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Frequently Asked Questions

Grow your business the way you want to, with the financing you need with flexible payment plans tailored to you.

Frequently Asked Questions

Term Funding

What is Term Funding

Term funding offers businesses a short-term influx of capital which is often used to invest into the growth of the business through equipment purchases, hiring, inventory purchase. This is then repaid with fixed payment over the agreed upon term, typically between 3 to 12 months. In order to qualify for term funding the business must be in operation for a minimum of 6 months and generate a minimum of $10,000 per month. Additionally, they must have a physical location and be Canadian. Capital Advance assesses the cashflow of a business and other key metrics, thus a poor credit score is not a problem.

How do I get approved for Term Funding?

To be approved for Term Funding with Capital Advance, you must be in business for at least 6 months, have $10,000 in sales per month, must be in Canada, and not be internet based.

I have bad credit, will I be approved?

Yes! Poor credit is not a problem, as long as you do not have an open bankruptcy

How does repayment work?

Once the terms of the agreement have been established and funds send to your bank account, typically within 24 hours of applying fixed payments will be withdrawn automatically from your bank account. Unlike traditional lending this means you don’t have to be concerned about large monthly payments. If you wish to pay out your term funding early, that’s not a problem and there will not be any penalties for doing so.

How much funding does my business qualify for?

Your business may qualify for Term Funding up to $100,000

Can I pay off my term early?

Yes, with Capital Advance your Term Funding is open and you can pay it off without penalties at any time.

Can I apply for Term Funding more than once?

Yes, you can apply for Term Funding more than once, after the initial funding is paid in full. We also offer additional funds throughout your term periodically.

Merchant Cash Advance

What is Merchant Cash Advance and how do I get approved?

Merchant cash advances allow a business owner to leverage future credit and debit card sales by receiving an advance of those funds as a lump sum. This is then repaid as a percentage of sales until the advance is paid off. In order to qualify for a merchant cash advance the business must be in operation for a minimum of 6 months, generate a minimum of $10,000 per month and accept payment via a POS system. Additionally, they must have a physical location and be Canadian. Capital Advance assesses the average daily POS sales of a business and other key metrics, thus a poor credit score is not a problem.

How does MCA repayment work?

Once the terms of the agreement have been established and funds send to your bank account, typically within 24 hours of applying a percentage of daily or weekly sales will be withdrawn automatically from your bank account. Unlike traditional lending this means you don’t have to be concerned about large monthly payments. If you wish to pay out your merchant cash advance early, that’s not a problem and there will not be any penalties for doing so.