Business Loans Calgary

Business Loans in Calgary, Alberta

Getting a business loan in Calgary can be a long and tedious process. Although there are several lenders in Calgary that offer business loans, these traditional lenders tend to be slow to approve a business, and after approval it can take some time to receive your money. You need new real estate or a little extra cash to get your business moving again, and a business loan is the perfect way to take the next step towards success. Though personal loans only use your personal credit score to determine whether or not you qualify, business loans in Calgary use both your personal and business credit scores and history to determine the rates and terms you will be offered.

Because the online financial market has grown so significantly in the past several years, there are a number of online loans available in Calgary. These lenders offer varied terms and interest rates, so you can find a firm to work with that suits your business’ needs. Finding the best loan for your business doesn’t have to mean searching through Google’s results. At Smarter Loans, we offer a great list of long standing business loan providers in Calgary, and you can see all their offerings and requirements before applying online.

You can also pre apply with us and let us connect you with the best business loan provider in Calgary.

How do I get a business loan in Calgary?


Obtaining a business loan can be done in one of three ways:

One of the easiest ways to receive a business loan is through a bank. If you already have an account with your bank, you will have an easier time applying for a loan with your bank. Banks offer various types of business loans including lines of credit and business credit cards. Business loans from the bank might offer good interest rates but often come with strict eligibility criteria and take a few weeks for funding to complete.

Another option for funding your business is to see if your business qualifies for a government loan program, like Canadian Small Business Financing Program. These loans often have low interest rates and offer various funding options for your business. Some programs are specific to the city of Calgary, so it may be worth looking into it if you’re operating or expanding your business in this area.

Another option would be to find an alternative lender. These lenders often operate online, and they accept a wide range of applicants and they are usually much more flexible with the eligibility requirements. If you have a lower credit score or lack financial history within your business, an alternative lender could be your best opportunity to secure a loan. They are quick to approve and fund, but often have higher interest rates.

 

How to apply for a business loan in Calgary?


Applying for a business loan in Calgary is a straightforward process. The basic steps include:

  • Select a lender you’d like to borrow from
  • Complete a pre-approval application for your lender
  • Once you have been approved and received your offer, review the terms before moving forward
  • Submit a final application with all other required documents requested by the lender
  • Receive the loan and repay the funds as per the terms you and your lender agreed on

 

What are the eligibility requirements for a business loan in Calgary?


Every lender requires the borrower to meet specific criteria for a business loan. However, here’s a list of documents that every lender wants to review:

  • Official identification (a government-issued ID or international passport)
  • Financial documents including a cash flow statement, income statement, and a balance sheet
  • Your personal credit score
  • At least $10,000 in sales per month
  • Must be in business at least 6-12 months.

There are some select lenders who only offer loans to specific industries they’re interested in. Be sure you meet the requirements of the lender you want to secure a loan from. Aside from the common documents that lenders like to see, they may also ask for these documents:

  • Capital business assets
  • A business plan
  • Financial statements

 

How fast can a Calgary-based business get approved and obtain a business loan?


How fast you receive a business loan largely depends on the lender you choose to borrow from.

Government loans tend to take the longest to receive. The approval and funding may take up to 3 months.

If you decide to apply for a bank loan, you’ll usually receive it faster than a government loan. Typically, bank loans are approved and you receive funding within several weeks and with, some loan types, several business days.

If you’re on an even tighter deadline, the faster way to receive a business loan is through an online lender. They tend to have the fastest approval rates and can have your loan in your account within the next business day. Generally, alternative lenders won’t take more than 3 business days to send your business loans.

 

How big of a business loan can I get in Calgary?


Lenders offer business loans ranging from $3,000 to $500,000. The size of the loan you are eligible to receive depends on how the lender assesses your business, your credit score, and income.

 

If I have bad credit can I still get a business loan in Calgary?


Yes, you can obtain a business loan with bad credit in Calgary.

Your best option to receive a loan with bad credit is to find an alternative lender. Be prepared to pay a higher interest rate, but you can get a business loan within a few days.

Different Types of Loans in calgary

Elite Trusted Lenders

These companies are recognized for their excellent service, product offering and financial literacy education for all Canadians.