97% Approval Rate | Only for Existing Business - Planet Financial
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There are difficulties in running a business, particularly when it comes to finding the appropriate funding to support expansion, control cash flow, or make investments in essential machinery. Whether they are located in Toronto, Vancouver, Calgary, Edmonton, Montreal, Ottawa, Winnipeg, Halifax, Saskatoon, or St. John's, business owners in Canada frequently have difficulty locating flexible and easily available financing solutions. This is where Planet Financial comes in, providing financing for only current businesses with a 97% approval rate.

97% Approval Rate | Only for Existing Business

The Brampton, Ontario-based lending and leasing firm Planet Financial focuses on assisting well-established companies in obtaining the capital they want. Even for business owners with less-than-perfect credit, Planet Financial makes it possible to grow your company, buy new equipment, or enhance cash flow. We focus on already-existing businesses, and are notable for our high approval rate for financing, providing entrepreneurs across Canada with peace of mind.

Why is Financing Important for Your Company?

Keeping a solid financial base is crucial for every organization. A company's capacity to expand or even endure in a cutthroat market depends on its ability to obtain prompt, dependable finance. The correct financing solutions can give you the flexibility you need to keep your business growing, whether you need to increase working cash, hire more staff, or buy machinery.

Securing funding, however, is frequently easier said than done. Many small businesses encounter difficulties when attempting to secure traditional bank loans, particularly if they are seeking a more flexible loan arrangement or do not have ideal credit. This is where the strategy used by Planet Financial differs.

Planet Financial has simplified the approval procedure and has a 97% approval rate for current businesses, so your company will have the help it needs to thrive. Because of our dedication to helping business owners from all walks of life in Canadian cities, you can get financing options that are tailored to your unique requirements.

Who Can Apply for Financing at Planet Financial?

The financing alternatives offered by Planet Financial are designed especially for enterprises that have been in operation for at least six months and are looking for funding for a variety of uses. As long as your firm is well-established, you can get financing from Planet Financial regardless of where you're based in Canada—Toronto, Vancouver, Calgary, or any other location.

The following are important considerations for companies wishing to apply for funding:

  • Existing Company: Your company must have a track record of success. This means it should have been functioning for at least 6 months.
  • Company in Excellent Standing: There should be no significant unsolved problems or infractions, and your company should be in excellent legal standing.
  • Diverse Industries: Planet Financial provides services to a number of industries, such as technology, healthcare, retail, construction, and transportation.

Approval Rate 97%

The high acceptance rate is a testament to Planet Financial's dedication to collaborating with companies of all sizes. The approval process is straightforward, with a focus on current companies and their financial stability, and the likelihood of success is very high.

In Conclusion

Planet Financial provides current companies in Toronto, Vancouver, Calgary, and other Canadian cities with the funding they require to expand and control cash flow. Even for companies that have faced difficulties in the past, obtaining capital is now simpler than ever thanks to flexible terms and a 97% approval rate. Get in touch with us right now to support the growth and success of your company.

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FAQ: 97% Approval Rate for Business Loans - Planet Financial

A 97% approval rate means that 97% of businesses that meet the eligibility criteria for our business loan program are approved for funding. This high approval rate reflects our commitment to working with a wide range of existing businesses.

Yes, this loan program is specifically designed for existing businesses that have been operating for at least 1-2 years. New businesses are not eligible for this program.

Key factors include:
- Length of time in business (at least 1-2 years)
- Strong and consistent financial performance
- Good business credit score
- Clear financial documentation (e.g., tax returns, financial statements)
- Proof of revenue stability and growth.

This loan program is available for a wide range of established businesses, including but not limited to:
- Retail stores
- Restaurants
- Service providers
- Manufacturers
- Online businesses
- Professional services.

The loan amount you can qualify for depends on the financial health and size of your business. Typically, businesses can secure loans ranging from $10,000 to $500,000 or more, based on their eligibility and financials.

With a streamlined application process, most businesses can expect approval within 1-2 weeks, depending on the loan type and required documentation. Some loans may be approved even faster.

Typically required documents include:
- Business tax returns (2-3 years)
- Financial statements (balance sheet, profit and loss)
- Personal and business credit history
- Proof of business ownership and registration
- Bank statements from the last 3-6 months.

Eligibility is based on several factors including the age of your business (minimum 1-2 years), financial health, business revenue, credit history, and the quality of your financial records. The better these factors align, the higher the chance of approval.

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