Are you a small business owner in Canada looking for financing options? If so, you may be interested in unsecured business loans.

Unlike traditional business loans, unsecured loans do not require collateral, such as property or equipment, to secure the loan. This makes them a good option for businesses that may not have assets to use as collateral or prefer not to put their assets at risk.

Unsecured business loans in Canada can offer financing of up to $550,000, with terms ranging from 6 to 15 months. The average approval time is 5 to 7 business days, making it a fast and convenient option for businesses in need of quick access to funds.

The program is open to certain industries, such as retail, restaurant, and manufacturing, but excludes others such as skilled workers and real estate agents. To be eligible, businesses must have been operating for at least 3 to 6 months and have a minimum of 4 deposits into their bank account per month, as well as an average monthly gross revenue of at least $10,000.

In addition to the convenience and speed of unsecured business loans, the program also offers a 10% discount on the outstanding balance if the loan is paid out early in a lump sum payment. This can be a great option for businesses that are able to repay the loan quickly and want to save on interest costs.

Overall, unsecured business loans in Canada can be a valuable financing option for small businesses in need of quick access to funds. With no collateral required and a fast approval process, they can provide a convenient and flexible way to get the financing your business needs.