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

Add caption

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

Read More

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...

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

Read More

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...

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

Read More

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...

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

Read More

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...

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

Read More

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...

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

Read More

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...

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

Read More