Smarter Loans Inc. is not a lender. Smarter.loans is an independent comparison website that provides information on lending and financial companies in Canada. We work hard to give you the information you need to make smarter decisions about a financial company or product that you might be considering. We may receive compensation from companies that we work with for placement of their products or services on our site. While compensation arrangements may affect the order, position or placement of products & companies listed on our website, it does not influence our evaluation of those products. Please do not interpret the order in which products appear on Smarter Loans as an endorsement or recommendation from us. Our website does not feature every loan provider or financial product available in Canada. We try our best to bring you up-to-date, educational information to help you decide the best solution for your individual situation. The information and tools that we provide are free to you and should merely be used as guidance. You should always review the terms, fees, and conditions for any loan or financial product that you are considering.
Getting a business loan in Toronto can be challenging, that’s why we’ve created a list of the most reputable, highest reviewed lenders in Canada. On this page you’ll find only the best Toronto business loan providers. You can apply online in just a few minutes and get financing for your business in just a couple of days. With flexible payment options and reasonable interest rates, your Toronto business loan is well within reach.
Select one of the lenders in the table to browse their products, interest rates, terms, eligibility requirements. You can deal direct.y with a company of your choice by clicking “Apply Now” next to one of the listings.You also have the option to pre-apply with Smarter Loans and we will connect you a trusted business financing provider in Toronto.
There are several options to choose from when obtaining a business loan in Toronto.
One way to get a business loan in Toronto is by going to a bank. At the bank, you can apply for a traditional business loan, a line of credit, and even business credit cards with fair limits. Banks may offer some of the more competitive rates, but the application process may be slower due to rigid criteria for loan eligibility.
If you are not eligible for a bank loan due to your credit history or other reasons, an alternative lender might be your next best option. Even though their rates could be higher than those of the banks, alternative lenders are much faster at getting you approved; they also have less strict eligibility criteria and work with borrowers with imperfect credit. Similar to the banks, alternative lenders offer specialized loans for your business, including equipment loans, merchant cash advances, working capital loans and more.
Before taking on debt with a business lender, see if you can find other options to fund your operation. Federal loans and grants are available to business owners, but in Toronto you can also find a variety of provincial and municipal business funding options. It’s worth investing some time in proper research to determine all the options that are available to you.
Yes, government grants and incentives are available to Toronto-based businesses. Here are a few examples of such programs:
Whether you need a small business loan for a marketing campaign or for hiring new employees or for buying/upgrading equipment, applying for a business loan with most business loan providers in Toronto involves the following steps:
All lenders have specific requirements that must be met to get approved for a business loan. However, here are some common documents all lenders are going to want to see:
Some lenders only offer loans to businesses operating in specific industries such as real estate investors or brokerage firms. It helps to be aware of lenders working with companies in your industry before applying for a loan. Although not common, the following documents may also be required with some lenders and in some cases:
How fast you receive your business loan depends on the lender you choose.
Although government loans have the lowest interest rates, they tend to take the longest amount of time to be approved. You can expect a wait period of 2-3 months or more.
Receiving approval and a business loan from a bank takes less time than government loans. A loan from the bank can typically be approved and disbursed within 4-8 weeks. In some cases, banks can take longer to process your application and approve funds.
Alternative business lenders usually take the shortest amount of time to approve and provide your business loan. Most lenders will approve your application within a few days and send your funds within the next business day. Some lenders provide an even faster turnaround. Generally, alternative business lenders take anywhere from 1-5 business days to get your funds ready for you.
Lenders offer business loans ranging from $3,000 to $500,000. Lenders determine the size of a business loan based on several factors including your income, credit, debts, and whether the loan is secured or unsecured against your business. If your credit score is high enough (good to excellent) you can get approved for a loan on better terms.
Yes, you can get a business loan in Toronto even if you have bad credit.
If you have bad credit applying with an alternative lender will likely be the best option for you. Alternative lenders work with a wide range of borrowers, including those with less than perfect credit score. Please review our wide list of alternative lenders that can work with your case and get a loan for your business fast and easy.