Business Loans in Quebec

As business owners, we understand the challenges of obtaining business financing in Quebec to maintain the growth of your business. Here at Smarter Loans our main goal is to help you find the best small-business loan lender in Quebec so that you can expand your business, purchase new equipment, hire additional staff, or simply renovate your shop, without wasting your time on a ton of paperwork. With Smarter Loans, you have the confidence of knowing that whichever lender you choose to work with, they will ensure that you get the right funding for your small business in Quebec. The approval process for a small business loan is quick and easy. Once you complete the online application, you can expect the funds to be transferred to your bank account within 3-5 business days.

Explore your business financing options in the table below by comparing interest rates, minimum qualifications and companies reviews. Once you pick your Quebec business loan lender, click on the “Apply Now” to submit your loan request. You also have the option to pre-apply with Smarter Loans. We will be more than happy to set you up with credible lender in Quebec that will work with you from the initial steps of the application to post funding. A partner of ours will reach out to you shortly to discuss next steps of your business financing application.

Quebec Small Business Loans FAQs

How do I get a business loan in Quebec?

Getting a business loan in Quebec can be surprisingly easy. Quebec government business loans are available to businesses of all sizes (although there are dedicated plans specifically for small business financing, in addition to more general plans). These loans can be used for financing your new business or for investment in an existing business. Banks, credit unions and online lenders offer business loans in Quebec. There are also plenty of private lenders that work with startup businesses.

Who is eligible for a small business loan in Quebec?

Quebec government loans for small businesses need to be used for research and development specifically. However, anyone can apply to a private lender for a small business loan for their Quebec business, as long as they meet the eligibility criteria of their chosen lender. This usually involves a minimum credit score and a solid financial history. Lenders want to see a business that’s been operational for at least 12 months and has some revenue of at least $5,000 – $10,000 per month.

Discover the potential cost of your business loan by using our convenient calculator. Take the first step towards securing the financing you need to grow and expand your business.

How do I apply for a small business loan in Quebec?

Applying for a business loan in Quebec need not be onerous, as long as those seeking business funding pick the right lender. Each lending company will have different (but often similar) eligibility criteria that applicants must meet; so the first step in applying for a loan is researching available Quebec business loan lenders and finding one that meets your needs, and whose eligibility requirements you meet. You’ll need to fill out an online application and provide information on yourself and your business, as well as on the loan that you are seeking. Once the application is received and reviewed the lender will either make an offer or reject your application.

What can I finance with a business loan in Quebec?

A business loan can be used for a number of different purposes – everything from startup costs to expansion. However it is worth noting that some loans – small business loans from the government in particular – have restrictions on what their loans can be used for. However in general, business loans typically finance the following business costs:

  • New equipment purchase or equipment repair
  • Buying or leasing commercial vehicles
  • Buying or leasing property or land
  • Improving land or buildings used for commercial purposes
  • Buying inventory
  • Business expenses
  • Working capital
  • Franchise purchase

How do I find a legitimate small business loan lender in Quebec?

Finding a reputable Quebec business loan lender is a critical first step in your journey to business financing. A reputable company will have transparent terms and conditions, and fully discuss your financial position before approving you. They will have a track record and real reviews online. They should have a website, phone number for customer service and email support.

Can you get a business loan with bad credit in Quebec?

Obtaining a bad credit business loan in Quebec is possible. A good choice is to apply for a loan with a reputable bad credit lender. These lenders are used to working with higher risk clients and will be more forgiving of bad credit, although they may require collateral or charge a higher interest rate.

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