This Growth Street Capital review explores the various financing solutions available to Canadian businesses through the lender. Various situations warrant getting capital for your business. Whether paying wages or covering repairs, you may need immediate access to funding.
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Last Updated: Nov 25, 2023
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Many business owners opt for external funding from alternative lenders. One such alternative lender is Growth Street Capital. They cater to Canadian businesses searching for financing and brokers looking for financing on behalf of their clients.
You can get a loan of up to $300,000. The application process is entirely online, and they fund businesses in less than seven business days.
Strict lender requirements are why many business owners can’t get financing. It may seem like applying for another loan isn’t worth it after facing several rejections.
That’s why you should turn your sights on non-bank lenders instead. With non-bank lenders, your chances of approval are often higher.
This Growth Street Capital review will reveal everything you need to know about getting business financing. In addition, we’ll explore the benefits and drawbacks of the lender and walk you through the sign-up process. Let’s dive right in.
|Top Features of Growth Street Capital||Requirements for Growth Street Capital|
|⚡ Superfast approval and funding|
💰 Up to $300,000
⏰ Convenient process
|⏳ Have a registered business for at least 6 months|
💼 Have revenue earnings
🚦 Low credit requirements
When you’re looking for a business loan, the first lenders that may come to mind are banks and credit unions. These financial institutions are often the safest bet for business owners. However, their requirements are often strict.
You may need a high credit score to be eligible for financing. Or they may request additional information and documentation that takes weeks to gather.
When getting funding for your business ceases being worth it because of constant hassle, look to alternative lenders.
Alternative lenders like Growth Street Capital take the hassle out of getting finances for your business. Your credit score plays a minor role in your chances of approval.
And that’s not the only factor they consider. They look at your company’s annual sales and years in business.
Growth Street Capital is your best bet in an emergency. Say, for instance, a pipe bursts in your building, and it causes water damage. Getting a loan to repair the damage from a traditional lender may require jumping through several hoops.
With Growth Street Capital, you’ll benefit from a straightforward application process. Also, they can set you up with a lending specialist to guide you through your application.
They have a high approval rate and a 48-hour approval wait. What’s more, you can receive your funding in less than seven business days.
Growth Street Capital serves the whole of Canada and several industries. They boast competitive interest rates as well.
Another reason many businesses have opted for their financial products is the unlimited usage of funds. Unlike with other lenders, you aren’t limited to using your loaned funds for a specific purpose.
This section of our Growth Street Capital review covers the benefits and drawbacks of their financial products. Here’s a quick look at the pros and cons of Growth Street Capital.
|Pros of Growth Street Capital||Cons of Growth Street Capital|
|– Fast approvals|
– Instant funding
– Simple application
– Low credit requirement
– Use funds how you need to
– High approval rate
|– New to the market|
– Limited financial products
What’s great about Growth Street Capital? Lots! Check out what clients had to say about why they love Growth Street Capital.
Once you apply for a loan, you only have to wait 24 hours to determine if you’re approved. This short waiting time makes financing through Growth Street Capital convenient.
Also, it can be handy when you have an emergency such as water damage to repair in your shop.
Coupled with the speedy approvals is rapid funding. Some loans pay out amounts up to $300,000 in less than seven business days. This allows you to put the funds to work for paying wages or any other business use you have.
The hassle-free application process is one of many reasons business owners flock to Growth Street Capital.
Forget about loads of paperwork and long queues when applying for capital with Growth Street Capital. All you have to do is complete a brief online application and await further steps.
You don’t need perfect credit to be approved for a Growth Street Capital business loan. They cater to those with less-than-perfect credit. Therefore, you don’t have to worry about poor credit affecting your chances of approval.
Some lenders may specify what you should use the loaned funds for. That’s not the case with Growth Street Capital. You’re free to use your funds for whatever business needs.
Growth Street Capital approves a high percentage of applications. Therefore, if you cannot get a loan with a traditional lender, you can say goodbye to rejected applications.
Growth Street Capital business loans are widely available in all provinces within Canada. Therefore, regardless if you live in Quebec or British Columbia, you can benefit from their financing solutions.
Here’s what businesses who tried Growth Street Capital had to say about things that could be improved.
Growth Street Capital isn’t as seasoned as other lenders; the company was founded in 2019. If you prefer working with a lender that’s been around for a while, they may not be for you.
Growth Street Capital’s suite of financial solutions is limited. They don’t offer equipment financing, sale-leasebacks, invoice factoring, or invoice financing. If you’re interested in any of these, you may need to compromise for one of their available solutions.
This section of our Growth Street Capital review will discuss their business lending solutions. Growth Street Capital offers various financing solutions for Canadian businesses.
This includes unsecured loans, secured loans, business lending, and merchant cash advances. Some industries they serve include:
Whether you want to start a small business or need funding for your flower shop, Growth Street Capital has a solution.
Their team of lending specialists will work with you to find the right financing for your business. In the following sections of our Growth Street Capital review, we discuss their product and service offerings:
Growth Street Capital makes loans available to Canadian small businesses. Whether you need to cover your marketing expenses or pay wages, they can provide the financing you require.
In addition, one of their lending specialists will guide you toward the best solution for your business.
They provide niche-specific business loans as well. Retail businesses can get a loan ranging from $5,000 to $300,000. This range applies to auto companies as well. Also, the maximum loan amount flower businesses can get is $300,000.
As for construction businesses, the loan amounts range differs. The lowest you can apply for is $3,000, with a maximum of up to $60,000.
Their lending specialists will help you determine how much you need based on your business needs. They will also assess your business revenue, cash flow, public records, and years in business.
Growth Street Capital doesn’t require a specific usage of the loan amount. The repayment terms are flexible as well. After your application is approved, you may receive your funds within 24 hours or seven days.
An unsecured loan is one of the best ways to access financing for your business.
These loans don’t require collateral, so you won’t risk losing your property if you can’t make payments. Salons, retail, and restaurant businesses can benefit from unsecured loans.
Growth Street Capital’s unsecured loans offer flexible payment schedules. You can get a monthly capital infusion of 100%-125% into your business. It takes about 48 hours to receive approval, and your loan will be funded in less than a week.
The downside of an unsecured loan is the interest. The interest rates are often higher than other loans. Also, the repayment term is shorter, ranging from 6 months to 12 months. Therefore, consider if this loan is right for your business and if you can repay it within the stipulated term.
A secured loan is the best financing solution if you want to save on interest. Interest rates start from 9.99%, and the maximum loan term is 5 years. To get this loan, you must own your home and be willing to use it as collateral.
Growth Street Capital’s secured business loans don’t have a high credit score requirement. The repayment terms are flexible, allowing you to make monthly, weekly, or biweekly payments.
Leverage your credit card sales for funding with a merchant cash advance. This type of financing differs from a traditional bank loan in some ways.
The amount a lender advances depends on your credit card receipts, how much you need, and what you can pay back. There’s interest involved with this type of funding, which varies widely between lenders.
A merchant cash advance is the quickest way to get a cash infusion into your business. Therefore, if you have damage caused by an electric fire to fix but not enough immediate funds, an MCA can help.
This type of financing is recommended for retail and hospitality businesses because of the credit card sales volume.
Small businesses, in particular, can benefit more from an MCA. However, an MCA may not suit businesses that experienced a significant disaster.
The reason is that you’ll be expected to continue daily operations, which may not be possible if you can’t open your business.
Growth Street Capital is a young company. However, it has considerably impacted several Canadian businesses since its foundation. A few previous customers have posted their remarks online, which we sourced for this Growth Street Capital review.
Reviews of Growth Street Capital on Google My Business are all positive. And reviewers applaud the company’s simple application process and quick funding.
They also found the loan specialists professional, responsive, and thorough. In addition, reviewers commended the value of Growth Street Capital’s products and services.
Albeit there are few reviews from previous customers, we deduced that Growth Street Capital offers unmatched service.
This section of our Growth Street Capital review will walk you through applying for a business loan.
The application process involved with Growth Street Capital business loans is straightforward. The lender boasts this bonus, making it easier for businesses to receive funding on-demand.
To begin your application, visit the Growth Street Capital website. Click the green “apply now” button in the upper right-hand corner of your screen. You’ll be redirected to the application page. For the first stage, fill in your personal and business details.
Note that while you’re required to state the use of the loaned amount, it won’t affect your chances of approval.
Growth Street Capital business loans can be used for any purpose based on your company’s needs. Therefore, you could receive positive feedback if you fill in a business-related use for the funds.
The following sections of the application will require information about your years in business and annual company sales.
You can then choose between Growth Street Capital’s flex and fixed financing products. Once you’ve submitted your application, you’ll receive an email with further steps.
Although Growth Street Capital serves several industries, its suite of products may not cater to your needs.
Perhaps you’re considering invoice factoring and equipment financing or getting a guarantor loan instead. We explore some alternatives to Growth Street Capital below.
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Kingsmen Capital Investments is an alternative lender that serves Canadian businesses. Since its foundation in 2016, they have funded thousands of dollars in business financing. They cater to small, medium-sized, and middle-market businesses in various industries.
Kingsmen Capital Investments has you covered if you’re looking for equipment financing or a sale leaseback. Besides these funding solutions, they offer secured loans, unsecured loans, and various corporate financing solutions.
Kingsmen Capital Investments boasts speedy funding as well. However, they have the upper hand on Growth Street Capital. You can receive approval for funding within 24 hours instead of 48 hours. In addition, it takes less than seven business days to receive the loaned amount.
Guarantor loans in Ontario and BC of up to $10,000 - Claim this offer
LendingMate is an alternative lender that offers guarantor loans to Canadian businesses. Their financing is ideal for anyone who can’t access business capital because of a low credit score. Their guarantor loans are made for those with less-than-perfect credit.
Guarantor loans require you to borrow a certain amount of money with a co-borrower. Your guarantor will be liable for the loaned amount should you be unable to pay it. You can receive up to $10,000 in funding. After approval, it takes about 24 hours for the loaned funds to reflect in your account.
LendingMate approves over 90% of applications. However, their loans are limited to Ontario and British Columbia residents. Also, these loans can be pretty expensive. They carry an annual interest rate of 43%.
Solve your cashflow issues and take advantage of invoice financing - Claim this offer
FundThrough is a Fintech company specializing in invoice factoring and invoice financing. They give businesses access to unlimited capital. Since delays in receiving payments can take a toll on any business, FundThrough offers a handy solution.
The financing you receive depends on your unpaid client invoices. Their invoice financing solution is available for businesses with credit sales ranging from $500 to $15,000. Invoice factoring is ideal for companies with credit sales ranging from $15,000 to $10 million.
FundThrough pays out 100% of the invoice amount. In addition, you can receive your funds in as little as 24 hours. FundThrough charges an upfront price. This allows borrowers to save on the hidden costs that come with loans.
Non-bank lenders can help you out of a jam when an unexpected business expense arises. They often have a more straightforward loan application process and less strict requirements.
If a poor credit rating impedes your chances of receiving funds for your business, non-bank lenders are the solution.
Growth Street Capital is one such non-bank lender that boasts convenience. They offer various loan products to several industries.
What’s more, their financing solutions are available to every business owner within Canada, regardless of their province.
It takes about 48 hours to receive approval. Once your loan application is approved, expect to receive your funds within seven business days.
This rapid funding is why we recommend Growth Street Capital to business owners and brokers looking for financing for their clients. You will benefit not only from their high approval rate but also from their flexible loan payment terms.
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Growth Street Capital is a Canadian non-bank lender founded in 2019. They offer alternative financing solutions to Canadian businesses nationwide and serve various industries. This includes salons, pet stores, auto businesses, restaurants, and flower shops. Their team has professional experience in management consulting, advisory, private credit, and banking. The SME financing solutions they offer include unsecured loans, secured loans, merchant cash advances, and business lending. The Growth Street Capital team has a unique approach to funding businesses. They assess and source the fastest solution to give your business access to funds. This solution may either enable capital growth or build opportunities for your business.
Growth Street Capital has offices in Canada, specifically in British Columbia. They have been operating since 2019. According to their website, they have invested hundreds of millions in Canadian businesses. What’s more, Growth Street Capital has financed over 250 organizations. There are a couple of Google My Business reviews of Growth Street Capital. Their contact details are available on their website. This includes their phone number and email address, so you can get in touch within business hours. Anyone concerned about their safety with the non-bank lender can rest assured that Growth Street Capital employs reasonable safeguards. These ensure your personal information is safe and won’t be compromised in any way.
Growth Street Capital business loans have a high approval rate. Loans are approved within 48 hours and paid out in less than seven business days. What’s more, Growth Street Capital caters to those with less-than-perfect credit. Therefore, you won’t need good or excellent credit to apply for one of their solutions. Besides that, Growth Street Capital boasts competitive interest rates. They offer financing solutions across Canada, allowing businesses to use loaned funds for any need. Also, select Growth Street Capital clients receive a monthly shout-out on their social media channels. This can be a great way to draw attention to your business.
Growth Street Capital doesn't provide explicit requirements for its financial solutions before applying. Depending on the product you apply for, you'll most likely need to meet specific years in business and annual business revenue. This is the case with most business loan lenders. In particular, for construction business loans, their lending specialists will consider those factors. In addition, they'll look at your vendor payment details, cash flow, and public records. Your personal and business credit score may be assessed to approve your loan. If this is the case, you may notice a slight drop in the rating, which will recover over time.
The time it takes to receive business financing depends on the product you apply for. First, you must consider the approval time. Growth Street Capital approves all financing applications within 48 hours. Pet shop owners can receive loan funds within 3 to 5 business days. Growth Street Capital claims to fund businesses within 24 hours with other financing solutions. For instance, this applies to auto shops. It's highly likely that it won't take weeks to receive the financing you applied for. That's one thing that makes non-bank lenders a convenient choice for capital. You may wait seven business days at most, but it could take less than that time.