At Driven, we’re all about giving customers the tools they need to succeed. That’s why we’re rolling out new (and longer) loan term options—so that you can pick the one that’s right for your business.
Need a loan for more than just a few months? Hoping to keep your business humming but want to keep the payments low? Driven is pleased to announce that we are rolling out our longest term loans to date, giving Canadian entrepreneurs even more ways to sustain and grow their businesses.
The two new options, 18- and 24-month term loans, will be added to our existing product suite of 2, 3, 4, 6, 9, and 12 month loans (ranging from $500 to $300,000), providing small business owners with an even wider array of options and empowering you as a Canadian small business owner to make decisions that are right for your needs.
One advantage of these longer-term loans is lower monthly payments. By stretching out their payments over a longer period of time, businesses can reduce the cost of each installment—and that gives you more cash flow to work with month to month.
Driven loans may be put toward virtually any aspect of your business, but in light of recent lockdowns, these long-term packages may come especially handy in helping you navigate present-day challenges.
We didn’t design these new loans for COVID-19 specifically, in other words, but for many businesses, especially those in retail and dining, government restrictions have been hard, and we know a lower repayment threshold may help get you through the tough times.
Short vs. Long: Which to Choose
Importantly, these new loans don’t replace their shorter-term counterparts so much as provide you with greater optionality. Whether it’s four months or twenty-four—it all depends on what makes sense for your business.
Let’s say you want to build a patio for your restaurant, for instance, and expect the investment to pay off over the summer—your busiest season. In that case, a short-term loan might make perfect sense. If it’s more about sustaining or growing your business in general, and you want more cash on hand to make a variety of investments as they arise, then a longer-term loan may be right for you. Whatever the need, we’re here for you.
Advice and research for Canadian small businesses from our expert team