Business Loans Alberta

Alberta is heavy with businesses both large and small that are constantly expanding. Finding a business loan in Alberta is usually a long process, but there are a variety of financing solutions available for your business. When looking for a small business loan in Alberta, you are looking for a firm with great reviews and a good reputation. It’s also likely that you want to have access to your extra funds as soon as possible. Although the most common solution to an Alberta small business loan in Alberta is the traditional bank loan, these loans have a complicated approval process and usually take weeks to offer funding to the borrowing business.

But is a solution that can suit your business needs better. Online business loans in Alberta offer good interest rates and manageable payment periods that make finding a great business loan relatively simple. Getting approved for an Alberta small business loan is easy, and the application only takes a couple of minutes to fill out.

If you would like to explore online business loans in Alberta, check out the comprehensive list of providers in Alberta below to see their terms and rates. You can apply directly with one of the companies on the list, or pre-apply for a business loan at Smarter Loans to be connected with a suitable provider.

Frequently Asked Questions about Business Loans in Alberta

How do I get a business loan in Alberta?


There are a few great options for getting a business loan in Alberta. One place to look for business funding in Alberta is government loans or grants. The federal and provincial governments offer many options, so it’s worth taking the time to find out if you qualify for government grants or loans.

Then, the next place to look for business funding is your bank. Banks offer business loans, and they do so at good rates. If you have a business account with the bank you want to get a loan from, getting a loan will be easier. The bank will already have access to your business banking information.

There are also many alternative lenders available in Alberta. Alternative lenders are faster than traditional lenders and will lend to borrowers with lower credit scores. In exchange for their speed and easier access, alternative lenders also charge higher interest rates. Many of these lenders operate online so you can apply from the comfort of your home.

 

Are there any Alberta government business loan programs for Alberta- based businesses?


Yes, there are many government and private programs for funding Alberta-based businesses. You can try finding a program you qualify for from:

  • Alberta Business and Entrepreneurship Development
  • Community Futures Alberta
  • The Alberta Farm Loan Program
  • The Business Development Bank of Canada

There are many loans and grants offered by these programs/institutions and others.

 

How do you apply for a business loan in Alberta?


The hardest part is choosing what kind of lender you want a loan from. So, the first step is figuring out which loans or grants you qualify for.

Once you’ve chosen a lender, you just need to follow a few simple steps:

  • Send that lender an application
  • Once the lender gets back to you, if they’ve sent you an offer, review it
  • Send a full application with documents
  • Once approved, the lender will send you the money and the terms of the loan will be active

 

What are the eligibility criteria for a business loan in Alberta?


Specific criteria are laid out by the lender you try to get a loan from. If you want a business loan for an Alberta-based business, potential lenders will want to assess your business. They will also want to review your personal credit history. Typically, you should be in business for at least 12 months and have monthly sales of $10,000 or more.

To get a business loan, you will need to submit:

  • A government ID
  • Business financial information

The lender will also pull your credit score and assess you based on that and your business’s financial condition and any assets that your business has.

 

How fast can I get a business loan in Alberta?


Depending on the kind of lender you go to, your wait time will vary from one day to a month or more.

If you want the fastest service possible, you will have to go to an alternative lender. Some alternative lenders can qualify and approve you in a few hours and send you your funds the next day. Alternative lenders don’t usually take longer than a few days to approve a loan and send funds but they charge more for the loan (higher interest rates).

Banks, credit unions, and government programs will take longer to approve your loan. Also, they will typically require more paperwork but in return they will be cheaper options for your business.

 

How big of a business loan can get?


The maximum sum of a business loan you can get depends on:

  • The lender you choose
  • Your credit score
  • Your business’s finances

If you qualify, some Alberta lenders can send you funding up to $500,000. Also, larger loans will typically mean longer repayment terms.

You can use our chart to compare the amount that lenders can let you borrow in Alberta.

 

Can I get a business loan with bad credit in Alberta?


Yes, you can get a loan with almost any credit score in Alberta. However, the lower your credit score is, the worse the rates you will be offered.

For the most part, alternative lenders are the most accessible for bad credit borrowers. Instead of rejecting borrowers with bad credit, many alternative lenders will just charge higher rates. They may also ask for collateral or a personal guarantee.

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