Question 1

Is theBNK a bank?

Accepted Answer

No. theBNK is a Canadian business financing brokerage. We are not a bank, lender or deposit-taking institution. Your personal funding specialist works with funding partners to explore options for your business.

Question 2

Who can apply?

Accepted Answer

For revenue-based financing, businesses operating in any Canadian province (not the territories) with at least 3 months of trading history and average monthly revenue of $15,000, or $180,000 annually. You’ll need your most recent 3 months of business bank statements. Asset-backed financing and crypto-backed loans have separate criteria.

Question 3

Will applying affect my credit?

Accepted Answer

No, applying will not affect your credit. During the initial assessment, a soft credit check will be done.

Question 4

How much can I access?

Accepted Answer

Our funding options range from $15,000 to $50 million CAD. Range depends on product, eligibility, business and funder assessment.

Question 5

How quickly could I receive funds?

Accepted Answer

You could have funds in your business account in as soon as 24 hours. For eligible revenue-based financing applications, after approval and completion of required documents. Subject to funder and banking timelines, cut-off times and business days. Funding within 24 hours is not guaranteed. Asset and crypto products have separate timelines.

Question 6

Is an offer guaranteed?

Accepted Answer

No. Every application is assessed by funding partners. Submitting an application does not guarantee an offer or approval.

Question 7

What is a factor rate?

Accepted Answer

A factor rate is a multiplier applied to the funding amount to calculate the financing charge. For example, $100,000 at a factor rate of 1.19 means $119,000 is repaid in total. A factor rate is not an APR or an annual interest rate.

Question 8

What happens after I apply?

Accepted Answer

Your personal funding specialist reviews your application and contacts you. If an offer is available, they walk you through the amount, total cost, fees and payment obligations before you accept anything.

Question 9

Do you fund businesses in the territories?

Accepted Answer

Revenue-based financing is available to businesses operating in any Canadian province. Businesses in the territories are not currently eligible.

Question 10

Do I need 12 months of trading history?

Accepted Answer

No. The minimum is 3 months of trading history, with average monthly revenue of $15,000 or $180,000 annually.

Question 11

Are asset-backed financing and crypto-backed loans assessed the same way?

Accepted Answer

No. Asset-backed financing depends on valuation, documentation and funder assessment of eligible equipment or property. Crypto-backed loans depend on eligible digital assets, custody, loan-to-value and margin terms. Both have separate criteria and timelines.

Question 12

Who will I deal with?

Accepted Answer

Your personal funding specialist — from the moment you apply through to any offer and beyond.

Straight answers.

theBNK. We start where the extra mile ends.