Even though many small businesses in Canada are still struggling after surviving the COVID-19 pandemic and facing rising inflation and the looming possibility of a global recession, many small businesses in Canada continue to carry on.
Even in unstable economic conditions for small and mid-sized businesses in Canada, most small and medium-sized companies still believe their growth will likely improve over the next few years. There are several ways in which small companies can recession-proof their businesses, and one of how they can do so is by ensuring that they are familiar with their financing options before a crisis arises. Evaluating what they are eligible for and coming up with a plan that enables them to receive the funding needed with our help is much more straightforward than you think.
In times of economic uncertainty, business owners should be prepared to need capital to invest in their growth plans or, in some cases, rely on funds to keep their businesses afloat if things get tough. Sometimes, it can be challenging for a small business to obtain financing from a traditional lender, especially in the current uncertain economic climate. Additionally, they may need more collateral to borrow additional funds if they have enough collateral. However, private lenders like Private Lender INC can help these businesses get the cash flow they need to fuel their business needs and navigate this impending recession, where the banks can’t.
More than three-quarters of small and medium-sized businesses intend to hire more employees between now and the end of the next three years to help drive their growth plans. Private Lender Inc has greater flexibility in approving loans for small businesses. To finance various business needs, homeowners use home equity to fund private mortgages. The proceeds can be used to hire new employees, open a retail location, purchase inventory, or manage cash flow.
Several types of private mortgages include shorter-term loans and flexible repayment options. Additionally, smaller companies in less-known industries may need precedent to obtaining financing. Private Lender Inc. can take the time to analyze potential borrowers in new fields, which is an excellent opportunity for you.
Private mortgages will also help to get the cash they need faster than traditional mortgages. Banks and other conventional lenders require extensive documentation, such as a detailed business plan, financial projections, personal tax returns, and more, which is much more straightforward and efficient with private mortgages. As a result, we can work with clients who don’t qualify for a loan from a bank because we require less documentation upfront. Furthermore, you only need a little collateral.
Small business owners can benefit from Private Lender Inc’s flexible financing solutions. Get your FREE CONSULTATION session with us or APPLY online for fast, professional service and to understand how we can help you better when you need it.