Get Pre Approved in Minutes!Small Business In Newfoundland and Labrador
Newfoundland and Labrador form the most easterly province of Canada. On Newfoundland island, the Norse archaeological site L’Anse aux Meadows is the reputed settlement of Viking explorer Leif Erikson. Gros Morne National Park, on the Gulf of St Lawrence, has cliffs, waterfalls and glacial fjords. Southeastern capital city St. John’s is known for the 17th-century Signal Hill citadel, with a hillside walking trail.
Small Business Funding in Newfoundland and Labrador — Choose SharpShooter to Help Your Business Succeed
On Canada’s northeastern extreme, standing proudly against the vastness of the North Atlantic, is the territory of Newfoundland and Labrador. As a provider of small business funding and funding products, SharpShooter Funding® is actively involved in this region, assisting the owners of small and medium-sized enterprises as they pursue the capital they need.
From Hebron up in the north, beyond the Fraser River, down to the more populated southern cities of Newfoundland around the Gulf of St. Lawrence, there are countless small businesses that need assistance and support. We make it our mission to ensure that these businesses can draw upon that support as and when it is needed.
Newfoundland and Labrador relies upon these small businesses to keep money flowing in and to keep the jobs market healthy. As one of the leaders in the alternative funding market and as provider of funding and funding to businesses that need them most, SharpShooter Funding® is proud to be able to support these enterprises and the broader society.
Read on to learn a bit more about how this is one.
Driving the Economy of Newfoundland and Labrador
Traditionally, Newfoundland and Labrador lacked the sort of diverse economy enjoyed elsewhere, like Toronto or Vancouver. Economic activities over here have been historically dominated by the rugged Atlantic coastline and by the natural resources found further in-land. Maritime and mining industries still loom large over the region, but its economy has grown a little more diverse in recent years.
Business leaders in Newfoundland and Labrador recognize the need for increasing diversification. in the last decade, the GDP of the region has remained largely static, hovering generally between $30 billion and $32 billion per annum. With the arrival of COVID-19 in 2020, the perils of a static economy were laid bare, and many areas of Newfoundland and Labrador found themselves in significant economic danger in the face of the virus. Bailouts and other stimuli have been required to keep the economy functioning.
As we look towards a future free from coronavirus and from the restrictions and regulations that have plagued societies and economies across the globe, it is clear that small and medium-sized enterprises will be the driving force during the recovery phase. This is where SharpShooter Funding® is proud to make a difference. We make it much easier for business owners to get the funding they need, which will in turn help the local economy at what is a truly critical time for society.
But what sort of industries will these Newfoundland and Labrador businesses likely be operating in? Mining and the collection and processing of natural resources are two of the major industries in this corner of Canada, but they may be difficult for smaller-sized businesses to break into. So what other options are there for budding entrepreneurs in Newfoundland and Labrador?
Service industries, such as banking and finance, insurance and real estate, as well as retail and wholesale trading, make up a large proportion of Newfoundland and Labrador’s GDP and represent great opportunities for growth and investment in the province. These industries are mostly concentrated around the population center of St John, although other locations also have their own service industries and opportunities.
Elsewhere across the territory, the key industries include agriculture, fisheries, forestry as well as the aforementioned mining and oil sectors.
Applying for Funding in Newfoundland and Labrador
If we are to support small businesses in Newfoundland and Labrador, we need to do this in the right way. This means making it easier rather than harder to apply and to acquire the funding such businesses so acutely need. In order to achieve this, we have streamlined our process. Read on to learn more about the procedure for applying for small business funding and funding products in Newfoundland and Labrador.
- Go to the application form on our website.
In this digital age, we support swift and easy applications online. Head to the application form right here on our site, and then fill out the information as requested.
- Tell us a little bit about what you need.
We work to treat you like an individual, but in order to do this, we first need to know what you need. Use the form to tell us, in as much detail, your aims and objectives for the funding you will receive. We will conduct a more in-depth consultation later on, but this is an important starting point.
- Wait for our response.
We know how stressful and anxious it can be to have to wait around for a decision from a funding provider. This is why we aim to deliver you our decision within around 48 hours after we receive your application.
- Work with a member of our team.
We offer an individualized service, helping you to make sure you get the funding package for your needs in Newfoundland or Labrador. This means we will carry out a consultation based upon what you told us and then provide you with an array of options to choose from.
- Wait to receive your funding.
We have already discussed how our services are designed to be as streamlined and straightforward as possible, and that agility and flexibility are key. With this in mind, we aim to deliver you your funds within around 48 hours of your acceptance of our offer.
- Spend your funds in any way you see fit.
We do provide specific funding for specific purposes in some instances, but, in most cases, you will be able to spend the funds your receive in any way you like, giving you the flexibility your business needs to take advantage of changes in the market.
We are sure you will agree that this is a far more straightforward and simple route to small business funding than that offered by most mainstream banks and funders. Head to the form on this page to begin, or reach out to our team with any questions and queries about what we provide.
Barriers to Small Business Funding in Newfoundland and Labrador: A True Alternative Offered by SharpShooter
Why is SharpShooter necessary for small businesses in Newfoundland and Labrador? Why is an alternative small business funding and funding network required at all? To understand this, we need to look more closely at the barriers that businesses in the territory are up against.
- Many banks are unable to work with small businesses: Some small businesses may operate in as yet undeveloped channels or niche markets, relying on innovation to survive. This is great for business — but less great for the acquisition of funding, as many funding providers simply do not have the knowledge required.
- Many banks will not treat business owners as individuals: Working with mainstream funders often involves accepting off-the-peg products that are not designed for your business. This is because bigger banks deal with so many applicants and candidates that they cannot provide personalized services to all of them.
- Businesses with poor credit will find themselves precluded from funding: Unless you have a long and impressive credit history, it will be very difficult for you to achieve the funding you seek. Unfortunately, many businesses simply cannot draw upon this kind of credit history.
- Repayment schedules are often unsuitable for businesses: Small businesses in Newfoundland and Labrador need to be able to operate flexible repayment schedules that do not drive them into the ground with debt. This is simply not possible from the majority of mainstream funders.
- Businesses need freedom and flexibility from their funding options too: Mainstream funders are more likely to ringfence funds or place restrictions on business funding, reducing the business owner’s freedom and flexibility.
These issues represent obstacles, but obstacles can be overcome. This is what the alternative funding market is all about, and this is why business owners are increasingly turning to alternative providers such as SharpShooter for their Newfoundland and Labrador business funding.
That’s right — the situation is a positive one, and you and your business can gain access to the funding you need, even if you have been turned down before. Here’s how SharpShooter Funding® works.
Connecting with the Funding Your Small Business Needs in Newfoundland and Labrador
SharpShooter provides a real alternative for businesses looking for funding. Let’s examine what this means:
- Business owners will have better access to funding, even those that do not have a great credit history.
- For new businesses, or for business owners with bad credit, options like cash advances provide viable alternatives.
- We won’t keep you waiting around, and you will receive a decision within 48 hours.
- Your funds will follow, usually within 48 hours of your acceptance of our terms.
- We provide a range of different repayment options for business owners, helping you achieve the flexibility you need.
- We say yes to over 80 percent of applications, making SharpShooter your best best for acquiring small business funding and funding in this territory.
- We treat you like the individual you are, working closely with you to understand what you need and then putting this knowledge and understanding into action.
- We offer close support at all stages of the process so that you know we are only an email, web query or phone call away.
Small and medium-sized enterprises are the future of Newfoundland and Labrador. Together, we can support this territory and its communities as they move forward towards a bright and happy tomorrow. Send us your funding application today, and let’s begin. Or reach out to our team with any questions.
Ontario
British Columbia
Manitoba
Saskatchewan
Nova Scotia
New Brunswick
Newfoundland and Labrador
Alberta
Prince Edward Island
Quebec
Northwest Territories
Nunavut
Yukon