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Business Loans in Newfoundland and Labrador

  • chAccess to over 50 lenders in one place
  • chTransparency in rates & terms
up Last updated

June 12, 2025

up Written by:

Amy Orr

up Reviewed by:

Jenna West

Though Newfoundland and Labrador is one of Canada’s smaller provinces, it is still home to a large variety of businesses, both new and expanding. If it is time for your business to apply for financing, Smarter Loans has a variety of solutions available around the province. One of the best options for getting a business loan in Newfoundland and Labrador is applying for an online business loan. Online small business loans offer decent interest rates and an easy application process. Your business will also receive its funding in as little as two days.

Compare Lenders

AMOUNT
$5K - $500k
INTEREST RATE
Varies
TERMS
6 -12 Months
AMOUNT
$10K - $1.5M
INTEREST RATE
From 7.99%
TERMS
3 - 24 Months
AMOUNT
$5K - $500K
INTEREST RATE
Varies
TERMS
4 - 12 Months
AMOUNT
$500 - $300K
INTEREST RATE
From 8.39%
TERMS
2 - 24 Months
AMOUNT
$5K - $300K
INTEREST RATE
From 7.99%
TERMS
Fixed, 4 - 18 Months
AMOUNT
$5K - $800K
INTEREST RATE
From 7.99%
TERMS
6 - 24 Months
AMOUNT
$15K - $1M
INTEREST RATE
From 8%
TERMS
3 - 24 Months
AMOUNT
$5K - $500K
INTEREST RATE
From 9.99%
TERMS
2 - 24 Months
AMOUNT
$5K - $500K
INTEREST RATE
From 7.99%
TERMS
6 - 24 Months
AMOUNT
$5K - $50M
INTEREST RATE
From 7%
TERMS
5 - 96 Months
AMOUNT
$2.5K - $1M
INTEREST RATE
From 7.5%
TERMS
3 - 72 Months
AMOUNT
$5K - $2M
INTEREST RATE
From 7.99%
TERMS
2 - 36 Months
AMOUNT
$5K - $300K
INTEREST RATE
From 7.99%
TERMS
3 - 12 Months
AMOUNT
$3K - $5M
INTEREST RATE
From 13.99%
TERMS
1 - 60 Months
AMOUNT
$250 - $1M
INTEREST RATE
From 10%
TERMS
3 - 60 Months

Newfoundland and Labrador Small Business Loans FAQs


How do I get a business loan in Newfoundland and Labrador?


Getting a business loan in Newfoundland and Labrador starts with understanding your business needs. There are various options for Newfoundland and Labrador business loans, depending on whether you are seeking small business financing, funding for a startup business, or funding for an existing business. You will need to make sure that your business has been operational for at least 12 months and has revenue of $10,000 per month.  You’ll also need to ensure the business owners have a reasonable credit history and meet all of the lender’s borrowing requirements. Your options for loans include banks, credit unions, online lenders, and private lenders.

Am I eligible for a small business loan in Newfoundland and Labrador?


To be eligible for a small business loan for your business in Newfoundland and Labrador, you must meet all of your chosen lender’s eligibility requirements. Business loan eligibility rules usually consist of a minimum credit score, an unchequered financial history, and potentially terms relating to income or collateral. Eligibility criteria for province-specific programs may vary from private lenders’, as these are usually set up to make it easier for new small businesses to obtain financing, and so encourage new business growth. Typically, time in business and revenue are key factors in getting approved.

How do I apply for a business loan in Newfoundland and Labrador?


Applying for a business loan in Newfoundland and Labrador starts with finding the appropriate lender for your circumstances and needs. Business funding can come in various forms, so as a starting point you need to consider your business finance requirements – the ‘how much, when, what for, and for how long?’ Once you know which lenders can provide the help you need, you must check their eligibility requirements to ensure you are able to borrow from them. The application can be done online, where you’ll be asked questions about your personal details, business history, and loan that you require.

How do I ensure a lender is legitimate?


Finding a legitimate Newfoundland and Labrador business loan lender is vital to ensuring a smooth loan process. As a general rule, reputable lenders will make their terms and conditions clear, and will be willing and able to discuss your loan with you at any time. Make sure to research them online to see a website, customer reviews, and a phone number that you can contact.

Can I get a business loan in Newfoundland and Labrador if I have bad credit?


It is possible to get a bad credit business loan, but it may take some research to find a lender who is able to work with you. Bad credit lenders in Newfoundland and Labrador are more likely to approve you, but it is worth noting that they may require a secured loan, or charge a higher interest rate.

Business Loan Uses


A business loan can be used for a wide variety of purposes, from startup costs to business operations and more. In general, business loans typically finance the following business costs:

Borrowers should be aware that some province-specific programs for small business financing have stricter use requirements than traditional loans from private lenders.

Newfoundland and Labrador Business Loan Facts


As one of Canada’s smaller provinces, Newfoundland and Labrador is home to a smaller business community than other parts of the country. Here are some quick facts:

  • There are 17,335 registered small businesses in Newfoundland and Labrador.
  • There are nearly 150 different loan programs available in the province for small businesses.
  • The average household income is $64,500 per year.
  • The average household has $23,490 in consumer debt.
  • Newfoundland and Labrador household debt is increasing at less than half the rate of Ontario household debt.

av
writtenWritten by:

Amy Orr

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.

av
writtenReviewed by:

Jenna West

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.

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04:46 26 Feb 25
I’m very honoured to shear my experience with this illustrious platform. To be able to systematically choose from a list optional to one’s profile without doing much leg work is truly rewarding. This platform allowed to expand my options and chose which lenders fit my profile, thank you and continue doing what you do best,, connecting people to available wealth opportunities.
Pat M.
03:10 26 Feb 25
Good place to get a loan
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02:07 26 Feb 25
When you feel in need of a loan do it smart and make it a Smarter Loans.
Dan Bott (.
01:41 26 Feb 25
Very Helpful, was assisted in a timely fashion and was ultimately able to receive assistance; I highly recommend!!!
joel K.
22:59 25 Feb 25
I have recommended this place to many friends I feel that this company goes out of their way to help people that they can and they are very easy to work with
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13:22 27 Oct 24
This company is reliable, quick, and just has the best customer service and rates it is a easy process with quick results. Would definitely recommend to anyone that needs the help.
Vincent J.
07:08 23 Oct 24
Good place for borrowing a bit of money 😁
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06:41 23 Oct 24
Personally love this opportunity and app. Super convenient and easy to use and super awesome variety of great loans. Thanks so much guys for making such an awesome site and app and being there for me over the years. :)
Tara H.
16:23 16 Oct 24
From beginning to end, my experience was great! Very professional and personable agents. They only asked questions that were needed for the loan and payments were extremely reasonable. Would recommend to anyone who needs emergency funds.
A S.
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“ Thank you SO very much! My situation was tricky and you guys made the whole process so effortless. The way you guys handle the whole process so discreetly. That truly speaks to how well your office is run and the caliber of specialists who handled the processing of my entire loan!”

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