What is the average interest rate for a fixed term business loan?
The interest rates of the fixed term business loan we offer range from 8% to 29% depending on the financial situation of your business and the owner.
What are the eligibility criteria?
In order to qualify for any type of business financing with us and our partners, you must meet the following criteria: personal credit score of at least 550, business credit score of at least 1300, the business must be Canadian, the annual sales of the business must be at least 100 000$, the business must have been operating in Canada for at least 6 months and have no active bankruptcy.
Which industries are not accepted?
While we offer loans to over 700 industries, we and our partners cannot service a few risky industries: firearms suppliers, government agencies, horoscope/divination, adult entertainment, government, nonprofits, religious organizations, money service businesses and anything related to lotteries/casinos/betting.
How does it work?
The process to qualify for a fixed term business loan is very easy. To get started, you simply click on one of the big “Get Started” buttons to be redirected to our pre-qualification quiz. Once you’ve answered the questions, you’ll be redirected to a short form that we’ll use to gather some contact and business information so that one of our agents can call you back and better direct you in your search for business financing.
Example of a fixed term loan repayment
In the example of a term loan of 150 000$ at an interest rate of 8% repayable over 24 months. The monthly repayment payments will be 6 784.09$ for a total amount of 162 818.25$. The interest on the loan will be 12 818.25$. You can use the following loan calculator offered by calculator.net to reproduce and view other business loan repayment examples.
We are a 100% Quebec-based company created to help Quebec SMEs find a reliable, flexible and fast financing option.
Satisfaction rate: 99.2%
We fund businesses in more than 700+ industries
Which industries are accepted?
and more than 700 others…
With MicroCapital, whether you are a restaurant owner or a factory owner, you can find financing with us. With a satisfaction rate of almost 100%, we help Quebec SMEs find financing in more than 700 different industries.
What are you waiting for? Click on the button below to get started.