In Q3 2024, we proudly supported a diverse range of Canadian businesses across the country. Our focus has remained on helping small and medium-sized businesses achieve their goals, addressing their challenges, and enabling growth in an ever-evolving economic landscape. Here’s a quick look at our Q3 performance, process improvements, and a roadmap to help businesses thrive in 2024.
Top Industries & Provinces Funded
Our funding supported various industries, helping business owners tackle unique challenges within their sectors:
Top Industries: Restaurants (19%), Construction (18%), Agriculture (13%), Services (11%), Retail (7%), Essential Merchandise (6%), Auto (6%), Transportation (5%), Beauty/Salons (4%), and Manufacturing (1%).
Top Provinces: Ontario (50%), Alberta (15%), BC (14%), New Brunswick (11%).
With an average loan amount of $25,439, we provided crucial funding to keep businesses growing and competitive. Supporting the growth and stability of Canada’s small businesses remains at the heart of our mission.
Addressing Key Challenges
In Q3, business owners focused on paying down debt, expanding product lines, opening or renovating locations, and boosting marketing. Here’s how our tailored loan solutions helped:
Debt Management: Flexible repayment plans helped ease cash flow concerns, letting owners focus on growth. Our loan products allowed them to create a manageable repayment plan that fits their revenue cycle.
Product and Service Expansion: To meet growing customer demands, businesses needed to expand their offerings. Our tailored funding solutions empowered owners to source new inventory and hire additional staff.
New Locations and Renovations: Many clients used their funding to renovate current locations or open new retail spaces, enhancing their brand presence and reaching more customers.
Marketing Efforts: Businesses used their funding to amplify their digital presence and refine their strategies. We’re proud to have helped them boost their brand, attract new customers, and increase revenue.
Process Improvements: Fast, Accessible, and Tailored Funding
Our goal has been to speed up access to funding and make it more personalized:
Funding Speed: Average time to access funds is only 18 hours.
Approval Time: Approvals average 2 hours, enabling quicker decisions.
Enhanced Underwriting Processes: Using advanced technology, our refined underwriting considers niche industry factors, offering tailored solutions that align with specific business needs.
Preparing for 2025: Funding Tips & Market Insights
As we look ahead, here’s how businesses can make the most of 2025 and capitalize on market trends:
Build Cash Reserves: Economic uncertainty may persist in the coming year; prepare for economic shifts by setting aside capital. A line of credit or short-term loan can provide the liquidity needed to handle seasonal fluctuations.
Invest in Digital Growth: As more industries move online, a strategic investment in digital marketing or e-commerce can help businesses reach new audiences.
Expand Markets Strategically: Consider expanding into new customer segments that may emerge next year.
Stay Agile: Flexibility will be key in 2025. Whether you’re expanding product lines, adapting to market demands, or reimagining your business model, access to funding can give you the agility to pivot quickly.
Q3 has been a strong and productive quarter, marked by impactful lending, faster processes, and ongoing support for the small business community. We’re dedicated to providing the funding options that align with each business’s growth plans, no matter the size, industry or location.
With our lending solutions by your side, your business is equipped to navigate today’s challenges and seize tomorrow’s opportunities. Reach out to us to learn how we can support your business growth and make your plans for 2025 a reality.
Top Industries: Restaurants (19%), Construction (18%), Agriculture (13%), Services (11%), Retail (7%), Essential Merchandise (6%), Auto (6%), Transportation (5%), Beauty/Salons (4%), and Manufacturing (1%).
Top Provinces: Ontario (50%), Alberta (15%), BC (14%), New Brunswick (11%).
Debt Management: Flexible repayment plans helped ease cash flow concerns, letting owners focus on growth. Our loan products allowed them to create a manageable repayment plan that fits their revenue cycle.
Product and Service Expansion: To meet growing customer demands, businesses needed to expand their offerings. Our tailored funding solutions empowered owners to source new inventory and hire additional staff.
New Locations and Renovations: Many clients used their funding to renovate current locations or open new retail spaces, enhancing their brand presence and reaching more customers.
Marketing Efforts: Businesses used their funding to amplify their digital presence and refine their strategies. We’re proud to have helped them boost their brand, attract new customers, and increase revenue.
Funding Speed: Average time to access funds is only 18 hours.
Approval Time: Approvals average 2 hours, enabling quicker decisions.
Enhanced Underwriting Processes: Using advanced technology, our refined underwriting considers niche industry factors, offering tailored solutions that align with specific business needs.
Build Cash Reserves: Economic uncertainty may persist in the coming year; prepare for economic shifts by setting aside capital. A line of credit or short-term loan can provide the liquidity needed to handle seasonal fluctuations.
Invest in Digital Growth: As more industries move online, a strategic investment in digital marketing or e-commerce can help businesses reach new audiences.
Expand Markets Strategically: Consider expanding into new customer segments that may emerge next year.
Stay Agile: Flexibility will be key in 2025. Whether you’re expanding product lines, adapting to market demands, or reimagining your business model, access to funding can give you the agility to pivot quickly.
