually the best option for obtaining funding quickly.

While you may not need it today, by starting the process early we can find the right secured line of credit that will work best for your business. This ensures that when you need the funds access has already been guaranteed

Working Capital from Commercial Lines of Credit

Businesses grow and change with the times. When times are good, obtaining a line of credit in Ontario may not even cross your mind. But when business slows down having a revolving line of credit can help companies keep ahead of any potential issues.

A working capital loan is not used to purchase long-term investments like equipment or real estate, but instead provides the financial relief needed for daily operations like accounts payable, wages and invoicing. A working capital line of credit maintains a maximum loan amount so a company can borrow as needed, giving owners the ability to use the funds as they need them.

A major advantage of this type of financing is that the debtor is only charged interest on the borrowed funds, not the maximum loan amount. A working capital line of credit also gives businesses more freedom for repayment as funds come in without worrying about high-interest rates or finance charges.

Understand your options.

The starting place is to become informed. Once you understand your options, available rates, and timelines you can make good decisions.  Our St. Paul MN business loan specialists are here for you – reach out today!