Toronto is a great place to start a business. Not only is it one of the biggest cities in North America, but it is the most populous city in Canada. It’s also growing at a rapid rate. More newcomers are welcomed in Toronto than any other city in the country. By 2046, the population is expected to grow to 4.27 million people.
People are attracted to Toronto for a variety of reasons, including the thriving economy. According to the Toronto Employment Survey, there are over 1.5 million jobs in the city. There are also hundreds of thousands of businesses in the sprawling metropolis. Most of these are small and medium-sized businesses.
If you’re considering starting a business in Toronto – then these statistics can sound like something of a double-edged sword. On one hand, the demographics of the city provide many business opportunities. In a multiculturally rich city with many different communities, there are many needs for businesses to fill.
On the other hand, competition is stiff. What’s more, it can be challenging to find a good location. Not every commercial area has access to parking. The city also has many bylaws and regulations that should be studied carefully by business owners. Then, there are the freezing temperatures of winter, which dent affect revenue.
However, small businesses that overcome these challenges find themselves on the road to profitability. One of the biggest hurdles small business owners in the city face is the lack of funding. Businesses may need funding at any time because of the occasionally volatile nature of business in the city. Fresh enterprises need adequate funding. More experienced businesses can urgently need gap funding after facing unexpected costs or a downturn in revenue. And profitable businesses can require funding to take advantage of business opportunities or to expand before their market share is stolen by the competition.
Traditional funders like the major banks can take up to a month to process your application. They may require a good credit report, strong cash flow, a history of profitability, or collateral. Even after approving your funding, they can take anywhere from 30 to over 60 days to provide the funds.
That’s why alternative business funding in Canada are becoming more popular from online funders like SharpShooter Funding®. We’re in partnership with Canadian wrestling icon, Bret “The Hitman” Hart, who is known for successfully competing with some of the biggest and fiercest competitors in the ring on his way to 32 championships.
Today, The Hitman and SharpShooter Funding® stand up for the little guy. We know that small-sized businesses help keep the Canadian economy so resilient. 98% of all the businesses in the country are small to medium-sized and employ nearly half of the workforce.
However, small businesses face many challenges, such as e-commerce giants and multinational companies with the resources to outprice. In cities like Toronto, despite the opportunities, they face even more challenges.
Unfortunately, most small businesses close within the first year of their operation. And a vast number of them because of not enough capital. That’s why at SharpShooter Funding®, we provide many alternative funding options that can suit a variety of needs or small business owners.
If you’ve been rejected by the big banks, then explore alternative business funding in Toronto from SharpShooter Funding® to help your company survive or thrive. Here are some interesting options that can help business owners in the city.
Merchant Capital Advance (MCA)
An MCA is a quick injection of funds based on your forecasted future. When you apply for an MCA at SharpShooter Funding®, your credit won’t be affected. What’s more, there is a 90% approval rate. Applications that are accepted are funded within 24 to 72 hours. Compare this to a bank that can take up to three months to release your funds if they approve your request.
MCA’s are best for businesses that are in a financial emergency and want affordable and flexible funding. Typically, businesses such as restaurants, fitness clubs, dental clinics, retail stores, or beauty salons benefit from an MCA. To qualify, your business must have existed for at least 60 days. It should also have a good cash flow.
Bad Credit Funding
If your business has bad credit, then you may find it difficult to secure funding from a traditional source. At SharpShooter Funding®, we can still give businesses with bad credit a chance by offering smaller sums that are leveraged by collateral or cash. Because of the size of the sum, you can pay it off quickly, and improve your credit, opening the door to better funding.
Unsecured Business Funding
If your business doesn’t want to put collateral or cash on the line and doesn’t want a merchant cash advance, then you can apply for an unsecured business funding. This is for companies that have good credit but don’t want to risk their assets and need to quickly meet their operational costs. We approve 75% of the applicants who apply for unsecured funding and provide the funding within 24 to 72 hours after approval.
It’s easy for a business to run into a funding gap in Toronto. Your forecasted cash flow is good, but you need a low risk, easily obtainable, and fast financing to bridge the gap. This short-term funding can help you pay your fixed costs, perform emergency repairs, or buy inventory for your seasonal business when in a bind.
This financing option is for profitable companies that are rapidly growing and need a financial package to cover their business expenditures and operational costs. If your business in Toronto needs quick money to expand or take advantage of a business opportunity, we can approve funding on the same day as you apply and release the funds within 72 hours. Our assessment is based on the health of your business.
Unfortunately, traditional funders can take 30 days to approve your application and 60 more days to provide the funds. In the fast-paced economy of Toronto, this is simply too long for a thriving business that needs to invest in staff, training, supplies, equipment and other needs to finance its growth.
Businesses in Toronto can need funding at any time. Whether you’re looking for a quick injection of funds or a bigger financial package, at SharpShooter Funding® you can find multiple options with different financial metrics that suit the strengths of your business.
Categorised in: Blog
This post was written by sharpshooterseo