A fixed loan for SMEs is a loan whose amount varies according to the needs of the company. It is to be repaid in predefined regular installments until the loan and interest are paid in full.
What are the eligibility criteria?
To qualify for a business loan, you must meet certain criteria:
Annual income: $100,000
The company operates in Canada
The company has been operating for at least 6 months
No active bankruptcy
Who can lend money to an SME?
In Quebec, there are several options available to SMEs to help them find financing.
Here are some of the most popular:
Bank loan: The bank loan is the most traditional method of financing, but often the least accessible given the wide range of requests from large banks.
Grants: Grants are an excellent source of funding for SMEs because they do not require repayment, although they are difficult to obtain in the majority of cases.
Private loan: If banks are not an option for your SME, you can obtain a loan from private lenders. By doing business with a reputable private lender, you can benefit from a lower interest rate than that offered by banks, as well as a higher amount.
The interest rates for fixed repayment business loans that we offer vary between 8% and 29% depending on the financial situation of your business and that of its owner.
What are the eligibility criteria?
To qualify for business financing with us and our partners, you must meet the following criteria: have a personal credit score of at least 550 and a business credit score of at least 1300, be a business Canadian, have an annual turnover of at least $100,000, have been in business in Canada for at least six months and not be in active bankruptcy.
How can an export SME use financing?
An exporting SME can use financing to finance various export-related activities, such as: 1. New Product Development: Funding can help research and develop new products to meet foreign market needs. 2. Market Expansion: Funding can be used to cover the costs of marketing and expanding the business into new markets. 3. Improved production: Funding can help upgrade production infrastructure to increase productivity and improve quality. 4. Cash management: Financing can help maintain good cash management to ensure the business has enough cash to pay suppliers and employees, as well as cover shipping and other related costs. on export. 5. Risk Cover: Funding can be used to cover export-related risks, such as exchange rate fluctuations, political risks, insurance costs and legal fees.
What industries are not accepted?
Although we provide loans to over 700 industries, we and our partners cannot provide financing for certain industries considered risky: firearms suppliers, government agencies, horoscope/divination, adult entertainment, public administration, NPOs, religious organizations, money service businesses and all lottery/casino/betting related activities.
How does it work?
To apply for a business loan with our funding partners, click any of the “Get Started” buttons on this page. You will be taken to a three-question quiz to pre-qualify your business. Then, an agent will contact you to guide you through the final steps.
Example of repayment of a fixed-term loan
Here is an example for a loan of $75,000 at an interest rate of 8% repayable over 18 months: the monthly repayment payments will be $4,254.02 for a total amount of $76,572.36. Interest on the loan will be $1,572.36.
You can use the following loan calculator provided by calculator.net to reproduce and see other examples of business loan repayment.
Our 100% Quebec-based company was created to offer Quebec SMEs a reliable, flexible and fast financing solution.
Satisfaction rate: 99.2%.
We finance SMEs in over 700 different industries
Which industries are accepted?
and more than 700 others…
At MicroCapital, we offer financing solutions tailored to the needs of your SME, whether to finance the salaries of your employees, the purchase of equipment, machinery or to meet any other need or emergency.
With a satisfaction rate close to 100%, we support Quebec SMEs in more than 700 different sectors to help them find the financing they need. What are you waiting for?