A fixed repayment loan for SMEs is a loan (the amount of which varies depending on your needs) that must be repaid by the business in predefined regular installments until the loan and the interest are repaid 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 Canada, 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.
Private lending: When banks are not an option for your SME, you can borrow from private lenders. If you deal with a reputable private lender, you can get a better interest rate than what is offered at the bank in addition to a higher amount.
Subsidies: Difficult to obtain, but very practical since they do not have to be repaid, subsidies are an excellent source of financing for SMEs.
Interest rates for fixed repayment business loans we offer vary between 8% and 29% depending on the financial health of your business and its owner. The stronger the financial situation, the more favorable the interest rate will be (and vice versa).
What are the eligibility criteria?
To be eligible for business financing of any type (fixed term loan, flexible funds, etc.) with us and our partners, you must meet the following criteria: – Have a personal credit score of at least 550 – Have a business credit score of at least 1300 – Be a Canadian business – Have an annual turnover of at least $100,000 – Have been operating in Canada for at least 6 months – Not be in active bankruptcy
What is an SME?
An SME stands for Small and Medium Enterprise. This is a company that has a relatively small workforce and limited turnover, compared to large companies. In Canada, an SME is a business with less than 500 employees.
Which industries are not accepted?
Although we provide loans to over 700 industries, we and our partners cannot provide financing for certain industries considered risky: adult entertainment, government agencies, horoscope/divination, public administration, NPOs, firearms suppliers fire, religious organizations, money service businesses and all lottery/casino/betting related activities.
How does it work?
Click any of the “Get Started” buttons on this page to apply for a business loan with our funding partners. You will be directed to a 3-question quiz to pre-qualify your business. An agent will then contact you to guide you through the final steps.
Example of repayment of a fixed-term loan
Example of a loan of $240,000 at an interest rate of 8% repayable over 18 months: the monthly repayment payments will be $13,577.76 for a total amount of $245,661.28. Interest on the loan will be $5,661.28.
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…
MicroCapital offers you access to financing solutions adapted to the activity of your SME, whether you need a loan to finance salaries for your employees, equipment, machinery or any other need or emergency,
We are here to help you. 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?