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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.
There are several options for getting a business loan in British Columbia.
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 offer higher rates than banks do, but they are fast and accept a wider range of borrowers. Alternative lenders also offer many types of loans, unsecured business loans, lines of credit and merchant cash advance as well as equipment loans.
Make sure to research other options before taking out a business loan. There are a few federal & provincial government loans and grants meant for business owners available to residents of BC. To start, have a look at the programs offered by the Business Development Bank of Canada.
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:
Applying for a loan in BC is simple. You just need to follow a few steps:
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:
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 higher rates.
Speed is another factor that depends entirely on your particular business lender.
While they often provide the best rates, Government-sponsored loans typically offer lower rates but take a longer time to get approved and for the funds to be released. You can expect to wait for 1-2 weeks or longer.
A bank loan can be approved and provided in about 10-14 business days if you are eligible and have the right paperwork. In some cases, they will take longer, but bank business loan approval times are good 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 1-2 business days 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, however their rates might be higher.
Business loan sums are usually much higher than personal loan sums. Some BC lenders will approve high-credit business borrowers for up to $500,000 in funding. Most business loans in BC are generally up to $100,000.
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 or online 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.