With the economy in a funk, Canadian small businesses need a readily available borrowing solution that doesn’t require extensive business plans, and small business credit cards offer exactly that
(PRWEB) May 14, 2013
CreditCardReview.ca today announces the release of a new credit card guide (http://www.creditcardreview.ca/creditcard-2-2-2-2-2-2-2-1/) that helps Canadian small businesses to find cost-effective and affordable borrowing solutions.
The guide was created by the content development team at CreditCardReview.ca, a website that features in-depth information and guides on popular personal and small business credit cards. The new section offers reviews and comparisons of low interest rate products and was developed in response to visitors’ requests. The guide is a valuable contribution to CreditCardReview.ca in that it helps consumers to compare business credit cards by type, annual fee, and interest rate.
“With the economy in a funk, Canadian small businesses need a readily available borrowing solution that doesn’t require extensive business plans, and small business credit cards offer exactly that, ” said John Williams, marketing consultant at CreditCardReview.ca.
There is a sharp drop in access to funding, and this prevents medium-sized and small businesses from hiring new employees, improving logistics operations, and expanding. Start-ups need financing to rent or buy office space, supplies, machinery and equipment, and more. Many of them find it difficult to qualify for a bank loan because financial institutions are not taking any risks on new businesses. The reason is that about 80 percent of all start-ups fail during the first month.
New businesses rarely receive the full amount they had applied for. Thus a credit card is often the only option available to start-ups. While it is a costly way to borrow, early-stage companies are increasingly embracing this option. This is especially true for information and service businesses that don’t have inventory, machinery and equipment, and other assets which can be used to secure a loan. For companies that don’t have capital equipment, credit cards offer crucial funding, giving start-ups the much needed credit boost.
The new guide features comprehensive reviews of 14 business credit cards offered by major Canadian banks such as CIBC, Bank of Montreal, and others. Visitors of CreditCardReview.ca will learn about different financial products, along with the lending requirements, credit limits, rewards, qualifying transactions, optional extras, and a lot more. The aim is to help business owners to make sound financial decisions that will allow them to develop marketable products, create a brand that sells, invest in line extensions, train their employees adequately, and explore new possibilities.
About CreditCardReview.ca: CreditCardReview.ca is a Canadian credit card directory offering information on the major banks and credit cards in Canada, along with many useful credit card related articles and guides.