This information has been assembled to help all Canadian Small Business Owners understand what Small Business Funding has to offer within Small Business Funding approvals and Merchant Cash Advance (MCA) approvals, and more importantly how the funding works and what your Canadian business is being offered by SharpShooter Funding®.
Bank Only EFT (Electronic Funds Transfer) is designed for Canadian businesses whose revenue does not come primarily from credit cards. Instead, repayment is collected daily, weekly, biweekly or monthly, in small increments. A merchant cash advance (MCA) deducts repayment at point of sale from credit card purchases. Repayment is automatic with sales and based on a percentage. SharpShooter Funding® can customize your Bank Only EFT or MCA Approval based on your business’s health and immediate needs.
Unlike a bank or a venture capitalist, SharpShooter Funding® will not monitor or restrict your use of your Small Business Funding. Nobody knows your Canadian business better than you do Whether you need the Small Business Funding for marketing, equipment, inventory, existing debt, an emergency, or a time-constrained opportunity, you can use our Small Business Funding approval to help grow your business immediately.
First, complete the SharpShooter Funding® 100 Second Online Funding Application. Then send in via email or fax your last Six (6) Months of Business Banking Statements. Download the statements from online banking through your bank’s website.
Bank Only EFT approval amounts may be on the lower end of the spectrum, the more we do business with you, the higher amounts of funding we will approve your business for. For an MCA, you can receive up to 166% of your Canadian Business’s monthly sales, in the range of $1,000 – $300,000.
We do not fund startups. If you have been in business for over 100 days in Canada and have monthly deposits and sales of over $4,166, you qualify for Small Business Funding. Whether your revenue comes from credit cards (MCA) or invoices and bank deposits (EFT), our Canadian Small Business Funding specialists will work with you to get your advance.
After submitting our 100 Second Online Funding Application, you will receive a no-obligation Small Business Funding approval from one of our underwriters within 24 hours. Should your business choose to accept the Small Business Funding approval provided by SharpShooter Funding®, your Canadian Business Funding can be available within 24 hours.
SharpShooter Funding®’s Small Business Funding approvals are designed to allow Canadian business owners with bad credit to still receive the funding they need. SharpShooter Funding®’s primary consideration in formulating our funding approvals comes from your Canadian Business’s annual revenue. If your Canadian Business has a profitable business without ideal credit, you can still qualify for Small Business Funding.
Yes. Small Business Funding and merchant cash advances are evaluated on a case-by-case basis, and a funding does not necessarily exclude your Canadian Business from eligibility. If you meet our Canadian eligibility requirements, reach out to us by email, or phone to speak with one of our Canadian Small Business Funding specialists about your Small Business Funding options.
No, an advance is NOT traditional financing. With traditional financing, interest is placed on the money given by the funder based on both a fixed amount and time. The longer it takes to pay back, the more expensive the funding becomes. With Small Business Funding and an advance, a fixed percentage rate of sales is established up front. We are purchasing your business’s future sales at a discounted rate. Also unlike a Canadian Bank funding, SharpShooter Funding® does not require a good personal credit score or collateral. Small Business Funding and a merchant cash advance are issued based on your company’s revenue.
SharpShooter Funding® will review the bank statements and Funding Application your Canadian Business provided in order to customize a Small Business Funding approval that best fits your Canadian business. From there we connect with you and go through several options to better serve your Canadian Small Business.
Pricing is determined on a case-by-case basis. Several factors, including repayment time frame, underwriting review of business cash flow may affect pricing
Most Merchant Credit Card Processors will allow Canadian merchants to work with Small Business Funders. In the event that your current Merchant Credit Card Processor, you may have to switch. Generally, as a rule of thumb, there are no early termination fees. If there is, your Canadian Business will be responsible for payment.
SharpShooter Funding® will deposit the Small Business Funding directly into your Canadian Business Bank Account via wire or EFT.
All Canadian Small Business Funding approvals are custom tailored to fit your Canadian business immediate needs, including cost. One of our Small Business Funding specialists will determine the funding your Canadian Business qualifies for with a free, no obligation phone consultation. Simply call now to get your Canadian Business approved for Small Business Funding today.
If you are struggling with repayment, call into our office immediately. One of our Small Business Funding specialists will work with your Canadian Business to make sure you can meet the terms of the funding account. SharpShooter Funding® strives to be as flexible as we can to grow your business.
SharpShooter Funding® is available 7 days per week. You can call into our office Toll Free (866) 644 1353 Monday through Friday 8am – 8pm. Saturday 8am – 4pm and Sunday 9am – 1pm. You can also email in anytime at email@example.com
Small Business Funding can provide immediate cash flow, strengthen your Canadian Business and/or working capital for your Canadian Business. When used properly, this can allow a business to improve sales and profit. A Canadian business gains an advantage when they get immediate cash that can be used to purchase inventory at a substantially less price. Suppliers sometimes offer a small discount (around 2%) when they get paid immediately (or usually within a 10-day period.) In this case, it can work out that the discounted supplies and subsequent profit made from them offset the cost of borrowing money. When this strategy works in a Canadian business’s favor, they have gained financial power. The bottom line is that it’s up to the business seeking financing to get all the necessary information, read the fine print and to develop their strategy from there.
Canadian Applicants for Small Business Funding will submit merchant account statements and business bank statements so that the Small Business Funder has a good idea of sales history, seasonal ups and downs, and cash flow activity. All of these affect repayments.
One of the most highly touted advantages is that it said to be a fast and easy application process. In fact, most Small Business Funders offer online applications. Approval rates tend to be high and the turn-around time on applications can be as short as a few business days. Bank funding, in comparison, require a lot of lead time and have a complex application process, heavy documentation and strict funding restrictions.
The amount of personal and business information that is examined when applying for Small Business Funding is much less than a traditional bank financing application demands. Credit ratings are often not checked since providers are not assessing your creditworthiness like a bank would when assessing a funding application.
Retail merchants have long been considered risky by the banking industry. Failure rates are very high for small retail businesses, service companies and restaurants.
Verification of the approved Canadian business location is commonly requested: this may be in the form of a property lease or mortgage. This is done to ensure that the business is legal, stable and that all information is accurate. Further documentation such as a void cheque from the company bank account, a Canadian business license, and personal documentation such as a Canadian photo ID may be requested. There have been reported cases where tax returns and financial statements were asked for.
Besides online applications, SharpShooter Funding® uses phone interviews; ultimately, this type of Small Business Funding need not be done face to face. The application process begins with basic information to see if the business ‘pre-qualifies’ for funding. If so, there will be an offer for how much funding the company qualifies for and the repayment terms which include an estimated time frame and a daily percentage rate (daily, weekly, bi-weekly or monthly, not annually) SharpShooter Funding® will take out of future credit card sales. The timeframe has to allow for variations in sales volume.
Applications are one to two pages long. Relevant business and personal information will be requested. Contact information for the business’s bank, vendors or landlord may be required. A credit review will likely be asked for. Recent (from 1-12 months’ worth) of bank statements will be requested in order to assess average daily sales.
Before funding is put into place, the Small Business Funder and Applicant (Merchant) must establish a method of transmitting credit card revenues. This is where the merchant account processor comes into play. There can be restrictions around the merchant account processor used.
Although many companies claim that a credit check is not an issue when it comes to getting Small Business Funding, it’s common for many Small Business Funders to request business and personal credit information (which may include credit rating or credit score.) Issues likely to result in a declined application include tax liens, court cases or outstanding judgements, current or prior bankruptcy filings, foreclosures, lapse in mortgage payments and more.
SharpShooter Funding® will seek an interview when an application is under consideration or about to be approved; often, this is done by phone. The provider is likely to vet references such as the business bank, business property landlord and perhaps vendors, in order to verify information. Sometimes the references need to be put into writing, other times a verbal reference is acceptable.