No Easier To Get Loans In New Year
One thing that we are always mindful of at Synergy Merchant Services is to never make the bold mistake of claiming that we are “better” than a bank. We leave it up to each and every one of our clients to make that determination for themselves. “Better”, of course, is an opinion.
We do, however, happily assure our clients that the process of attaining additional working capital through our merchant cash advance program is quicker, easier and more convenient than a bank. And once they go through the simple steps to get their cash advances, they often are the ones telling us that it was a “better” experience than what they were used to.
In addition, many of our clients find that not only is the process of securing a bank loan a long and laborious one, but it is much more difficult to be approved in the wake of the recent recession. That being said, it is not uncommon for us to develop new client relationships with disgruntled Canadian business owners who were turned away from their banks last year.
In 2010, it seems as if the reins are not getting any looser. The QMI Agency reports today that The Bank of Canada “has no plans to further ease up credit, even though small business owners face a tighter lending environment as the recovery progresses.”
In fact, Canadian business owners will face “some modest further tightening” in available credit according to Bank of Canada Deputy Governor, Pierre Duguay in a speech to the Levis Chamber of Commerce in Quebec earlier today. This revelation comes in spite of the fact that in the second half of 2009, it appeared as if lending policies towards Canadian businesses were loosening up.
According to the QMI Agency report, “Duguay also said the strength of the loonie and the low absolute level of U.S. demand will also continue to act as significant drags on economic activity.”
Synergy, on the other hand, looks forward to continuing to develop even more relationships with Canadian business owners throughout 2010. We believe that a merchant’s Visa, MasterCard and Interac sales should most certainly count for something. When a business shows its ability to process credit and debit transactions, we acknowledge that as significant sign that the business can succeed in the marketplace.
Basing our cash advance amount on a business’ average monthly volume of credit and debit sales, means that no credit check is even necessary. As a result, there is no need to put any restrictions on one’s available credit. And although we are not in the business of giving out credit, we certainly give credit where credit is due.
If you are a Canadian business owner seeking additional working capital, stop waiting for the bank to get back to you in order to decline your application for a business loan. Call Synergy today, allow us to review your monthly merchant statements, and get yourself on the “quicker, easier and more convenient” path to getting the money you need for your business.