Hello,
I am looking for some advise on obtaining a small business loan (or line of credit) for my father’s business to cover operating costs for a short term.
Some background. The business has been operating for more than 5 years in the field of predictive maintenance using thermal and ultrasound technologies to complete inspection on industrial facilities such as factories.
Currently, the business has obtain a large contract to be completed in the coming 2 months, however the contract pays net 120 days.
The funds would be used for calibration of equipment, accommodation, transportation and cost of an apprentice as it is a large job either several thousand points of inspection. We are looking for 15-20k. We have an exact number as the costs have been projected in comparison with the contract size, which is roughly 3 times the amount of the loan needed.
We are speaking to the bank where the business bank account is held, however interested in other options in the event that this does not work out.
For some context, the business has been profitable every year, other than 2025. It was still in the positive however lesser than other years due to ceasing operations in the US. Due this, it has given time to focus on the Canadian market and obtain contracts in Canada. (The business is Canadian owned, however in the past there seemed to be a higher demand for this type of inspection in the US) The business has never had to use credit, and has always been net positive. The business I believe does credit as there were work trucks financed solely under the business in good standing.
I am looking for advice on where else to look for financing with quicker turn arounds as the work is set to start within a couple weeks.
To summarize: looking for 15-20k loan to cover operating costs until contract pays out.