As of December 2007, there were more than 2.3 million business establishments in Canada. Though Canada boasts many big cities full of small business development potential, more than half of all of Canadian small businesses are located in Ontario and Quebec. True, with a combined land area of 881,421 sq. mi., Quebec and Ontario together are home to over 20 million inhabitants with an average of 50 people per square mile, making the possibilities to prosper as a small business endless. And even though the 818,945 sq. mi. of Alberta, Manitoba and British Columbia combined serve as the dwelling place of only slightly over 9 million people, there is still a great potential for small business in these provinces, especially since according to albertacanada.com, "Over the past five years, Alberta had the highest rate of economic growth rate in Canada at 4.7% per year [and] in 2007, Alberta's economy grew by 3.3%." Also, manufacturing in Manitoba accounts for over 12 percent of the total GDP.
Putting money into your Canadian business, no matter where it is located, can increase your profit. If you are operating out of the less populated provinces of Alberta, Manitoba and British Columbia, you may need extra money for advertising, to and ensure the greatest number of customers for your business. And if you are operating in the more densely populated provinces of Ontario and Quebec you may need extra cash to update and/or replace overused equipment. The question is; where do you get the money to make these improvements to your business? Luckily, Canadian business owners have a resource available to them that can do just that: A business cash advance.
A business cash advance is similar to a business loan in many ways, yet different from a business loan where it matters. Like a business loan, a business cash advance is a particular sum of money, supplied to a business owner by a lender, to be used for a small business. However, many Canadian business loan programs offer a maximum loan amount of $250,000. Yet through Merchant Resources International, you could receive a business cash advance of up to $500,000.
Also unlike a business loan, there are only two requirements for receiving a business cash advance. You must own a business that has been operating for at least four months, and your business must process a minimum of $2,500 in monthly credit cards sales.
The repayment process of a business cash advance also differs from the repayment process of a business loan. Usually, business loans must be repaid as fixed monthly payments with interest. We understand that especially as a new business owner, it is difficult to predict how much income you will earn each month, making fixed monthly payments particularly difficult to cope with during slower months. That is why we take a small percentage of your daily credit card sales as repayment for your business cash advance. You never have to make a payment on your own, and your payments adjust according to how much you sell in a particular period of time.
You are encouraged to renew your business cash advance as much as necessary, as long as your previous advance is at least 60 percent paid off. Your business cash advance can be the cash flow you need in your quest to do your part in Canada's thriving economy.
