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Thirteen in the Smarter Loans network, from $2,500 to $50 million, and twelve of the thirteen lend in every province. Every one decides on your business bank statements rather than on a visit, so a shop in Kelowna is assessed the same way as one in Vancouver. All thirteen pay out within two days of approving you and ten within 24 hours; twelve consider owners with poor credit; the two hard gates are three to twelve months in business and $5,000 to $20,000 a month in revenue, depending on the lender.
Two ways, and the difference decides what the money costs. Term loans and lines of credit are priced as an APR, from 7% at the lowest published rate among the lenders listed, on a declining balance, so paying early saves interest. Advances repaid from your sales are priced as a factor, from 1.1 to 1.5, a multiplier on the amount: $50,000 at 1.3 repays $65,000 whether it takes four months or twelve, and paying early saves nothing. Compare inside the pricing type, never across it; the business loans in Canada page works through what each costs on the same amount. An advance is a purchase of receivables rather than a loan at interest, and federal law exempts commercial loans over $10,000 from the 35% cap where the APR stays under 48%, which is why a business quote can carry a rate a consumer loan cannot.
| $50,000 for twelve months | Priced as | Cost of the money | Paying off early |
|---|---|---|---|
| Term loan at 7% | APR | About $1,916 in interest | Saves interest |
| Term loan at 20% | APR | About $5,581 in interest | Saves interest |
| Advance at a 1.3 factor | Factor | $15,000, fixed | Saves nothing |
Illustrative; 7% is the lowest APR published among the lenders listed, and factor advances from the lenders listed run from 1.1 to 1.5.
Six months of business bank statements, because the lenders listed decide on them rather than on a visit. Three to twelve months in business and $5,000 to $20,000 a month in revenue, depending on the lender. A reason: a quote for equipment, a contract to fund, a gap with a date. For an advance, your card processing statements. Personal credit is checked because nearly every product carries a personal guarantee, and it sets the tier rather than the decision; twelve of the thirteen consider an owner with poor credit. An incorporated business and a sole proprietor are assessed on the same statements.
A term loan for a purchase with a life longer than the loan. A line of credit for a gap that opens and closes, drawn and repaid as it does. An advance for a business paid by card that needs money this week and can afford the factor. For a truck, a trailer or any machine that holds its value, the equipment financing and commercial truck financing in British Columbia pages list the lenders that finance the asset itself over its working life, at lower rates than unsecured business borrowing, because the asset is the security.
Reviewed by Rafael Rositsan, Co-Founder and CEO, Smarter Loans. Last reviewed 24 September 2026. Lender figures are the lenders' published terms as checked August 2026; the cost examples are illustrative.
Thirteen in the Smarter Loans network serve British Columbia, from $2,500 to $50 million. All thirteen pay out within two days of approval and ten within 24 hours; twelve consider owners with poor credit.
Term loans and lines are priced as APR from 7% at the lowest published rate; advances repaid from sales are priced as a factor from 1.1 to 1.5, a multiplier on the amount. Compare within the pricing type, not across it.
You need three to twelve months in business and $5,000 to $20,000 a month in revenue depending on the lender, six months of bank statements, and a reason for the borrowing. Every lender listed decides on statements, not on a visit.
Twelve of the thirteen lenders listed consider owners with poor credit, because they decide on business deposits and the personal guarantee sets the tier rather than the decision.
Not always. Federal law exempts commercial loans over $10,000 and up to $500,000 from the 35% cap where the APR stays under 48%, and an advance repaid from sales is a purchase of receivables rather than a loan at interest, so a factor is not an APR at all.
