An unincorporated business: which file can be presented?
A sole proprietorship or a partnership can present an application; some offers, however, don’t suit these legal forms. The lender decides, using its own criteria.
Choose my amountThe answers
- Can an unincorporated business present an application?
- Yes, the application provides for three legal forms: incorporated, sole proprietorship or partnership. Some offers don’t suit sole proprietorships; a file specialist goes over with you which ones apply before presenting your file.
- Why does the legal form matter?
- We use it to see which offers may suit the business. Each lender applies its own criteria, and the legal form matters too.
- What about a partnership?
- A file specialist goes over the possible offers with you before presenting your file. You can fill in the online application like any other business.
- Which statements are needed for a business in my own name?
- Those of the business account, where the lender reads what the business takes in, month by month. We never ask for your banking credentials.
- Is my personal information part of the analysis?
- For a sole proprietorship, the analysis of the statements assesses the business’s situation and yours. A person reads every file, and it is presented only to the lenders you authorize.
What the lender looks at
- Actual deposits, month by month
- Whatever the legal form, the reading starts with what the business takes in.
- Trend over the period
- Regular deposits are read the same way, incorporated or not.
- NSF cheques
- A returned cheque weighs on the file, whatever the form of the business.
- How long the business has been operating
- Each lender sets its time-in-business thresholds, using its own criteria.
$0 upfront · 7% only if funded
An intermediary, not a lender.
The lender sets the final amount and its cost in its written offer.
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