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Getting business loans in Toronto can be challenging; that’s why at Smarter Loans we’ve created a list of the most reputable, best reviewed lenders in the city, with some of the lowest interest rates.
Apply online in just a few minutes, and access small business loans in Toronto in a matter of days.
Businesses of all sizes can access a myriad of business financing in Toronto by choosing a type of financing and a lender, and submitting an application form to them. The various types of financing available mean that businesses in all different situations have access to a range of Toronto business loans and cash advances, in a format that works for them, at multiple price points. And different lenders provide borrowers in wildly different circumstances – from brand new ventures to established, multi-million dollar companies – with access to suitable products.
All business loans in Toronto require following the lender’s application process; this is often available online, and usually requires completing a form with some basic information, such as business legal information, contact details, and financial data for the business. More detailed documentation, such as bank statements and a business plan, may also be required.
Small business loans in Toronto range in size from $500 to $500,000, and sometimes more. Lenders determine the size of a Toronto business loan by considering the applying business’s income, credit, debts, and whether the loan is secured or unsecured against the business. If a business’s credit score is high enough (good to excellent), it can be approved for a very large loan, on excellent terms. Fast business loans in Toronto are available too, for those unable or unwilling to undertake lengthy loan application processes.
There is no single company that is the “best” for all types of commercial financing in Toronto, for all borrowers. This is because all small business lenders offer different products, and have their own advantages and disadvantages. In addition, all borrowers are in different situations and have different requirements. So choosing the best place to get commercial loans in Toronto is a case of finding a lender that has the right mix of what your business needs, right now. This mix usually includes a combination of: low interest rates, minimal loan fees, quick loan processing times, solid reputation, good customer service, transparent loan terms, suitable repayment options, and fulfillable eligibility criteria. Private business loans in Toronto are available to businesses in all situations and with a great variety of needs, it’s just a matter of selecting the option that most closely matches your individual circumstances.
When considering business loan rates in Toronto, you need to be sure you’re comparing like with like. Lenders advertise rates in a variety of ways, making it hard to judge which is the cheapest. It’s therefore advisable to use APR as the true measure of a loan’s rate.
The cost of business finance in Toronto isn’t all due to interest though. Loan fees can make a big difference, as can loan term. So when shopping around to find the best interest rates for business loans in Toronto, you need to check these factors to appreciate the overall cost of borrowing.
You can apply for a business loan in Toronto by following these steps:
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.
