How much funding can I get with an Evolocity business loan?
Evolocity provides business loans ranging from $10,000 - $300,000 to small and medium-sized Canadian businesses. The term can range between 4 and 18 months.
What can I use my loan for?
An Evolocity business loan can be used for any general business need, such as the purchasing of inventory or equipment, renovations, marketing campaigns, and expanding locations.
What industries does Evolocity work with?
Evolocity works with over 40 business types, including restaurants, auto repair shops, retailers, doctors’ offices, beauty salons, dry cleaners and many other non-retail categories. Unlike our merchant cash advance product, this loan product is available to almost any business type.
How does my loan get repaid?
Evolocity will debit your business bank account daily for a small agreed-upon fixed amount , allowing you to budget for the repayment of your loan in smaller increments. Our online merchant reporting system allows you to track the balance of your loan from anywhere and at any time.
My bank has denied my loan applications in the past; can I still get a loan with Evolocity?
At Evolocity, we look at more than just personal or business credit and use multiple factors in determining the financial health of a business. Our credit approval system is very different from traditional banks and so, we are often able to lend to businesses that may have been previously denied by their bank.
Will my small business be eligible for a loan with Evolocity?
To apply, your business should:
- be Canadian-based business
- have $15,000 (or more) monthly in gross sales
- have an active commercial lease
- be in business for at least 6 months
What is the application process?
We strive to make the business loan application process as simple, fast, and flexible as possible. Be sure to have the necessary items (refer to Question #8 below) on hand in order to begin. Simply fill out the online application here or give us a call at 1-877-781-0148.
What information do you need from me to apply?
The following is required when applying:
- Business start date and general business information (such as legal business name and address)
- If you lease your space, lease expiry date
- Online business bank account login information or most recent business bank statements in PDF format (previous 3 months)
- Information on the business owner(s) (such as name, home address and birthdate)
How long does it take to receive funds?
If you are able to complete your application online, Evolocity will be able to expedite approval. Once approved, a contract will be provided for signature and once signed, funds will be deposited directly into your business bank account in as little as 48 hours.
How can I trust that my information is secure?
For submission of your bank statements online, your bank passwords and login-in information are never stored on our servers. Evolocity is provided with read-only copies of your statements.