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Small business loans in Saskatoon are available to a variety of borrowers, but to ensure you’re doing the right thing for your business, you need to choose your financing carefully.
Below you’ll find a list of reputable providers offering competitive business loans in Saskatoon; review their terms to find the lender best suited to your business’s needs.
To access commercial financing in Saskatoon, follow the below steps:
Step one: Select a suitable type of financing for your business’s needs and situation. There are many to choose from, including: traditional installment loans; online loans; lines of credit; commercial mortgages; equipment loans; business credit cards; merchant cash advances; bad credit loans; and invoice financing loans. The amount available, and the structure of the loan, will depend on the type of financing you choose.
Step two: Pick one of the small business lenders operational in Saskatoon that offers the type of financing you need, and whose applicant criteria you meet. Cost and reputation should also be considered. Available lenders include: credit unions; banks; online lenders; private lenders; and alternative lenders.
Step three: Finally, apply for a business loan in Saskatoon by completing your chosen lender’s application form. It can take a few days to a few weeks to receive a response.
The size of business loan in Saskatoon you can access depends on the type of financing you apply for. For example: commercial loans in Saskatoon can be for as little as $500 (e.g. with small unsecured cash loans), or as much as $1 million (e.g. with secured commercial mortgages). In addition, your business’s financial profile will impact how much business financing in Saskatoon any individual lender is comfortable approving you for. Larger, more established businesses with good revenue and good credit are more likely to be able to access large amounts.
The best place to get a business loan in Saskatoon will be different for each business, for several reasons. The first is that not all lenders offer all of the same types of financing; the second is that lenders’ criteria for business loan approval in Saskatoon varies; the third is that business loan rates in Saskatoon can fluctuate dramatically. All of this variation means that, to find the best lender for your business’s specific needs, you must identify your priorities and then shop around to find a suitable match.
Here’s an example to clarify: let’s say your business needs funds to cover an emergency; fast business loans in Saskatoon would be a sensible choice, as they offer quick access to cash. But not all lenders offer fast loans, so you need to: identify those that do; compare their rates and requirements; select one that is both affordable, and that will approve you.
Interest rates for business loans in Saskatoon can vary widely, depending on the type of loan, the lender, and the borrower, so shopping around is a must. Many lenders will advertise special introductory offers or rates to entice new customers, but don’t be fooled by these – they don’t necessarily equal the cheapest small business loans in Saskatoon. To properly compare your options, look at annual percentage rates (APRs) for actual interest costs; and don’t forget about loan fees, which can quickly add up. Look at different loans’ overall cost, over their lifetime, for a true comparison.
Requirements to get a business loan in Saskatoon differ from lender to lender, and between types of financing, so the application process can differ too. All private business loans in Saskatoon require you as the borrower to complete an application form, but exactly what information is needed in that form, and what supporting documentation is necessary to support it, can vary widely. Small and short term loans typically have fewer application requirements, while large, secured forms of business finance in Saskatoon have more. At a minimum, you should be prepared to provide business financial documents, bank statements, and legal documents.
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.
