Get Small Business Loan – CAN Capital Review

Financing small business loan can be problematic. Many entrepreneurs struggle to grow their business in the first 12 months and additional funding is often required. One of the most common ways for you to raise working capital is through a business loan. And preferably you’d like your application process quick and easy.

Loan application formCan I Get Small Business Loan?

To get your loan application approved, you need to convince the lender that your business is (or is going to be) a going concern, in other words you’ll make enough profit to complete your repayment without delay. Typically your lender will ensure that;

  1. You have a detailed business plan – how your initial investment will be used and how you predict the rate of return, i.e. the future profitability of your business should be estimated in the plan.
  2. You have a fairly good knowledge or experience in the industry.
  3. Your current personal credit position is at acceptable level – you’re not in a serious debt and have a good record of repayment history.
  4. The amount of loan and the repayment term is feasible – even if your business plan looks perfect, the lender needs to make sure you’ll be able to repay realistically.

Get Small Business Loan Fast and Easy

You need a lot of capital particularly at the commencement of your business, sometimes unexpectedly. You need tangible assets such as equipment, technology and vehicle, and current assets such as stock inventory. This is of course on top of your working capital such as advertising, payroll if you employ someone. Therefore you need a loan lender who can provide what you need fairly quickly with no complex application process.

CAN Capital Review

CAN Capital

Established in 1998, CAN Capital is of of the leading loan providers in the US, who can offer you starting from $2,500. If certain eligibility requirements are satisfied, it can offer up to $150,000 for single location businesses and $250,000 for multi-location businesses.

These loans have a range of terms from 4 to 24 months, meaning it is flexible according to how long you will likely to be, or want to be in debt, and of course it depends how quickly you make a profit on your business.

Get Small Business LoanOption 1: Business Loan

Requirements

Your business may qualify for CAN Capital’s Business Loan if your business has been in operation for at least 4 months, has a monthly gross revenue of $4,500 or more and relatively stable. The term of loan offered will be from 4 months to 24 months.

Easy Small Business Loan Application

You can complete the loan application online within 10 minutes or less, and can have your funds sent in as little as 2 business days. Also CAN Capital claims that 70% of the eligible customers are happy with its service and renew with CAN Capital.

Option 2: TrakLoan

How Does It Work?

CAN Capital’s TrakLoan is ideal if your daily credit/debit card sales fluctuate. Instead of repaying a large amount once a month, a flat % of your business’s card sales are automatically remitted daily. Meaning a larger amount is sent on busy sales days than on slow days. This process stops automatically when your loan repayment is completed.

TrakLoan

 

The application is as easy as Business Loan option above, and you can have an access to your fund in as little as 3 business days.

Option 2: Merchant Cash Advance

Merchant Cash Advance (MCA) is normally known as “Credit Card Receivable Funding”. CAN Capital will work as an intermediary here, and MCA provider will buy off your future profit at a discount (up to $150,000), then you will pay back a fixed % or your future credit/debit card sales on a daily basis. So the payback process is the same as the TrakLoan above. Most MCA providers will offer you slightly different terms.

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Business Loan Fees/Interest Payable

The percentage of interest or fees payable is not mentioned in the CAN Capital’s site, I assumed it may vary depending on the level of borrowing, terms and the time of borrowing. Instead it has a loan repayment calculator.

Loan calculator

Here is what I’ve tried and worked out.

Fees Working

Please note that the site says these calculations are hypothetical and for informational purposes only. So what’s shown above is although an extract from the calculator but just to get the feel of what the payable may be.

So according to the calculator, the rate depends on the term of the loan, but regardless to the amount of borrowing or your gross income. 15% for 4 months loan, 17.5% for 5 months loan, 21% for 6 months loan and so on.

If you look at the chart above, for example if you borrow $10,000 for 6 months, you’ll have to pay back $12,100, i.e. $2,100 extra, which is 21% of the capital you’re borrowing.

But if you borrow the same amount for more than 10 months, your repayment will be $13,500, i.e. $3,500 extra (=35%), whether it is 10 months, 11 months or 12 months. So in theory it is beneficial to borrow it for 12 months rather than 10 months – borrow longer by 2 months but the fee will be the same.

*** The calculator does not show the rate for longer than 12 months, but the CAN’s Business Loan offers the term up to 24 months.

Once again, CAN Capital says the actual terms for which your business may qualify will all depend on the industry type, verified revenue, credit history and so on. So please keep this in mind.

Conclusion

In terms of the easiness of application and speed of approval, CAN Capital seems to be helpful for small business owners. The rates can seem high, but if it’s affordable by your business, it’s a very handy place to go for.

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Ray Alexander

Hi! I’m Ray. Over the past 15+ years I have been involved with web designing, programming and online marketing. I work from home and have a passion for exploring new tools, services and programs in order to make money online. I’m here to help you succeed in building a profitable business by sharing my experiences. Any question, don’t hesitate to ask!

Click Here to Leave a Comment Below

Tyler Johnson

That’s good to know that you could get the funds within two business days. I would think that would let you get in business much faster. I’ll have to consider getting a business loan if I decide to start a store.

Reply
Chris Fluent

Apply for loan quick and convenient. We offer all types of loan at 2% interest rate.

Reply
Ruth Hunt

I am a private lender and Investor…I am offering business…..projects.

Reply
Ruth Hunt

Good day, I’am Ruth Hunt…..
Kindly respond immediately via email below for more information…..

Reply
    Ray Alexander

    Sorry, we can’t display duplicate (copied & pasted) messages. But I wish you all the best.

    Reply
jude williams

There are many businessmen or women who need a quick business loan but have been rejected by their banks. Many of us need a loan to start or expand the business, or open up more business locations. It is hard to get the loan so quickly because I have been there. Very high interest rate like 3% or maybe more. Most of them are scammers.

Reply
Syed Mahammad Ali

I’m Indian and small business man I need business loan because my present business is expendsion now but my present economy condition is low, please please help me and section my business loan as early as possible,
Thanks You Dear Sir

Reply
    Ray Alexander

    As you can see from my post, I’m not a loan provider. External factors such as economy should never be the reason for borrowing, you know that. With a clear plan of repayment, there should be someone who will approve your application out there. Good luck!

    Reply
Akram Ali Shaikh

Hi,Ray Alexander

I’m trying to restart our business plan so I can get financed for a Export Import and Real estate business with a strong focus on sustainability.
then i want business Loan but i have a bad credit how can possible. loan

I read your review, but I’m still left with a serious question – how do I prepare my business plan in a favorable light? is CAN able to help me as a partner or am I better off just submitting an application and hoping for the best?

Reply
    Ray Alexander

    Hi Akram, thanks for leaving a comment. Your questions – I think you already know the answers…

    How to get a loan; No legitimate lender will be willing to lend you money while you have a bad credit record. You need to gain a trust by clearing the bad record first, and

    How to prepare such a risky business (means borrowing money that you may not be able to pay back); no one will tell you the secret, you need to work out yourself. Otherwise you can always start a smaller business that does not require a capital.

    This particular company (CAN Capital) only lends money to borrowers in the US. There are so many lenders around, so you can perhaps tell them your circumstances and see what they say. I’m not a specialist (sorry), the lenders can tell you exactly what you should do.

    Thanks for your visit!

    Reply
Bambang Djamma

I have a small media training centre and a workshop established over 12 years ago, considering about taking up a loan to expand the business. Please kindly advise me if my small business is eligible.

Reply
    Ray Alexander

    Hi Bambang, I’m not a loan lender, broker or advisor. You can only apply and see. Established provider such as CAN Capital will go through a formal review process, so if they decide to disapprove your application, it’s a useful signal that your original repayment plan was unrealistic. If you decide to go for a smaller lender, make sure you’re not overestimating your business plan!

    Reply
Viljoen

Hi Raymundo

It is good to see that there are still companies that are willing to lend money to startup entrepreneurs.

A starting capital is very important and this can mean the difference between success or failure. I also agree that Can Capital looks like the best one to try out. Thanks for pointing these companies out.

Reply
    Ray Alexander

    Hi Viljoen, thanks for your comment, yes any entrepreneurs experience taking some level or risks, and the liquidity & access to cash is important, so it’s always good to know there are lenders who can approve your loan application quickly.

    Thanks for stopping by.

    Ray

    Reply
HipStar

Hi,

I’m trying to prepare a business plan so I can get financed for a beverage bottling business with a strong focus on sustainability.

I read your review, but I’m still left with a serious question – how do I prepare my business plan in a favourable light? is CAN able to help me as a partner or am I better off just submitting an application and hoping for the best?

Reply
    Ray Alexander

    Thanks for your comment. With regard to your question, no, CAN is a loan provider so you need to appeal yourself against them (they need to trust you so that they can loan you money), means your business plan would have to be prepared elsewhere. There are a lot of independent advisers around, or online tutorials and easy comprehensive guides such as;

    http://www.startupdonut.co.uk/startup/business-planning/writing-a-business-plan

    Having said that, submitting a business plan is not CAN’s strict requirement. You need to let them know of your plan within your online application form. It is a great opportunity to draw up your own business plan though – everyone does it, to let your profitability grow steadily.

    Thanks again, any more comments/questions, please don’t hesitate!

    Ray

    Reply
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