Long-term small business funding from lenders like banks and the Canada Small Business Financing Program (CSBFP) have historically been the go-to option for small businesses seeking funding in Canada. But long-term loans aren’t always the best option for your small business—sometimes, short-term small business financing can make more sense.
Long-term loans are often ideal for businesses that have established good credit, a strong financial history, and a solid cash flow. Short-term loans, on the other hand, may be a better option for new businesses who need fast working capital or who may not meet the strict requirements of traditional lenders.
To help you understand the difference between short-term business loans and long-term loans, we took a closer look at both funding options and when to consider them in our latest article for Smarter Loans, an online lending resource in Canada.
Read the full article to learn more about:
- Repayment terms for short- and long-term funding
- Types of short- and long-term funding
- Short- and long-term business loan rates
- Qualification requirements
- When to use a short-term loan vs long-term loan
- Advantages and disadvantages of short- and long-term loans
- Who should apply for short- and long-term business funding
- Can you get a business loan without collateral?
- How to get a business loan without collateral, including lender types, funding types, and required documentation
The Secrets to Running a Successful Business
Fast-track your business success by watching this informative webinar hosted by Jordan Fein, CEO of Greenbox Capital.
