Top Business Loans in Canada

Business Loans in Canada

Business loans in Canada, issued by banks or private lenders, are specially designed to provide new businesses an opportunity for getting started or to help established firms to get funding which will be used in making improvements or expanding

Top Business Loans in Canada

  • IOU Financial: Business owners will be charged an interest starting at 15% and they can borrow from $5,000 up to $100,000 quickly to repay within 12 to 18 months after submitting 3 months of bank statements, driver’s license and void cheque.
  • Thinking Capital: Business owners will be charged an interest starting at 8.39% and they can borrow from $5,000 up to $300,000 to repay within 6 to 12 months. Customers are also allowed to choose between a fixed or a variable rate.
  • Ondeck: Business owners will be charged an interest starting at 8% and they can borrow from $5,000 up to $300,000 quickly to repay within 12 to 24 months. The funding will be transferred within one business day.

 

  • Sharpshooter: Business owners will be charged an interest ranging between 5.49% and 22.79% and they can borrow from $4,000 up to $300,000 to repay within 6 to 60 months.
  • iCapital: Business owners will be charged an interest starting at 9% and they can borrow from $5,000 up to $250,000 to repay within 3 to 18 months after providing 3 months of bank statements, 2 pieces of government-issued ID, articles of incorporation and void cheque.
  • CanaCap: Business owners will be charged an interest starting at 29% and they can borrow from $5,000 up to $100,000 to repay within 4 to 6 months after submitting Canacap completed application and 4 recent business bank statements.

 

  • Company Capital: Business owners will be charged an interest starting at 6.87% and they can borrow from $5,000 up to $100,000 to repay within 3 to 18 months after submitting 6 months of bank statements, photo ID and void cheque. The business must be opened for at least 6 months and its sales must be at least $5,000 per month.
  • Lendified: Business owners will be charged an interest ranging between 8.99% and 18.99% and they can borrow from $5,000 up to $150,000 to repay within 3 to 24 months after submitting government issued identification and business banking statements. The business must be opened for at least 6 months and have at least 610 credit score.

How To Qualify For a Business Loan in Canada?

Every lender has a different eligibility criteria which can be viewed online on their websites. Here is a list of common loan requirements in Canada:

  • Credit score
  • Age of your business
  • Annual revenue
  • Net operating income