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Whatever you need financing for, we’ve got you covered. Smarter Loans has scrutinized the entire market to bring you the best small business loans in Edmonton, from the city’s highest reviewed, most trusted lenders.
Simply browse the table below to find the perfect business financing, or pre-apply with us and we’ll match you with a lender.
The first step in any financing journey is to pick the right type of loan. There are many kinds of commercial loans in Edmonton, including:
The financing’s purpose, the amount needed, the flexibility needed, and your business’s financial position will all influence which type of business financing in Edmonton is best for you. Next, you need to select a lender. Depending on your business’s financial profile, you may have a lot or limited choice here, but it’s crucial you find a lender who can provide the loan you need, and who is likely to approve your business for a loan. Finally, you can apply for a business loan in Edmonton with your chosen lender, by completing their application process.
The amount your business can borrow via business finance in Edmonton depends on three things: the lender you apply to, the loan you apply for, and your business’s financial profile. Anything from $500 to $1 million is technically available, but to secure a large loan you need to select the right type of loan from an appropriate lender, and have an attractive borrower profile (good credit, high income, few debts), and/or collateral for the loan. You are unlikely to secure business loan approval in Edmonton if you apply for more than your business can realistically afford to repay.
There are many small business lenders in Edmonton, including high street banks, credit unions, online lenders, alternative lenders and private lenders. Choosing the best place to get commercial financing in Edmonton is therefore a matter of priorities; different lenders have different terms, benefits and processes, and what your business cares about most will influence which lenders are best positioned to help you.
For example, banks and credit unions are known for having some of the most competitive business loan rates in Edmonton, but their processes are slow and their eligibility requirements strict. Online loans, on the other hand, may charge a little more in interest, but offer faster and easier access. Understanding what your business needs and why will allow you to select small business loans in Edmonton that are appropriate, affordable and accessible.
Private business loans in Edmonton are required by law to state their cost via an APR (annual percentage rate). This provides a standardized, reliable way to assess the true cost of a loan over the course of a year, and means you can compare different loans’ costs with ease. As interest rates for business loans in Edmonton can run from 6% to over 50%, being able to make appropriate comparisons is crucial. Bear in mind though that different types of loans have different average rates; for example, fast business loans in Edmonton have higher rates than harder-to-get, secured loans.
As the requirements to get a business loan in Edmonton vary from lender to lender, and across loan types, the ease of applying for a loan can also vary. Small or unsecured loans require less paperwork and are easier to access than large or secured loans. In all cases, you will need to provide basic information about your business and some financial information; but for large or secured loans, or with traditional lenders, you will also need to provide detailed supporting documentation, such as bank statements, cash flow statements, tax records, and a business plan.
Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.
Jenna West is Smarter Loans' in-house financial writer and content director. She has been covering the Canadian FinTech and finance industry since 2017, including financial trends analysis, industry surveys, regulatory updates and changes in Canadian consumer behaviour when it comes to finance.
