Trusted by More than 2,000,000 Canadians since 2016

Renovation Business Loans

  • chBusiness Loans up to $500,000
  • chRates from 7% APR
  • chGet offers from Top Business Lenders in Canada
up Last updated

June 18, 2025

up Written by:

Amy Orr

up Reviewed by:

Jenna West

As far as businesses goes, Canada is where the economy is constantly evolving in all sorts of ways. With business loans so openly available, there are solutions for businesses across all sorts of industries. Especially when it comes to renovations.Here at Smarter Loans, we work with many business loan providers that specialize in catering to the needs of renovations.

If you are interested in a business loan for renovation, leverage the resources that Smarter Loans has prepared for you. Our list of business loan options has been prepared for your benefit so that if you scroll down you’ll be able to get access to everything you need to know on one page. Take advantage of our Business Loan Calculator to get an idea of what to expect.

Apply to any one of these business loan and financing for renovation providers by clicking “Apply Now” beside their name. Alternatively, you can apply with Smarter Loans and we’ll take care of it by choosing a provider that we deem most compatible for you.

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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
$5,000 - $5 Million
INTEREST RATE
Varies
TERMS
12 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

Options to Fund Your Renovation Project


Business renovations are expensive projects. While paying for them on your own is ideal, it’s often impossible to pay for everything on your own. At the same time, getting a loan might not be the best idea.

Before you go looking for lenders, consider that you can look in other places. The best place to start is with those close to you. In some cases, family, friends, and business partners are a better place to start looking. If they can’t help you, there are also community development initiatives around Canada that help small businesses.

These options are often unavailable, but they are always worth looking for. This is why renovation, remodelling, and rehab projects are often financed through loans. When most other sources of funding are hard to find, getting a loan is the easiest option.

 

How do Business Renovation Loans Work?


Business renovation financing typically comes from business loans. Because business renovations are commercial and serve the purpose of improving your business’s performance, they easily qualify as business loans.

To find a commercial renovation loan, your first step will be to find and compare available lenders. If your credit score and business profits are higher, you will have more options available and get better rates from lenders.

You must send a loan application to the lender you would like to get a loan from. They will want to have a look at your recent business financials, and they will pull your credit score. Using this information, they will decide whether to offer you a loan. If they do send an offer, their rates will depend on these same variables.
Once you are sent an offer, it’s up to you to decide whether to accept it. If you do, the lender will transfer you the money and the terms of your loan will be applied.

 

Frequently Asked Questions about Renovation Loans


How long does it take to get a business renovation loan?

Business lenders can work incredibly quickly, though many are very slow. The approval times for a commercial renovation loan will depend on which lender you go to. Banks will usually take between two weeks and several months to approve a loan. An alternative lender will usually take a few days. Some online lenders can have the money on their way to your business bank account in just one day.

Can I get a business renovation loan with bad credit?

Yes, you can. Bad credit business loans are approved with far less stringent requirements than other business loans. Bad credit business loans come with worse rates than the loans available to larger, more stable businesses.

How big of a business renovation loan can I get?

The limits on the size of business renovation loans you can get will depend on:

  • Your choice of lender
  • Your credit score
  • Your recent business financial history
  • The type of loan you apply for

Some business lenders can give you hundreds of thousands of dollars in just a few days if they see you as an ideal borrower.

What Type of Projects is a Renovation Loan Good For?

Commercial renovation loans are good for any kind of renovation that typically costs a lot of money. Some examples include:

  • Building expansions
  • Office repairs
  • New interior walls
  • Decorations
  • New furniture
  • HVAC repairs or upgrades
  • Insulation
  • Paint jobs
  • Roofing

Check out more amazing videos for business owners on our YouTube Channel.

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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