Time in business
Most funding partners want a track record of at least several months. A newer business has little to show, and an advance is repaid from sales that must already exist.
Monthly sales and deposits
Partners look for steady monthly deposits into a Canadian business bank account. Card sales and regular customer payments count for more than one large payment that arrives once in a while. The fit check at the start of our application asks for both the time you have traded and your monthly sales, so you know where you stand before you share any details.
Documents to have ready
Recent business bank statements, photo identification for each owner, a void cheque, your business number, and a short note on what the funds are for. If you already pay other advances, list them. Partners ask, and a complete file is the main thing that shortens the wait.
What can count against you
Falling sales, frequent overdrafts, income that arrives in lumps, and several advances already running. None of these is an automatic no, but each can raise the factor rate or lower the amount offered.
Approval is never certain
No broker can promise an offer. A funding partner decides after it sees your statements. What we can do is tell you honestly whether you fit, and whether a bank would suit you better.