Most owners searching for a small business loan already know roughly how much they need. The harder questions are whether they qualify yet, and what the payments will do to their cash flow in a slow month. Those answers are rarely on the first screen of a lender's website.
For newer businesses, the first question usually comes down to timing. Driven, formerly Thinking Capital, requires six months in business, a 600+ credit score and $120,000 in annual revenue. Greenbox Capital requires five months. 2M7 reviews applications from businesses that have been operating for three months, bring in $15,000 a month and have no open bankruptcies.
Picture a landscaping company that opened in March. By June it has three solid months of sales and a crew to pay through peak season. Under a six-month rule, it can't apply until September, when the season is winding down and the expenses have already been paid.
Driven offers term loans. 2M7 and Greenbox Capital offer merchant cash advances, which work differently, and the difference is explained further down. Every competitor figure below comes from that company's own website.
Side-by-side: published requirements and terms
All amounts are in Canadian dollars.
Competitor terms as published on October 18, 2026. Sources: 2M7 merchant cash advance, homepage and application page; Driven; Greenbox Capital homepage and merchant cash advance page.
Why three months versus six months matters
A six-month rule gives a lender more history to judge. Three months already shows most of what matters, though: how much money comes in, how steady it is from week to week and whether the account stays positive. Bank statements show that more directly than a credit report does.
That history matters most in businesses where the costs come first. A restaurant buys equipment and stock before its first busy season. A contractor pays for materials and crew weeks before the client's first payment clears.
2M7 reviews your statements alongside your industry and time in business. Our Fundability Score™ is separate from bank credit scoring, so bad credit doesn't automatically end an application, and applying typically doesn't involve a hard credit check. Driven requires a 600+ credit score and incorporation. Greenbox sets a 400+ credit score and runs a hard credit check when it makes an offer.
What the funding costs beyond the advance
Each funder in this comparison describes its cost in a different way, which makes a straight comparison harder than it should be.
Greenbox lists two fees in its funding conditions: a setup fee of 4% of the amount funded ($349 minimum) and a $95 disbursement fee for Canadian businesses. On a $50,000 advance, those two fees total $2,095, separate from the cost of the funding itself. Its merchant cash advance page puts typical factor rates between 1.1 and 1.5.
A factor rate is simpler than it sounds: multiply it by the amount funded. A $50,000 advance at 1.3 means repaying $65,000, whether that takes four months or eight.
Driven prices its term loans from 3.9 cents on the dollar, says it charges no hidden fees and offers lower rates to businesses with credit scores above 750. That figure is a starting price, so your actual cost depends on the rate and term you're offered.
2M7 charges a one-time cost of capital instead of interest. It's quoted for your business specifically, you see the full amount before you sign, and there are no hidden fees on top.
Compare the amount deposited in your account, the total you'll repay and the payment schedule. Published figures like these can't tell you which provider will cost less for your business. Only a written offer can.
How payments change when sales slow down
This is the part of a funding agreement owners most often underestimate. A fixed daily payment that feels easy in July can be hard to carry in February, especially for seasonal businesses. 2M7 offers two structures.
Flex payments take a set percentage of your daily card and debit sales, between 4% and 30% depending on your agreement. At 10%, a $2,000 day puts $200 toward your balance and an $800 day puts in $80. Because it follows your sales, Flex is only available to businesses that process card and debit payments every day.
Fixed payments take the same amount on schedule, and you know that figure before you sign. They suit businesses with steady revenue that want a predictable number. If sales drop, customers in good standing can call us to request a temporary reduction, subject to our approval.
Greenbox takes payments from daily or weekly card and debit sales and mentions both fixed and flexible schedules, but it doesn't publish the percentage. Driven collects daily or weekly payments over terms of 3 to 24 months and doesn't describe payments that adjust with sales.
Is a merchant cash advance a loan?
No. With a conventional business loan, you borrow money and repay it on an agreed interest and payment schedule. A merchant cash advance is funding against your future sales, and you pay a one-time cost of capital instead. Ours depends on your industry, location, time in business, number of employees and the amount you receive.
That's also why a factor rate or withholding percentage can't be read like an annual interest rate. The useful comparison is the total dollars you'll repay and how quickly the payments come out. We go into more detail in the difference between a merchant cash advance and a business loan.
Questions to ask any funder, including us
Before you sign anything, get clear answers to these:
- How much reaches my account after setup, disbursement or other fees?
- What's the total I'll repay, in dollars?
- Will applying or accepting an offer trigger a hard credit check?
- How often are payments taken, and are they fixed or tied to my sales?
- What happens to my payment if sales drop for a month?
- Is there a discount for paying early, and what are the conditions?
- Is there a personal guarantee? "No collateral" doesn't mean "no personal guarantee."
- If I need more funding later, how does a top-up change my current payments?
Frequently asked questions
Can my business apply for funding after three months?
Yes. Canadian businesses can apply to 2M7 after three months if they bring in at least $15,000 a month and have no open bankruptcies. Approval depends on our review. Driven requires six months and Greenbox Capital requires five.
Can a startup with no revenue get 2M7 funding?
No. 2M7 funds operating businesses with at least three months of history and $15,000 or more in monthly revenue, because the review is based on your actual sales.
How fast does 2M7 fund?
2M7 makes a decision within one business day, and approved funds reach your account within 24 hours. Existing customers can text their rep for a top-up, which is typically paid out within 30 minutes if approved.
Does applying to 2M7 involve a hard credit check?
Applying to 2M7 typically doesn't involve a hard credit check. The review focuses on your bank statements, revenue, time in business and industry.
Does 2M7 charge fees on top of the cost of capital?
No. 2M7 doesn't charge interest or application, origination, documentation or brokerage fees. You pay one cost of capital, and you see it before you sign.
Does paying early reduce my cost?
Yes. 2M7 takes 10% off your remaining balance when you pay early, as long as your account is in good standing and the payment comes from you rather than from another funder.
What happens after I click Check If I Qualify?
You fill out a short form with your contact details, business name, time in business and monthly revenue. A 2M7 funding specialist then calls to verify your details. If you move forward, you'll need three months of bank statements, photo ID and a void cheque.
Do 2M7 payments drop when my sales drop?
With Flex payments, yes. The amount collected is a percentage of daily sales, so it falls on slower days. With fixed payments, the amount stays the same unless you ask for a temporary reduction and 2M7 approves it.
Check whether your business qualifies
Since 2008, 2M7 has issued more than $650 million to over 5,000 Canadian businesses, and about 80% of our customers come back for additional funding. We're a direct funder rather than a broker, so the money comes from our own account and you deal with the people making the decision.
If you've been operating for at least three months and bring in $15,000 or more a month, the first step is a short form with your contact details and basic business information. Have three months of bank statements, photo ID and a void cheque ready for the next step.
