Business Loans Edmonton

For most traditional lenders in Edmonton, the process for securing a loan can be incredibly challenging. Though there are several financial institutions in Edmonton to choose from, there may be a better option for you. If you’re looking to expand or take the next step with your business, a business loan is one of the best ways to take that next step forward. Though personal loans only use your personal credit score to determine whether or not you qualify, business loans in Edmonton use both your personal and business credit scores and history to determine the rates that you will be offered. Nowadays, most lenders offer varying payment terms and interest rates, so it’s easier for you to find the right loan for you.

If you search for the right one, you’ll find a firm with the right terms to suit your business’ circumstances. But finding the best business loan in Edmonton for you doesn’t have to mean spending hours searching for the perfect firm. Smarter Loans has a comprehensive list of reputable institutions that offer financing in just a few days. Check out the table or lenders and their offers below, and click “Apply Now” next to the company of your choice to get started.

We can also connect you with a top business loan provider in Edmonton, if you pre-apply with us.

How do I get a business loan in Edmonton?


You can obtain a business loan in one of the following methods:

One of the best ways to get business funding is through government grants or loans. These loans tend to have the lowest interest rates and offer the most funding options. Some programs are specific to Edmonton, so it’s worth looking into if you are based in Edmonton or plan on expanding your business there.

If you do not qualify for a government loan, your next best option would be going to your bank. Banks offer business loans, lines of credit, and business credit cards at some of the most competitive rates you can find. Shop around to see if a traditional bank loan is a good option for you.

If you’re not eligible for a bank loan, you try getting a loan form an alternative lender. Most of such lenders can be found online, and they accept a wide range of business owners with fewer restrictions on their credit score or financial history. Expect to get loan offers with interest rates that are higher than those of traditional and bank loans.

 

Are there any business incentive programs or grants for businesses operating in Edmonton?


There are many incentives for Edmonton-based businesses. Here’s some examples of the incentives your business may qualify for in Edmonton:

Access to Business Improvement Area Grants which provide incentive programs that support up to a maximum of $100,000 for constructing new commercial buildings and up to $200,000 for constructing new mixed-use developments.
Improve your local area with the Corner Store Grant Program and targeting neighborhood commercial properties that meet the commercial needs of local residents.

Your business may qualify for the Brownfield Redevelopment Grant Program. The program supports the redevelopment of qualified brownfield properties by helping cover the testing and restoration costs.

 

How to apply for a business loan in Edmonton?


Applying for a business loan in Edmonton is a simple process. Just follow these easy steps:

  1. Select a lender of your choice
  2. Submit a pre-approval application to your lender
  3. If you’re approved, review your offer from your lender
  4. Submit a full application with other required documents
  5. Receive the loan and begin repayment as per the contract you and the lender agreed to

 

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


All online lenders have specific requirements that must be met to get approval on a business loan. However, there are some common guidelines that borrowers must follow:

To be approved for a business loan in Edmonton you must have:

  • An official government ID
  • Financial documents and bank statements for your business
  • Proof of annual revenue of your business
  • Your credit score
  • Be in business for at least 12 months
  • Have 6 months of revenue, at least $7,500/month

There are some lenders who only offer loans to specific industries such as real estate brokerage firms or restaurant businesses. Be sure that you meet the requirements for the lender of your choice.

Other factors and documents that lenders may want to consider include:

  • A business plan
  • Capital business assets
  • Financial statements
  • Professional resume

 

How fast can I get a business loan in Edmonton?


The turnaround on your business loan application will depend on the lender you choose.
If you apply for a government loan with CSBF, expect the approval to take about 2-3 months. Government business loans are the longest to get approved.

Receiving a business loan from a bank is usually faster than waiting for a government loan. Smaller bank loans are typically approved and funds are provided within a few weeks. The approval for larger loans however may take 1-3 months.

Alternative lenders usually take the least amount of time to approve and disburse the funds. Most alternative lenders approve your application within days and deposit the funds into your account quickly.

 

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


Lenders offer business loans ranging from $3,000 to $500,000. Lenders determine the size of a business loan based on several factors including your credit, income, debts, and whether you’ve offered collateral for the loan. If you have a lower credit score, then you can expect to be approved for loans with a higher interest rate. If your credit score is good or excellent then you can expect to be approved for a loan at much better terms and a lower interest rate.

 

Can I get a business loan with poor credit in Edmonton?


Yes, even if you have bad credit, you can still apply and be approved to borrow money for your business in Edmonton.

Borrowing from an alternative lender would be the best option for your business. They offer loans to a wide range of borrowers, and for an increased interest rate, and you can get a loan within a day of approval.

Different Types of Loans in edmonton

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