Women receive less 16% of all venture capital funding, yet companies with women in leadership roles outperform their male counterparts by 15%. As unbalanced as this may be, getting financing today is easier than ever for women entrepreneurs thanks to the many options available. However, the sheer number of choices can be overwhelming if you aren’t sure where to start.
What Are Your Financing Options?
Traditional Bank Loan
Bank loans have been the most popular and conventional source of business financing for decades. Traditionally, they have the lowest rates in the industry, but they are also the most difficult to qualify for, especially for small businesses. The application and funding processes themselves can take weeks. Repayment is generally made in one monthly payment.
Small Business Loan
For the most part, bank loans and small business loans with alternative lenders are very similar. Where they differ are the application process, review and payback schedule. They are also slightly more expensive than their bank counterparts. The application is short and can be completed online; funding can happen in a matter of days. Repayment is made in small daily increments.
Merchant Cash Advance
Merchant Cash Advances are not loans in the traditional sense, they are the purchase of future debit and credit card sales. You’re essentially borrowing against your future card sales. Typically, advances are the most expensive of the three options, but the easiest to quality for. Repayment is based off a Percentage of Sales model and aligns with the natural ups and downs of your business – the term and payments are flexible. If sales are strong, you pay back faster. When sales are slow then your repayment is smaller (or even zero when there are no sales at all).
What Do You Need to Qualify?
Different types of financing require different qualifying factors. Let’s look at exactly what’s required for your business to qualify for financing with Evolocity Financial Group.
- A Canadian-based business
- Average monthly sales of at least $15,000
- At least 6 months of sales transactions
That’s it! To find out exactly how much your business qualifies for, take a few minutes and fill the Evolocity online application – there’s absolutely no obligation! Even if your business isn’t looking for financing today, getting qualified and knowing what’s available to you will put you in a great position when the need for extra cash-flow arises.
Since 2008, we at Evolocity Financial Group have made it our mission to provide Canadian SMBs with access to the working capital they need, quickly and easily. As a busy Mompreneur, we understand that you need the flexibility to work on your own schedule. Apply online for up to $300,000 anytime, from anywhere, and receive your funds in a matter of days. We built our technology-driven solutions with your small business in mind, so you can spend less time worrying about financing your business, and more time actually growing your business. Small business financing has evolved.
This content was created by Evolocity Financial Group on behalf of Mompreneur® Showcase Group Inc.
Featured image courtesy of shutterstock.com