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Small Business Term Loans

When your business needs money, you can bank on iCapital. 98% of applications get approved.
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Term Loan

Term Loan
Apply now!
Products
Term Loan

The stress-free small business loan alternative

Our funding process is simple and straightforward. We give you the money you need today, and an agreed upon payment is remitted from your bank account until the loan is paid off. And, you can get the money in 24 hours. 

Same day approval. Next-day funding. It's that simple.

Find out how much you qualify for

Enter your total gross annual sales.
This does not constitute an official offer. Complete our online application to receive a funding proposal.

Easy 3-step Application

Request an estimate

Complete the short online application form telling us your name, company and annual gross sales. Our customer care team is available to answer any questions you have.

Apply

Fill out our secure application form, which includes basic information about your business and contact information. We will work with you to gather any other required documentation.

Approval

Once approved, the funds will be deposited into your account.

Repayment

After you receive your funding, an agreed upon payment will be remitted from your bank account 5 days a week until you have paid in full.

Account Management

Our automated system makes repayment hassle-free and highly secure, thanks to our partnership with schedule 1 Canadian chartered bank DC Bank. And, you can access your account 24/7 through our secure customer portal.  You will receive monthly communications, including a summary of your balance.

Compare Products

 

    Interest   Fees   Daily repayment type   Percentage payment   Amount   Let’s get started
Merchant Cash Advance   No   Yes   Flexible   Yes   $5,000 - $250,000   Apply Now
Term Loan   No   Yes   Fixed   No   $5,000 - $100,000   Apply Now

Term Loan Program

 

Am I eligible?

We only have four criteria:
  1. You must have annual gross sales of over $100,000 
  2. Your business has to be in operation for at least 6 months.
  3. No start-ups, construction, home businesses, online businesses, funeral homes, furniture or jewellery stores and cheque cashing businesses. You must have a storefront or professional office space.
  4. No open bankruptcies
    Bad credit isn’t a problem—many of our customers have less than perfect credit scores, but we cannot accept applicants with open bankruptcies.

For other important information about applying to iCapital, and about our products, read the FAQs below.

APPLY NOW QUESTIONS?  DISPLAY FAQ

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:

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:

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.

Am I eligible?

We only have four criteria:

  1. You must have annual gross sales of over $100,000 
  2. Your business has to be in operation for at least 6 months.
  3. No start-ups, construction, home businesses, online businesses, funeral homes, furniture or jewellery stores and cheque cashing businesses. You must have a storefront or professional office space.
  4. No open bankruptcies
    Bad credit isn’t a problem—many of our customers have less than perfect credit scores, but we cannot accept applicants with open bankruptcies.

For other important information about applying to iCapital, and about our products, read the FAQs below.

Apply Now