What is a Term Loan?
A term loan is a small business loan up to $100,000 that allows a business owner to make small daily fixed payments within a 6 month or 9 month term without any accumulating interest.
Why should I choose a Term Loan?
A term loan is perfect for a business owner who needs to purchase inventory or equipment quickly without having the commitment of a long term loan and large monthly payment.
What business industries are not eligible for iCapital financing?
We accept a wide arrange of Canadian industries. These are the exceptions:
- No online businesses
- No home-based businesses
- No construction businesses
- No start-up funding (must be operating for six months or more)
How is the fee amount determined?
The fee that is added to your approved loan amount is based on a variety of factors, including: type of business, credit history, length of time in business, industry and more.
Who gets approved for a Term Loan?
In order to be considered for an iCapital micro loan you must have one year in business, over $100,000 annual sales, business must operate within Canada and cannot be internet based.
How does repayment work?
iCapital debits your business bank account daily from Monday to Friday (not on weekends). Your payment amount is based on the length of term your business has been approved for. Weekly payments are also available.
What documents do I need to provide for approval?
First, complete the application form. At the end of the form submission, you'll be prompted to provide your bank statements. You must provide the last three months of bank statements for your business account.
Is my company eligible for a term loan?
If you've been in business for more than six months, your business may qualify for up to $250,000.
Is it really free to apply with iCapital?
Yes – it is truly free. We promise there is no catch.
How do I apply?
The fastest way to apply is on our website, where you can submit the application and your bank statements.
Alternatively, you can either:
- Email firstname.lastname@example.org
- Fax 1-866-203-2980
Can I still apply for an iCapital Term Loan if I have bad credit?
Yes – as long as you do not have an open bankruptcy.
Do I have to change my bank account?
No, you do not have to change your bank account, iCapital works with all banks.
How does iCapital collect payment?
iCapital will withdraw the agreed upon fixed payment from the client's business bank account, 5 days a week.
How long does the application process take?
The entire process, from the time the application is received and processed to the time you receive the funds in your bank account, is less than 10 days.
How much money does my business qualify for?
Your business may qualify for up to $100,000. iCapital uses a proprietary software to determine your businesses approval amount.
Can I pay off my Term Loan at any time?
A term loan is open and may be paid in full at anytime, without penalties.
Can I qualify for more than one Term Loan?
A business owner may apply for a second term loan once the first one has been paid off in full.
What is the interest rate?
iCapital does not charge an interest rate, our rate is a flat fee added to the amount borrowed, which will be determined based on credit worthiness, length of time in business and other factors.
Is iCapital a Canadian Company?
Yes, iCapital is proud to be a 100% Canadian Company.
How long has iCapital been in business for?
iCapital has been serving Canadian businesses since 2007.