Demystifying Business Financing in the Digital Age
Development and Innovation Loans and business financing are necessary for many entrepreneurs who can't fully self-finance. Empower your business by learning about your options.
It takes money to make money. That may be an old cliché, but franchisees and other business owners know just how often it rings true. For the majority of entrepreneurs who cannot fully self-finance their growing ventures, that inevitably means loans and business financing.
The good news is that over the past few decades, the business financing landscape has dramatically changed. No longer are entrepreneurs beholden solely to the Big Five banks. Digital technology and financial innovation have led to a proliferation of alternative lenders, creating new financing options for businesses of any size and owners of any type, no matter their personal credit history. Of course, with greater options comes greater complexity, and it can be difficult to successfully navigate the newly- drawn map of business financing in Canada.
Knowledge brings security, innovation brings convenience
The need for a direction in this changing landscape led Vlad Sherbatov and Rafael Rositsan to launch Smarter Loans in 2016. “Many new alternative lenders have entered the market over the past 10 years,” says Rositsan. “But Canadians didn’t have a central hub where they could learn about these lenders and their loan options, educate themselves on the fundamentals of financing, and start an application from the comfort of their homes. We now often see business loans being fully funded within just a couple of days, with the whole process taking place entirely online.”
Every business is different, which means every financing situation comes with its own quirks.
Business owners have access to more information than ever before, allowing them to better educate themselves about different lenders and different types of loans, as well as the terms and conditions attached to them. In Canada, Smarter Loans is the central digital campus for that education, as well as a vital facilitator in securing those loans from safe and reputable lenders. All lenders listed on the directory have been vetted by a team of over 30 financial industry experts and journalists. These lenders all carry the Smarter Loans Quality Badge, which acts as a symbol of trust, transparency, and excellence in their product offering and customer service. Today, over 40,000 people from all over Canada visit Smarter Loans monthly to find all types of personal and commercial financing.
Unique solutions for unique situations
Every business is different, which means every financing situation comes with its own quirks. It’s rarely a matter of simply finding the amount of capital you want at the lowest possible rate. “There are many factors that go into shaping each individual loan such as product types, repayment terms, business industry, and even past credit history,” says Sherbatov. “As an analytical directory of Canada’s most innovative lenders, Smarter Loans provides business owners with all the necessary information to make smart business financing decisions that are unique to their needs.”
"Knowing that we’re helping to foster Canada’s vibrant small business economy is truly rewarding for us."
– Rafael Rositsan, Smarter Loans CEO & Co-Founder
As entrepreneurs themselves, Sherbatov and Rositsan are intimately familiar with the trials and tribulations of starting, financing, and growing a business in Canada. “We know firsthand the blood, sweat, and tears that go into getting a business off the ground,” says Sherbatov. “We know that managing and growing a business requires more than just money, which is why we’re so dedicated to providing business owners with not only resources on how to obtain financing, but also information on how to use that financing to most effectively drive revenue and profit.”
The pair take pride in the success they’ve had in building their own business and in the knowledge that they’re helping others do the same. “Without a doubt, our favourite thing in this business is hearing the success stories,” says Rositsan. “Business owners nationwide reach out to us all the time to share how they successfully got the financing they were looking for thanks to our site. Knowing that we’re helping to foster Canada’s vibrant small business economy is truly rewarding for us.”