Lender
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Accord Financial Review

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About lender

Accord Financial is a North American commercial finance company that helps small and medium-sized businesses access funds. Accord’s mission is to create simple solutions for easy access to financing and thus boost growth. The Accord solutions include asset-based lending, lender financing, retail inventory financing, small business loans, media financing, and factoring.

Accord Financial’s work focus on U.S. and Canadian businesses. The company has six offices in key locations throughout the U.S. and Canada to provide convenient customer service. In addition, it is possible to consult with an expert in Chicago, Greenville (SC), Santa Monica, Montreal, Vancouver, and Toronto. 

Accord has an intelligent chatbot that helps provide quick answers and directions to services.

Working capital loan offers can exceed $6 million. Loan amounts can vary from $5,000 to as much as $ 30,000,000.

Features

The company has 40 years of experience in the credit business, and its management has practical knowledge of various industries. As a result, each application is handled with great attention to the details of business needs, helping to find the best financial solution quickly.

Pros and cons

Pros

  • Stability of the company as a lender. It has weathered the global financial crises and continues to provide credit services in the U.S. and Canada;

  • reputable and experienced management and lending team;

  • flexible approach to financing;

  • ability to borrow from a few thousand to millions to meet the needs of the business;

  • online application process;

  • possibility to visit one of the offices;

  • various loan purposes are available (working capital, inventory up to 100% of invoice amount);

  • no set-up fees;

  • possibility of telephone consultation;

  • express loan application for amounts less than one million dollars.

Cons

  • It is necessary to create an account on the Accord Financial website;

  • only Canadian companies are eligible for loans;

  • loan purposes are limited; for example, there are restrictions prohibiting the use of loan funds for the payment of bonuses to the borrower's employees or management, for dividend payments, etc.

  • loans provided by Accord Financial may not be used to refinance existing loans;

  • the loan funds are not available for more than 60 months.

Loan conditions

At Accord, you are entitled to get a loan from $5,000 to $30,000,000. Working capital loans are declared up to $6,5 million. The asset-based loan rate will vary. An Accord small business loan, up to $75,000, must be repaid within 18 months with weekly payments.

For a small business loan (AccordAccess), you need a business operating for over two years and a minimum of $100,000 in sales annually.

The Accord Financial leasing terms reach five years, and transactions to be funded range from $500.000 to $20 million.

As for the factoring, AccordExpress can advance up to 90% of the face value (facilities between $500,000 - $2 million).

As for the interest rates, the company discloses only these of the AccordExpress loan program designed for the small businesses affected by the pandemic. The rates start at 8.95% with a 0.50% loan origination fee. The repayment term is up to 48 months.

Accord Financial offers a range of credit products that can meet the diverse needs of direct and indirect exporters. If the amount needed is less than one million, the lender allows for a simple express process that begins with an online application and a quick review. If the borrower needs a longer term, 60 months may not be enough. If it is an international company registered in another country, the standard lending criteria will not be met.

Methods of loan funding

Accord Financial does not specify how the funds are transferred to the clients, as this depends on the loan product

Accord Financial

FAQ

What is Accord Financial?

It is a lending commercial finance company with 40 years of history on the market. It supports direct and indirect exporters, companies based in Canada. Accord Financial provides working capital financing, equipment, and development financing.  

Who owns Accord Financial?

According to available information, Accord Financial is owned by the following shareholders:

  • Oakwest Corp. Ltd. 24.8%

  • Ken Hitzig 23.4%

  • Canada Inc 12.2%

  • Simon Hitzig 2.59%

  • Eric D. Starr 0.89%

  • Barrett D. Carlson 0.72%

  • James Jang 0.50%

  • CapFinancial Partners LLC 0.17%

  • Jason Rosenfeld 0.12%

  • Stephen Duncan Warden 0.11%

How much can you borrow from Accord Financial?

The company allows you to get a loan from 5,000$ and up to 30,000,000$.

Is Accord Financial a legitimate company?

Accord Financial is an officially registered company with six offices and is physically presented in the US and Canada.

How do I contact Accord Financial?

It is possible to make phone calls at +1 (800) 967-0015.

In Canada, witten queries may be submitted to [email protected].

The legal directions are: 

  • Montreal: 3500 Boulevard de Maisonneuve Ouest, Suite 1510, Montreal, QC H3Z 3C1

  • Toronto: 40 Eglinton Avenue East, Suite 602, Toronto, ON M4P 3A2

  • Vancouver:889 Harbourside Drive, Suite 300, North Vancouver, BC V7P 3S1

How trustworthy is Accord Financial?

Accord Financial is a lender with 40 years of history on the market. It is officially registered with a transparent management structure. The company has six offices in the US and Canada.

Does Accord Financial verify income?

A precise procedure is not described in the available sources. Still, since the company complies with financial monitoring, compliance, and other legislation requirements, it must verify the applicant's possibility to service the loan and fully repay it. Moreover, examining the applicant’s company’s financial statements lowers the lender’s risk of getting a toxic asset.

Company documents

Privacy Policy
Legal

Throughout our history, we’ve built a strong foundation as a successful company and reliable partner. As we continue to grow, our focus remains the same: simplifying access to capital so our clients can thrive.

© Accord Financial Corp.
Financial products
Accord Financial
Small Business Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$5,000-$75,000
Term
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Loan term for the financial product

up to 18 months
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Effective interest rate on the product

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Effective interest rate on the product

up to 24.93%
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
1000
$500-$300,000
Rate
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Effective interest rate on the product

set individually
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Loan term for the financial product

up to 24 months
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Rating by Finanso®
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $1,500
Rate
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Effective interest rate on the product

from 18.99%
Term
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Loan term for the financial product

up to 12 months
Calculate loan payments in Accord Financial

Accord Financial calculator will allow you to calculate an approximate payment schedule for the loan

Accord Financial calculator
Interest rates are given in accordance with the rates of the Accord Financial of 12.07.2024
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