Our small business loans provide small and medium businesses like yours easy access to the working capital you need to secure or increase your inventory, fix or buy new equipment, launch effective marketing campaigns, carry out renovations, or expand to additional locations. Considered a fixed loan, any Driven Small Business Loan you take out has its own repayment schedule and requires that you pay a fixed interest rate and principal.
Our Driven Small Business Loan provides all the features and flexibility of a line of credit, but with the added certainty of the upfront pricing and commitment of a term loan [link to comparison page]. A loan from us gives you ongoing access to the capital you need to make sure your business runs smoothly. You can withdraw funds in one lump sum, or use it just as you would a line of credit on an as-needed basis for all kinds of uses. Every draw you make from your loan has its own fixed repayment schedule. With daily and weekly options, choose a plan that works best for you. What’s more, as you pay back what you borrow, your borrowing limit is automatically refreshed, giving you continued access to the funds you need. We reassess your business performance every month, so your limit will be revised based on your business.
We make capital available to Canadian small businesses through business loans and credit facilities provided by two large and established Canadian financial institutions. Since 2006, we’ve facilated access for our customers to more than $1 billion through these facilities. Driven is part of Purpose Financial, one of Canada's leading investment management companies, backed by established Canadian and global investors including OMERS, Torquest and Allianz X. In 2020, Purpose Investments surpassed $10B in assets under management.
Upon approval, you can expect to receive your funds deposited in as little as 24 hours! You'll receive email notifications, sent to the email address you've used to sign up for your account:
1. Notifying you that your application has been approved or declined.
2. Notifying you when your funds are deposited to your business bank account, if you were approved.
Interest rates vary based on a number of factors taken from the details of your account and application. Rest assured our easy online application process will show you the exact cost of borrowing before you sign to commit to the loan and the interest is automatically included in your repayments to us. There are no hidden fees or charges. You can use our Business Loan Calculator to get a good idea of the total cost of borrowing, even before you sign up.
Each time you draw from your Driven Small Business Loan, it is considered a fixed loan, which includes specific terms and conditions that outline your preferred repayment schedule and a fixed interest rate and principal to be paid. Payments will be automatically taken from your bank account according to the schedule you choose. These requirements differ from a traditional line of credit, where repayment is based on a minimum balance, or the interest on outstanding balances only.