Unexpected events can happen to any business, anywhere, anytime.
You could face a great opportunity, the economy or your market might shift, or you could be confronted with a sudden lawsuit. Whatever it is, when it comes, you may not be financially ready for it.
When your business takes an unexpected turn, Accord is your bridge to success. Your access to fast interim financing starts here.
These services were designed to help you manage unexpected events:
Ideal to finance growth, an acquisition, or support a turnaround, Accord’s fast and flexible lending solutions help small and medium-sized businesses (SMBs) borrow money to manage their critical transactions.
Learn MoreAccord Small Business Finance helps small businesses, whose financial needs cannot be readily met through their primary bank or credit union with traditional loans, by providing various solutions, such as equipment financing, to boost liquidity.
Learn MoreWhether you’re unlocking cash from equipment you already own or financing new asset acquisition, our fast and flexible financing solutions provide immediate cash flow to help your business grow.
Learn MoreEvery business has its challenges. Successful business leaders focus on what they can control: their strategy, growth plans, efficiency and customer satisfaction.
But even with all the right pieces in place, unexpected events can happen.
Any of these events could end up a missed opportunity or even worse, cause harm to your business. The solution is a fast and flexible bridging loan, available when you need it, on terms that work for you.
There are many types of unexpected events your company might face a financial situation that requires additional financing to resolve. Examples of situations where companies use a bridge loan include:
A bridge loan, sometimes referred to as gap financing, interim financing or swing loan, is a short-term loan that is typically secured by company assets or other guarantees to provide sufficient working capital while awaiting long-term funding. Bridge lending is a great solution for the unanticipated problems that typically come with unexpected events, because your company can quickly obtain this type of short-term financing.
When an unexpected situation arises, and your business becomes in need of a quick loan solution, a bridge loan is there to provide immediate capital, “bridging the gap” between the unexpected event and a long-term or permanent solution. Bridge loans will provide you with the financial resources needed to operate as you seek out a fitting long-term solution.
Through bridging finance, companies can secure either a first-charge bridging loan or second charge bridging loan against property, which is essentially a secured loan. Bridge loans typically come with loan terms of up to 18 months.
A closed bridge loan is when the borrower has an established repayment plan and fixed repayment date because permanent financing has been secured. An open bridge loan carries more risks for both the borrower and lender due to the uncertainty involved and lack of long-term financing, as such they generally demand higher monthly payments and interest rates.
Yes, we offer bridging loans to clients all over Canada, from British Columbia and Alberta to Ontario and Quebec, as well as the Maritime provinces. Companies in the US – including those from California, Texas, New York, Massachusetts, Florida, Chicago and everywhere in between – can also benefit from Accord’s bridge loans.
The entire process of applying for a bridge loan moves quickly. With a viable bridge loan strategy, Accord will work with you to quickly structure and fund your unexpected financing needs, and we can do so in as little as a few weeks.