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Business Financing
 
Elias Development offers Business Financing that tailors your business needs. From beginning to end, Elias Development can help out with your Business Financing and guide you in the right direction with our Business Consulting services (check other services for more information). Business loans are usually either self backed with security of some kind, or gained through business activity. We also can assist in obtaining a Government backed business loan. Weather you plan on starting a new business, or you are looking to finance an existing business, Elias Development will assist you in your financing venture.
For Business Consulting Services CLICK HERE
 
Tips: How can you be ready for a business loan?
  • Be totally open with the institution.
  • Provide all necessary documents
  • Provide statements of business activity
  • Have a complete business plan
  • Provide statements and/or quotes for what you are using the money for
  • Use comparable models to better equip yourself
  • Use a portion of your money as a 'down payment'
  • Have a game plan
  • Be realistic
BUSINESS LOAN - $1000-$500,000 Secured or Unsecured, A loan is a lump sum amount that your business will receive from the bank that you pay back the institution every month which is a mixed amount of principal and interest. Usually used to grow the business, or pay out existing debt. Rates are determined by credit score of owner/shareholders and income, for more information please contact a representative

BUSINESS LINE OF CREDIT - $500-$500,000. Secured or Unsecured, A line of credit acts as a 'cash credit card' which allows you to pay back the minimum balance and have a revolving cash flow in your account. This is useful for every business. Rates are determined by credit score of owners/shareholders, and income. Lines of credit are usually attached to a business loan, and are more convenient for a business owner. For more information please contact a representative

Banking Institutions go on a few different variables when reviewing an application for a business loan. Elias Development has broken it down into the BIG 6 C's
 
  1. Capacity. What is your business's ability to repay the loan? This is the most important factor lenders will look at and is why creating a cash-flow statement in your business plan is so important. Cash flow statements are very important to the banks, this shows how and when the loan can be paid back.
  2. Credit. For new businesses, lenders will sometimes require the owner to co-sign or guarantee a loan. Lenders are willing to take a risk lending money to you but are not willing to let you walk away without assuming some of that risk yourself. The higher your personal credit score, the more likely you are to obtain a business loan. Institutions like to see higher credit scores, but it is not always a necessity
  3. Capital. Is that amount reasonable given your business's financial situation? The more money you ask for, the more scrutiny your loan application will receive. It is a good idea to talk with Elias Development to see what is the best amount for your individual situation
  4. Collateral. Do you have any assets to use as security for your loan? The more collateral you can provide, the better your chances are of getting your loan approved.
  5. Character. A you a reputable and trustworthy person? All banks will look at both your business background and the amount of experience you have working in your industry.
  6. Conditions. What is the purpose of your loan? Lenders will want to make sure that you are using the loan for a legitimate business purpose and that the terms of the loan make sense to them.
Before you apply for a business loan, we suggest to sit down, and asses your situation. Review your previous statements, see how much you are making gross, and track out why you think your business will grow after the loan is in place. Each business is different and if your goals are to grow, than having the necessary tools is an asset in itself. Please contact us below, and explain in brief your current situation. For business loans, please contact one of our representatives to set an appointment to further discuss your game plan. Enter your information below for one of our colleagues to be in contact with you.
 
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3011 Markham Road, Unit 3 M1X 1L7 – Toronto, Ontario
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