Business Loans British Columbia

Business Loans in British Columbia, Canada

Filled with ski lodges and campgrounds, there is a huge variety of small and medium sized businesses in British Columbia. If your business is looking for an influx of cash to expand, there are several options available around the province that might work for you. One of the most common solutions to finding small business financing in British Columbia is the online business loan. Online small business loans in BC offer a wide variety of interest rates and payment terms, and access to the loaned funds in as little as a couple of days.

These loans also offer an easy online application with a simple process. When looking for a small business loan in BC, it’s important to work with a lender that has a history of success and a great reputation. That is where Smarter Loans can help.

Check out the list of reputable lenders in British Columbia below and see what each one is offering right now. If there’s a lender that has the right terms for your business, you can click “Apply Now” next to their listing below. If you aren’t sure which institution will work best for your business, pre-apply with Smarter Loans and we will connect you with the most suitable lender in BC.

Frequently Asked Questions about Business Loans in British Columbia

 

How do I get a business loan in BC?


There are several options for getting a business loan in BC.

The first and simplest way to get a loan is by going to a bank. Banks provide business term loans, lines of credit, and business credit cards to their clients. Also, they usually provide the best rates you can find. Banks are not very fast, but they provide personal service and low rates.

If you can’t qualify for a bank business loan, you can try alternative lenders. Alternative lenders can be found online. They don’t offer the good rates that banks do, but they are fast and accept a wider range of borrowers. Alternative lenders also offer many types of loans, including equipment loans.

Before you look for a business lender, try finding other options. There are a few federal government loans and grants meant for business owners. There are also provincial business funding options available. To start, have a look at the programs offered by the Business Development Bank of Canada.

 

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


Yes, there are government business loan programs available in BC. There are also private institutions providing local business grants.

 

Here are a few examples of loans and programs available for BC-based businesses:

  • Canada Small Business Financing Program loans
  • Women’s Enterprise Centre Loans Program
  • British Columbia’s Indigenous Small Business Resources loans
  • Community Future Business Loans
  • How do you apply for a business loan in BC?

 

Applying for a loan in BC is easy. You just need to follow a few steps:

  • Choose a lender
  • Submit an application
  • Receive and review an offer if you get approved
  • Submit a full application
  • Receive the loan and repay the lender as per the terms you agreed to
  • What are the eligibility criteria for a business loan in BC?

 

Exact requirements for a loan will vary heavily based on the lender you go to. Most lenders will not require too many documents, but almost all of them will want to see:

  • A government ID
  • Your business financials (bank statements, accounting software, etc.)
  • Your personal credit score

 

Beyond these simple requirements, certain lenders will want to see specific documentation. For example, some will specifically request bank statements for the last year.

In some cases, it’s even possible to get a loan without getting your credit score pulled. Just be aware that lenders with fewer requirements typically offer far worse rates.

 

How fast can I get a business loan in BC?


Speed is another factor that depends entirely on your particular business lender.

While they often provide the best rates, government-sponsored loans typically take a long time to get approved. You can expect to wait for one week or longer.

Banks will often take less time than government programs will. A bank loan can be approved and provided in about 5-10 business days. In some cases, they will take longer, but bank business loan approval times are not bad if you are not in a rush.

Alternative business lenders offer a wide range of approval times, but they are typically the fastest by far. Some alternative business lenders can approve a loan in one day and send the funds during the next business day. Some are even faster than that. Overall, it should take anywhere from 1 to 3 business days to receive an alternative business loan.

 

How big of a business loan can you get?


Business loan sums are usually much higher than personal loan sums. Some BC lenders will approve high-credit business borrowers for up to $300,000 in funding. You can refer to our table to compare lenders based on how much funding they offer.

 

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


Yes, you can still get a business loan in BC if you have bad credit.

You will have the best luck getting approved for a loan if you go to an alternative lender. This is because alternative lenders have lower requirements for their loans. Instead of rejecting borrowers with bad credit, they will usually just increase their rates. So, alternative lenders will still lend money to you if you have bad credit, but their interest rates will be higher.

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