Business Loans Nova Scotia

Though Nova Scotia is Canada’s second smallest province, it is home to many businesses in every industry. When it’s time for your business to find an influx of cash for expansion or new equipment, a small business loan in Nova Scotia is likely the perfect solution. However applying for a loan can be a time-consuming process. But there are other business financing options available in Nova Scotia. One of the best business loans to apply for in Nova Scotia is an online small business loan. Online business loans offer your business a variety of payment terms, allowing you to find a loan that suits you best. These business loans also come with decent interest rates to help your business move forward. Approval is fast and easy, and you could see the money in your business account in a matter of hours.

When finding the right loan for your business in Nova Scotia, it is imperative that you work with a firm that has a long history of good reviews and a great reputation.

Smarter Loans offers a comprehensive database of best Nova Scotia small business loan providers. Look below to see what each of these providers is offering for your business, and click “Apply Now” next to a company of your choice. If you aren’t sure which firm will work best for your business, you can pre-apply with us and we will find  you a suitable provider.

Frequently Asked Questions

 

How do I get a business loan in Nova Scotia?


To get a business loan in Nova Scotia, you need to first find out what kind of loan you want. Then, you can decide which specific lender or government program you want to go to for funding.

For the best terms, it’s better to find out which federal or provincial loans and grants you qualify for. Some grants often come at no cost, while government loans have favourable terms. These grants and loans have slower processing times and come with specific requirements. So, it’s better to do your homework in advance and apply earlier than you need the funds.

Traditional lenders like banks and credit unions are the next best option when it comes to rates. With them, you will often find better rates and more personalized service. Credit unions often have specific membership requirements, so you need to look into them ahead of time as well. Banks are easier to deal with and will allow you to talk with an employee about your accounts and your options.

Alternative lenders usually provide less personal service than other lenders, but they are fast and most have lower requirements. For business borrowers with lower credit scores and revenues, they will still provide a loan. However, they could be a more expensive option.

 

Are there any government business loan programs for Nova Scotia-based businesses?


Businesses in Nova Scotia have access to many provincial and federal grants and loans. There are also private grant options available. The following banks and institutions have loans or programs available for funding:

· Atlantic Canada Opportunities Agency
· The Business Development Bank
· The Canada Small Business Financing Program
· Nova Scotia Business Inc.
· The Seed Capital Program

 

How to apply for a business loan in Nova Scotia?


Applying for a business loan in Nova Scotia is easy. Once you know where you want to apply for funding, you just need to follow a few steps:

1. Apply with the loan provider online or in-person
2. Review any offer you are given
3. If you like the offer, send a full application with documents
4. The lender will send you the money and the terms of the loan will be active

 

What are the eligibility criteria for a business loan in Nova Scotia?


Every lender has its own criteria for giving you a loan. Even government grants have specific criteria you must meet to qualify. You will need a government ID, business financial documents, and a credit score pull for almost any loan. Time in business of 1 year and monthly revenue of at least $5,000 are common requirements for most lenders. Always be sure to check a lender’s eligibility criteria before sending an application. Failing to do so may prove to be a waste of time.

 

How fast can I get a business loan in Nova Scotia?

Online lenders can give you a business loan the fastest. Some alternative lenders can approve your loan in just a few hours. Typically, it will take a business day or two to be approved for an alternative business loan and receive the funds.

If you go to a traditional lender like a bank or credit union, you can expect longer wait times. Traditional lenders will usually take a week or two to approve a loan. In some cases, they may take longer.

Lastly, government programs will usually take a while to send you your funds. Timeframes vary widely by program, but you can expect them to take longer than alternative lenders.

 

How big of a business loan can get?


You can get loans of up to $1 million from the Canada Small Business Financing Program. Banks and alternative lenders will lend you widely varying amounts. Online lenders will usually approve businesses up to $500,000.

Keep in mind that it is easier to qualify for a larger loan with a higher credit score and stronger business financials.

 

Can I get a business loan with bad credit in Nova Scotia?


Yes, you can qualify for many loans with bad credit in Nova Scotia. The only issue is you will have to resort to the alternative lenders that are willing to accept you. These lenders will provide bad credit business loans, but their rates will be higher. Make sure to fully understand the cost of borrowing for your business before you commit to any terms with a lender.

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