Tips on How to Take Your Restaurant on the Road with a Food Truck

Canadians love food trucks. Though we initially lagged behind our neighbours to the south when it came to restaurants on wheels, in recent years food trucks have flourished in Canada and become a mainstay of festivals, special events and everyday urban life.

The rise of food trucks in Canada presents restaurateurs and aspiring restaurant owners with an enticing alternative to traditional brick-and-mortar restaurants. Compared to the costs associated with opening and operating a traditional restaurant, sourcing the business financing to start a food truck can be much more realistic. Here are just some of the benefits of starting a food truck:

• Low Startup Costs: The average cost of starting a food truck is only a fraction (20-25%) of a brick-and-mortar restaurant. This is true whether you are looking to start a new restaurant, or expanding your business to a second location.
• Keep Overhead Costs Down: It takes a village to run a restaurant – hosts, servers, a line of cooks and cleaning staff. A mobile restaurant on the other hand typically only requires three people at a time to run efficiently.
• Test Drive Various Locations: Even if you have your heart set on opening another brick-and-mortar restaurant, you may be having doubts about the best spot for your first, second or third restaurant location. Every neighborhood has a unique flavor and a taste for different foods. By visiting different areas with your food truck, you can test and learn which locations respond best to your brand.
• Build Brand Recognition and Loyalty: A food truck is not only a mobile restaurant; if branded well, it can also act as a billboard on wheels for your small business. A food truck allows your restaurant to have a presence at the busiest intersections, top sporting events and hottest festivals. Take your restaurant to the Calgary Stampede or the Ex in Toronto. The road’s the limit! Original Source…
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  Lendified
  330 Bay Street, Suite 306
  Toronto, Ontario
  Zip Code: M5H 2S8
  Business Phone: +1 647 381 9218
  Business E-mail: troy.wright@lendified.com

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Summer Construction Survival Tips for Small Businesses

Most cities in Canada have two seasons: winter and construction – or so the saying goes. We asked our Toronto team how small businesses adapt during the construction season and wanted to share the details with you to help your business succeed.

Our Conversation with Lendified’s Toronto Team:

What type of construction do your small business customers deal with in Toronto?

It varies according to the location. Every summer, we see construction across the GTA ranging from routine projects like fixing potholes to larger projects like streetcar track maintenance. Summer 2017 marks the commencement of a major initiative to overhaul the Gardiner Expressway, starting with the demolition and rebuilding of a popular eastbound ramp. These types of projects, along with the usual construction activity across the city, provide great long term benefits to the community, but in the short term they clog streets and cause headaches for many consumers, employees, and business owners.

How does the construction impact small businesses?

Construction and roadwork can make it difficult for customers, clients, partners, suppliers and employees to get to your business on time. This can be especially painful for employees since the worst congestion is experienced during rush hour when commuters make their way to work.

What can business owners do to combat the effects of the construction?

There are 5 things we have seen small businesses do to thrive:

1. Make it worth their while
If getting to your business has become a hassle due to construction projects, offer incentives and rewards to your customers for making the trip. Offer discounts, points and promotions – anything you have at your disposal – just as you might during any lull or difficult stretch. Small businesses can also draw in additional foot traffic by offering special events and attractions at their place of business. Idea: Try partnering with other businesses in your area or reaching out to your BIA to see if you can work collectively with other businesses in your area to tackle common problems.

2. Become a traffic guru

Stay apprised of what is happening in respect to construction and road closures. You can subscribe to online alerts or simply find your go-to source on the radio, television or online. Utilize your website and social media, as well as direct communication channels (such as mail, newsletter, email, phone) to warn customers about the closures or delays that may impact your place of work. Idea: Post maps on your website suggesting alternate routes and identifying parking to make your customer’s trip as smooth as possible.

3. Pivot

If possible, shift focus to your online, delivery or mobile services. Do you run a retail business? The summer might be a good time to open up that online shop you’ve been thinking about. Promote your online services via social media and email, to ensure your customers are aware that there are other ways to do business with you. Idea: If you offer professional services consider doing sessions via FaceTime or Skype – your clients might appreciate the alternative option. Click here to visit original source…

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Lendified
330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail: troy.wright@lendified.com

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How Creative Agencies can Benefit from Business Loans

Canada’s creative economy is growing. Yet compared to their counterparts in the technology sector, creative agencies often struggle to find adequate sources of financing and working capital. While there are ample funds available for tech startups via investors, crowdfunding and grants, small businesses in the creative industry (such as graphic designers, photographers, digital agencies and advertising firms, to name a few) have traditionally had to go through big banks to apply for business loans. This lengthy process would often result in rejection, leaving small shops out to dry.

The funding landscape in Canada has changed in recent years and creative agencies can now access funds quickly through reputable online lenders that specialize in the needs of small businesses.

So, what can a creative agency do with a small business loan? We have a few ideas.

Find Your Don Draper

In the creative economy talent is your greatest asset, so when opportunity knocks, make sure you have assembled the team you need to meet your clients’ expectations. A creative guru or reputable strategist can help bring credibility and buzz to your agency; a sales wizard can exponentially grow your business. Whatever your needs, finding the right fit for your small business can be a lengthy process, often requiring support from a recruitment or executive search firm. Once hired, the new recruit needs to be trained. It may take a few months before you really see the return on your investment – this is where small business loans can come in handy.

Invest in State-of-the-Art Equipment

The creative industry is constantly evolving thanks to advancements in technology. Tech can be an incredible enabler, allowing you to take your service to the next level. But falling behind and working with old software or equipment can make it even harder to compete with the agency next door that has all the latest gadgets. Agencies can leverage small business loans to invest in digital cameras, video equipment, up-to-date hardware and game-changing software to snag those big accounts that will help your business grow.

Creative Space

A creative agency needs a space that showcases its culture, aesthetic and talents. A modern, cool, collaborative workspace has become synonymous with the creative industry and for good reason. Creative spaces not only make a good impression on clients and prospects, but can help attract top talent and keep them engaged. A small business loan can bring your vision to life when put towards real estate, renovation, design and décor. Original Source…

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Lendified
330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail: troy.wright@lendified.com

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Crowdfunding vs. Small Business Loans

Crowdfunding has proliferated in recent years, with platforms like Kickstarter and Indiegogo making the news alongside celebrity-backed projects and high profile startup success stories. During this time, scores of online platforms have emerged offering small business owners an opportunity to create campaigns to fund projects of all sizes.

Crowdfunding has grown in popularity but is just one of many sources of capital available to small businesses. Read on as we explore how crowdfunding stacks up against online lending and other small business financing options in Canada.

How Crowdfunding Works

Crowdfunding is an offshoot of crowdsourcing, the practice of using the internet to source input and ideas from the masses. Crowdfunding is a similar concept, but the focus instead is on sourcing funds to finance projects in areas spanning arts, startups, social and even personal causes.

Though concepts vary, crowdfunding works by connecting individuals in need of capital (“creators”) with funders (“backers”). In most cases, funders don’t receive equity or ownership in exchange for backing a project – though “rewards” are offered. The main benefit for funders is the opportunity to support something they believe in.

The types of projects that perform better on crowdfunding platforms include artistic projects (like music and film); consumer tech and gadgets; eco-friendly initiatives and social enterprises. Projects associated with celebrities also perform well due to the publicity they garner.

Not All Projects Get Funded

While some projects are a good fit with the crowdfunding model, it’s not a fit for everyone. For instance, there are certain types of projects such as solo projects by first-time entrepreneurs that tend to underperform. Ultimately, there are no guarantees and after much time and effort, you might find yourself still in need of capital and having to start over.

Getting Funded is a Hustle

In addition to the hustle and grind of running your small business, sourcing capital through crowdfunding is a major project in itself. Crowdfunding requires a significant amount of campaigning (and often funds) to raise awareness about your project. Many of the resources one might employ to market their small business might need to be diverted towards promoting your funding campaign. Without the backing of a high-profile figure, you’ll need to rely on compelling copy, creative and media to share your vision, as well as social media marketing campaigns to get to your goal. This often includes upfront investments in video production, advertising and public relations.

Crowdfunding Takes Time

Crowdfunding can only work for you if time is not of the essence. Most campaigns run for at least 4 to 5 weeks. This of course does not include the time ahead of launching required to prepare a strategy, develop materials and set up your campaign. In contrast, many new online lenders such as Lendified offer an application process that takes minutes to complete and provide you with funds in days. So, if time is a factor and you need fast access to capital, crowdfunding is not the best option for your business. Continue reading visit original source…

Contact Us:Lendified
330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail: troy.wright@lendified.com

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Should You Buy or Lease Equipment for Your Business?

To buy or to lease – that is the question. Many small business owners find this a hard one to answer. Read on as we explore how equipment leasing stacks up purchasing the equipment outright.

Pros of Leasing Equipment

• Conserve working capital: Purchasing equipment can require a significant chunk of working capital. This is one of the main reasons why the option to lease equipment exists. It allows businesses to obtain equipment with little upfront cost or investment.
• Keep equipment up-to-date: If having the latest, state-of-the-art equipment is essential for your business, equipment leasing can be a good option. Depending on your arrangement, you may be able to lease as long as you want and upgrade equipment as needed.
• Tax benefits: Your balance sheet shows lease payments as expenses rather than long-term debt. As always, speak to your accountant about tax implications before making significant financial decisions.

Cons of Leasing Equipment

• Higher cost: When you do the math and break down the numbers, equipment leasing is unfortunately one of the more costly financing options for small businesses. Because leasing companies typically don’t use equipment for the duration of its lifespan, they have to bump up the fees to recoup the cost.
• Nothing to show for it: At the end of the day leasing equipment equates to no ownership. That means despite your investment, there is no ability to resell equipment and recover costs. Original Source...

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Lendified Inc.
330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
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10 Tips For Small Businesses Using QuickBooks

QuickBooks is absolutely essential accounting software. Nearly every small business owner uses it because it simplifies bookkeeping. This doesn’t mean QuickBooks is easy to use. It requires some practice and can be challenging for even the most experienced among us. However, QuickBooks is worth the effort and we have put together 10 tips to help you make the most of the software.

1. Leverage The Training
   Like anything else, understanding the basic principles makes the job much easier. Make use of all the training QuickBooks provides and spend some time playing around with the software before using it. Being familiar with the interface will make you a knowledgeable and confident user.
2. Back Up Your Data
   This is just as crucial as learning the basics! Use the QuickBooks Online Option to store your data in the cloud and rest easy knowing that a power outage or accidentally closing the program will not result in data loss. You spend time and effort compiling important data so make sure you don’t lose it unintentionally.
3. Use Strong Passwords
   Make sure you do your best to protect your data by choosing a strong password. You can change your current password in the Account tab.
4. Customise User Access
   When working with sensitive data it is important that access is restricted to only those who need to have it. You can easily change the settings to define what kind of access each user has for any given account.
5. Customise The Icon Bar
   Having useless icons on your Icon Bar limits efficiency. Eliminate the clutter and customise your Icon Bar to reflect only your most used icons. This way you have your favourite icons close at hand and avoid distractions. Use View>Customise to customise your workspace! Original Source...

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Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
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Things you should know about Merchant Cash Advances

A merchant cash advance (also known as a business cash advance) is one of many alternatives available to small business owners in need of capital quickly. But what exactly is a merchant cash advance – and is it right for your business? Read on as we break down and weigh the pros and cons of merchant cash advances for small businesses.

What is a Merchant Cash Advance?

In simple terms, a merchant cash advance (MCA) is a lump sum of cash paid upfront in exchange for a percentage of future credit card or debit card sales. Business owners may turn to a MCA when they need access to funds quickly and are not aware of other alternatives, or if they believe their credit isn’t strong enough for them to be eligible for a loan. While in some situations a merchant cash advance may be a good option, it is important to keep in mind the risks and fees associated with this unregulated segment of the lending industry.


Are Merchant Cash Advances Considered Loans?

There is a common misconception that a merchant advance is a type of loan, when in fact it is actually a form of a sale. The confusion is understandable since there are similarities. Like a small business loan, a merchant cash advance is a financing option that small business owners can put towards costs such as rent, payroll, equipment or marketing efforts. However, merchant cash advances are not repaid in the same way as a loan. Instead of making regular payments, the business makes payments every time they receive card payments from customers. Since MCA repayments are based on credit card sales, the payments ebb and flow with your business. Some businesses find this method more manageable, while others find the constant payments difficult to manage. Read more click here for original source...

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Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
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Why You Need a Business Loan (Not a Personal Loan) for your Business

We’ve all heard the sayings about “mixing business with pleasure,” warning that business and personal matters could be a risky combination. This is especially true when it comes to finances.

It’s not uncommon for Canadian small business owners to look to personal loans for capital, especially newer businesses that have yet to establish the credit history required by many traditional lenders to be considered eligible for a small business loan.While the temptation to use readily available personal credit for business may be strong, there are some key considerations to take into account first.

Protect Your Personal Credit

The stakes are high when it comes to your business, and often there is more than your reputation on the line. But the reality is that while businesses can come and go, your personal credit history will always stay with you, and will always need to be monitored, managed and maintained. Personal loans in Canada are intended for life goals and major milestones, so making these funds available to your business can be a gamble. Remember, lenders are not the only ones looking at your personal credit – landlords and employers often look at your personal credit score too.

One of the major factors that impact your personal credit score in Canada is utilization ratio – in other words, how much of your total available credit you are using. Obviously, if you are using personal loans and credit cards for both personal and business needs, you may appear maxed out and stretched to credit bureaus. Other credit behaviours such as seeking out multiple loans may raise red flags as well.

Building Your Business Credit Profile

As your business matures and grows, it will become increasingly important to establish and grow a healthy business credit profile. Without a good credit history, your business will struggle to access credit in the future. Obtaining even small loans or low-limit credit cards as early as possible can help you demonstrate good behavior as a small business owner early on. Alternatively, using personal loans for capital does nothing to help your business credit. Original Source...

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330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail:  troy.wright@lendified.com

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How Restaurant Loans can be the Secret Ingredient to your Restaurant's Success

The restaurant industry has a reputation for being a tough but exciting one to work in – this is especially true for the small business owners behind it. In addition to a passion for food and considerable knowledge of the hospitality business, another key ingredient is needed for a restaurant business to be successful. Capital is essential throughout the lifespan of your restaurant business. Below are 8 ways that restaurant loans can help your business thrive.


1 - Upgrade your Equipment or Furniture

A restaurant loan can give your business a game-changing boost if you use the capital to purchase or replace equipment. Some types of equipment, such as cooking and refrigeration are essential to the business and can be very costly. Fortunately, with a restaurant loan you can get the equipment you need without compromising on quality.

Other areas to invest in include furniture and décor. Small changes such as new chairs can go a long way. To truly switch things up – and generate some buzz – put your restaurant loan towards remodeling the dining room or bar.

2 - Prepare for your Busy Season

The restaurant business is often seasonal, and preparing for high-season can require additional capital. You’ll likely have to extend your hours, hire and train seasonal staff, stock up on inventory for special events and seasonal updates, get new outdoor furniture, and provide a holiday menu. A short-term restaurant loan is ideal for investments like these because you are able to get a good return on your capital, pay off your loan quickly, and get ready for the next season.

3 - Access Funds Quickly in a Crisis

When restaurant equipment breaks down it needs to be replaced or repaired immediately. Even a few days of downtime could be a recipe for disaster. Sometimes the restaurant space itself may need an emergency repair or cleaning. If a fire broke out in the kitchen or flooding ruined your dining room floor, you might find yourself in a bit of a pickle. Online restaurant loans are ideal for such emergencies, giving you access to funds as early as the next business day.Content Source...

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330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail:  troy.wright@lendified.com

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Claire from Boutique Diamonds shares her story and advice for small business owners

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We had the pleasure of interviewing Claire, the founder of Boutique Diamonds to learn about her experience as an entrepreneur. Claire has used Lendified to help grow her business and we are proud to share her story below.

Interview with Claire from Boutique Diamonds:

Can you tell our readers a bit about you and your business?

I'm a diamond broker and private jeweller specializing in custom jewelry pieces. My goal for Boutique Diamonds is to create a true custom experience for the client. I like to create a low-pressure environment where I can educate the client about the best way to purchase diamonds and jewelry; really involving the client in choosing the perfect stone and creating a custom design that they love. Not only does the client walk away feeling educated and empowered about their purchase, but they also know that they got the most for their budget.

How did you come up with the idea for Boutique Diamonds?

I worked on cruise ships for years as a Professional Shopper in diamonds, gemstones and luxury brands. The duty free market in the Caribbean is known for some of the best jewelry shopping in the world. Original Source...

Contact Us:

Lendified
330 Bay Street, Suite 306
Toronto, Ontario 
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail:  troy.wright@lendified.com

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P2P Lending: Is a Peer-to-Peer Loan Right for Your Business?

P2P Lending: Is a Peer-to-Peer Loan Right for Your Business?

P2P (short for peer-to-peer) lending refers to a model that connects investors with borrowers – both individuals and businesses – via an online marketplace. P2P lending is also commonly known as marketplace lending or “crowdlending.” It works by using technology to match borrowers and investors directly, eliminating the need for traditional creditors such as banks or other financial institutions to act as facilitators.Without the overhead costs associated with a middleman, P2P service providers are able to pass the savings on to end users (borrowers and investors). For borrowers, peer-to-peer lending boasts many of the same benefits offered by online lending platforms: fast, flexible access to business capital at competitive rates. Meanwhile, the P2P lending platform gains revenue from charging service fees on each loan.


Understanding P2P Lending in Canada

P2P lenders have existed for some time in the US (some states only) and abroad. Prominent examples in the US include Lending Club and Prosper, both of which launched in 2006 and paved the way for others. In Canada it has taken much longer for the P2P lending industry to take off. Until last year, peer-to-peer lending was not permitted by Canadian securities regulators. Following urging from the financial technology community calling for governments and regulators to support Canada’s budding P2P space (such as this open letter from the National Crowd Funding Association of Canada), the Ontario Securities Commission unveiled OSC LaunchPad, a program that works with Canada’s fintech industry to modernize regulation.

One prime example of companies collaborating with regulators is Vault Circle Inc., an affiliate of Lendified. Original Source...

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330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
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Equipment Leasing vs Online Equipment Loans

Do you need equipment for your business? Whether you need new equipment to take advantage of an opportunity or to replace broken or obsolete equipment, it is important to understand the options available today.

For years, equipment leasing has been the go-to option for business owners who want to avoid the large upfront cost of purchasing equipment. However, online business loans have quickly become a popular choice for those who want the benefits of owning equipment without the initial cost. This new form of financing allows business owners to get funding for any equipment they need without the collateral, lengthy application, and delays associated with securing a bank loan.

Below is an overview of the advantages of each option so you can make the right decision for your business.

Equipment Leasing vs Online Equipment Loans - What is the Difference?

An equipment lease is basically a rental agreement between a lessor and a business in which the lessor lends the equipment in exchange for regular payments. Equipment leases can be obtained directly from an equipment manufacturer or independent equipment leasing companies. Original Source...

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Lendified
330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail:  troy.wright@lendified.com

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How to Improve Your Small Business Credit Score

Your small business credit score is important. Credit bureaus begin collecting information about your business from day one, using this data to generate reports that impact your ability to get business financing, such as a small business loan. Here are some ways to establish and improve your business credit score.

Your Business Profile - Get Your Ducks in a Row

If you haven’t already, register or incorporate to get your business in the books officially. As part of this process, you will also obtain your Canada Revenue Agency identification number - this is essentially the SIN number for your business and ensures your business is identifiable as a separate entity. You can then open chequing and savings accounts in your business name, and use your business profile to apply for loans online or in person down the road. You will also want to ensure your dedicated business name, address, phone number and other key details are all listed consistently across all of your accounts, keeping in mind that any inconsistencies could signal red flags for creditors. Finally, you’ll want to contact the credit bureaus to ensure the information they have on file for your small business is accurate.

Improve your Personal Credit

Although you have established your business as a separate entity, your small business credit and your personal credit are still linked - this is especially true during the early years of your business. While you are establishing your small business credit, lenders will look closely at your personal credit history to get a bigger picture of your financial standing. This means that any steps you take to improve your personal credit (paying bills on time, avoiding predatory loans, etc.) will also improve your small business credit score as well.

Separate your Personal and Business Finances

This may seem like a no-brainer, but it’s quite common for small business owners to occasionally intermingle personal and small business finances. Many business owners use personal loans and credit to finance business expenditures or weather cash flow crunches. However, as your business matures and you set your sights on raising your small business credit score, you’ll want to start untangling your personal finances from your business completely and seek out credit solutions tailored specifically to your business. Original Source...

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330 Bay Street, Suite 306

Toronto, Ontario 

Zip Code: M5H 2S8

Business Phone: +1 647 381 9218

Business E-mail:  troy.wright@lendified.com

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The Art of The Ask: How to Create a Compelling Case for Business Loans

Do you think a business loan could help your company grow?

Help your small business grow by creating an excellent case for growth financing.

Whether you're looking at growth financing or seed financing, securing a loan can be one of the most stressful parts of starting and growing a business. As you work on your business planning, you need to think about how you'll launch financing for your business. To develop financial resources for business, you need to create a compelling case so lenders will help you with your business loans. How can you prepare to ask a lender to help you grow your small business?

LOOK IN THE RIGHT PLACE FOR BUSINESS LOANS

As you look for loans for your business, make sure that you begin in the right place. While credit cards can help you pay your regular phone bill, they're too high interest for a long term business loan. Investors look tempting, but you need to decide whether you want someone to own a part of your company or whether you'd prefer to take the risk of bringing on debt. When you're seeking a business loan, know that many larger banks cannot provide a new business with access to loans, since you have no strong credit history yet. Instead, look for lenders that are friendly to small businesses, such as Lendified. Small business lenders understand the needs and challenges of your business. Original Source...

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330 Bay Street, Suite 306

Toronto, Ontario 

Zip Code: M5H 2S8

Business Phone: +1 647 381 9218

Business E-mail:  troy.wright@lendified.com

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8 Questions to Ask when Applying for Small Business Loans Online

In today's internet-savvy world, applying for a small business loan has transitioned from a complicated in-person process to an easy online application. Not all online lenders are equal though. Here are eight questions to ask when considering applying for a loan over the internet.

Does the online lender have a secure website?

A lender that delivers small business loans over the internet should use an encryption system to safely receive your personal financial data. If safety is a concern of yours, look to see if the company uses a Secure Sockets Layer protocol (SSL). A simple way to check for this is to visit the site, look at the url in your browser, and make sure it starts with “https”. This simple addition to the url ensures that the information entered into the online business loan application form transfers safely from your computer to the lender.

Who is the lender?

Who you obtain financing from makes a difference. You want to deal with a credible lender with high standards of service and an understanding of your needs. To learn what customers say about a lender, read their online reviews on TrustPilot. Also, if you are one of the many business owners who prefer to deal with a Canadian lender, research the background of the lender and its leadership.

What is the application and approval process like?

An online business loan application process should be more convenient than applying in-person. Before filling out your business loan application online, make sure you find a lender that matches your expectations regarding convenience. Remember to ask how long your application will take to be approved and if you will have to visit a physical location at any time. The most established and trusted online lenders offer an online application, approval within 24 hours, and do not require a visit to a branch. If you are considering Lendified, take note that our loan application is 100% online, takes less than 10 minutes to complete, and provides same-day approval.  View Original Source...

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330 Bay Street, Suite 306

Toronto, Ontario 

Zip Code: M5H 2S8

Business Phone: +1 647 381 9218

Business E-mail:  troy.wright@lendified.com

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Retail Store Business Loans

Are you a retailer in Canada looking to take advantage of an opportunity to grow your business or simply bridge the gaps between your cash flows? A business loan from Lendified may be the ideal option for you.

Business Loans for Retail Stores

The retail industry is an exciting environment, with its own set of rewards and challenges. Seasonal shifts, inventory needs, unexpected repairs, and the hiring of new staff can squeeze your working capital. Many Canadian retailers approach the banks to help, only to be frustrated by the strict requirements, loads of paperwork, and the months it can take to get funding.

At Lendified, we understand that sometimes retailers need cash quickly, whether to fulfill a big order or get a bulk discount. View Original Source...

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330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail:  troy.wright@lendified.com

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5 Ways To Use Small Business Financing

At Lendified, we are often asked what our loans can be used for. This is understandable since some forms of small business financing in Canada come with restrictions. However, we allow you to put your money toward anything you need to grow your business.

Here are 5 examples of ways you could use your financing:

Physically Expanding Your Business

If your inventory has surpassed the amount of space available for storage or your employees are getting creative to work comfortably, then expanding the physical space of your business could be a good use of your business loan. Just make sure that the investment leads to increased productivity, profits, or both.

Purchasing Equipment

If new equipment is needed to extend your product or service line or increase the efficiency and production of what you currently offer, then a business loan can help you cover the up-front cost and meet your existing obligations. View Original Source...


Contact Us:

330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail:  troy.wright@lendified.com

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