Canadian small business 101 | Where can I get a small business loan?

If you’re wondering “Where can I get a small business loan in Canada?” read on. 

As a business owner, you should be nimble. You need to take advantage of unexpected opportunities while managing your exposure to risk.

However, it’s entirely possible that you can get caught up in your day-to-day work and not be prepared for the unexpected. As a result, you might not be in a position to seize an opportunity or, worse still, suffer a setback when something goes wrong. This is why knowing “Where can I get a small business loan in Canada?” is important.

Life is full of surprises. On Monday, you land a big contract or learn about a new space that’s perfect for your business. And on Wednesday, you might be scrambling to fix a piece of equipment. Meanwhile, on Saturday, your small business might be attacked by a hacker.

Today, we’re focused on small business loans and small business insurance, two invaluable solutions that can prepare you for life’s big and little surprises.

Can I get a small business loan in Canada? Yes! 

Do you have what you need to really grow? If not, a small business loan can help you seize opportunities that pop-up without giving up equity. Here are a few ways people use a small business loan:

  • Bulk up inventory. Did you know that some suppliers discount their product as high as 50% if you purchase in bulk? You may be able to dramatically increase your margins by taking advantage of volume discounts.
  • Social media. A new website or video series can cost $10,000+, and some campaigns cost much more. Marketing requires an investment but it is the best way to improve sales and brand awareness. A marketing investment can provide you with a great return and fuel growth.
  • Improve or enhance equipment. You may want to repair or replace HVAC units before the summer season to save money on energy and future repair costs. A small business loan can give you capital to invest in new technologies and advancements. It can also provide relief if your equipment breaks.
  • Renovate, relocate, or expand. You might need thousands of dollars to retrofit or build out a space. Small business loans can give you money to improve or expand your physical business space as well.

There are many short-term business loans available today. We recommend building a relationship with your bank to get access to capital via a term loan or credit line. If you can’t get enough from your bank or need capital fast you can use an online lender such as Lendified.

Lendified is a leading small business lender in Canada that was founded by former bank executives. They offer fast and affordable business loans through a simple online process that provides you with a free quote in minutes.

The most important thing is that you know your business loan options and are ready to leverage them when opportunities arise. Be proactive by finding out how much capital you need to take your business to the next level and see what loans you qualify for.

So…where can I get small business insurance? 

Are you confident that your business is ready to overcome unexpected problems? While a small business loan can pay for new opportunities, business insurance can protect against challenges or damages. 

Here are a few ways people use small business insurance:

  • Cyber crime protection. Are you ready to handle a cyber-attack, like DDoS or a virus? Canadian businesses lose millions each year to cybercrime and data breaches. Small business insurance can help pay for associated fees or liability costs in the event of an attack or breach.
  • General liability. If someone is on your company’s property and gets injured, you could be on the hook for their medical and associated expenses. The average cost of a slip and fall accident exceeds $20,000.Insurance keeps you covered should they press charges against you.
  • Recover from physical damage. Did you know that 21% of businesses in Canada report some form of internal robbery? Whether it’s a flood, snowstorm, vandalism, or theft, property loss can impact your bottom line. Insurance can even protect against internal theft.
  • PR-related issues & employment practices. In recent years, 33% of employers experienced an employment-related allegation. If your business is accused of defamation, discrimination, breach of contract, or another lawsuit, business insurance can help pay for your defense and legal fees.

Your business insurance provider is a partner in the well-being and health of your business. A conversation with an insurance professional and finding the right solution for your small business can prepare you for the unexpected.

We recommend speaking with a small business insurance broker such as ALIGNED Insurance.

Small Business Loan + Insurance Policy = Partners in success

Be prepared for good and bad surprises. Small business loans and insurance are two solutions that together give you the best coverage and protection

Want to find out what your loan and insurance options are? Get your free business loan quote from Lendified and a free small business insurance quote from ALIGNED today.

Want to work with a small business insurance advocate?

In summary, we are here to help. Here at ALIGNED Insurance, we take pride in delivering a different and better insurance experience to Canadian businesses. We focus exclusively on supporting commercial business and advocating on behalf of our clients across the country. 

Aligning the best possible insurance products, solutions and claims response support is what we do every day. We are proud to be our clients’ advocate in the Canadian insurance marketplace.

Our commitment to you is the reason why the ALIGNED broker you work with is always your advocate in the marketplace.

The Canadian insurance marketplace is complex and constantly changing. This is why, now more than ever, it’s important that you choose an insurance brokerage that specializes in client advocacy.

Here at ALIGNED, we take great pride in advocating on behalf of our thousands of clients each and every day.=

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