Small businesses are the heart of our communities. They create jobs, provide innovative products and services all while boosting our economy. Our team understands that your borrowing needs are as unique as your business. We offer a variety of credit choices to suit an array of business needs. In addition to these products, there’s another choice that’s not as well known - the Microloan and it’s available to both business and personal members.

Here’s an overview of the features of a Microloan and how it may be able to help you. 

• What is a Microloan? A Microloan is exactly as it sounds – a small loan. At CUA, we understand that a small loan can have a big impact on both businesses and individuals who are looking for credit but may be having difficulty accessing it because most financial institutions don’t offer loans of a minor amount. A Microloan is a fast and efficient option and offers financing between $500 and $5,000 with a variety of repayment options.
• How can a Microloan help my business? Whether you’re thinking of starting your own business or are currently in the depths of your own operation, a Microloan can provide funds for a number of business-related expenses. Perhaps you need the loan for production, tools and equipment, retail or office space, or marketing. Managing cash flow is vital when running a small business. A Microloan can be a great way to solve short-term cash flow concerns, especially if you find yourself in a position where you’re often using your overdraft protection, or a credit card, or perhaps because payments have not yet been processed. You may just need a small amount of funds added to your account to get you out of that overdraft cycle. In these situations, borrowing a small amount could end up saving you a significant amount in fees and/or interest.
• How can a Microloan help me personally? Just as a Microloan can help a small business receive fast and accessible credit, it can provide financing opportunities to individuals who may not be able to obtain credit elsewhere. A Microloan may be particularly beneficial to someone who finds themselves in a cash shortfall and thinking about a payday loan. Those short-term style loans come along with very high fees. In fact, the average payday loan in Canada costs $21 per $100 borrowed plus additional fees depending on the loan terms. At CUA, your financial health is our top priority and finding the right product for your situation is essential to that success. The interest rate on a Microloan is very competitive and a much more affordable option.

Individuals who are looking for assistance building or re-establishing credit are also great candidates for a personal Microloan. Similar to how a credit card works to build credit, making regular payments on your Microloan can help improve your credit as well.  

If you think a Microloan could be good fit for your current financial situation or would like to know more about our credit options, a member of the CUA team would be pleased to provide advice. Please contact myself or a colleague at 902.492.6500 or info@cua.com.