Business Loans for Retail Stores

Business Loans for Retail Stores in Canada

Canada is home to a retail ecosystem that is unique. The prosperity of retail stores is imminent all across the country but in order to be successful in the field, retail stores have to deal with their own unique set of expenses. If you own a retail stores and could benefit from additional financing. Consider a business loan that you could utilize for a retail store in Canada through Smarter Loans. With no more than a short online application that can be taken care of easily and entirely online, you’ll be able to acquire financing for your retail store. Even without a pristine credit score isn’t pristine, you’ll have a great chance of getting approved as long as you apply to a company that can accommodate and for a business loan that is appropriate for the unique needs of your retail stores.

The one requirement that can’t be bypassed is that your retail stores must have been in business for at least 6 months and have generated at least $5000 in monthly revenue in order to qualify for a business loan. If you meet the requirements, don’t hesitate and scroll down to access a directory below that includes the best business loan providers in Canada. Make equipment upgrades, renovations, finance a new building, pay for staffing, marketing, inventory or something else through a business loan for retail stores in Canada.

Click “apply now” when you’ve found a suitable match for your needs and fill out a quick survey before you get approved and processed for your business loan. However, if researching providers right now proves to be too time consuming, an easy alternative is to pre-apply with Smarter Loans and we’ll pair you up with compatible business loan providers from Canada.

We can help connect you with the top retail store business financing providers in Canada.

Get Retail Store Business Loan Now!

Top Business Loans for Retail Stores Providers in Canada

Interest Rate
$5,000 - $500k
6 -12 months
$5,000 - $500,000
4 - 12 months
$15,000 - $1 Million
Starting at 8%
3 - 24 Months
Starting at 7.99%
Fixed, 4-18 months
$5,000 - $500,000
Starting at 7.99%
6 - 24 Months
$500 to $300,000
Starting at 8.39%
2, 3, 4, 6, 9, 12, 18 or 24 month terms
$5,000 - $50M
Starting at 7%
5 - 96 months
$5,000 - $300,000
Starting at 7.99%
3 - 12 months
Starting at 7.99%
3-24 months
$5000 - $800,000
Starting at 7.99%
6 - 24 Months
$10,000 - $250,000
3 - 12 months
$250 - $1,000,000
Starting at 10%
3 months - 60 months
$5,000 - $250,000

Types of Retail Business Loans

Canada has a retail industry that is very diverse and vibrant. The retail business loan sector reflects this fact with its diversity. There are many different retail loans available, each with its specific purpose in the retail industry.

Retail Working Capital

Every retail store will have its own working capital needs. With retail working capital loans, you can finance your inventory, payroll, and other day-to-day operational expenses.

Working capital loans are a great way to help a retail store get through a slow season. They can help you finance your retail business any time of the year. They can be very helpful if you’re experiencing inconsistencies in your cash flow and just need financial help.

Merchant Cash Advances

While business term loans can be used for anything, there are loans meant specifically for businesses that are processing daily payments with credit or debit cards. MCAs are good for retail shops for which flexible payments are important, because you pay back more as you sell more and less as you sell less. Merchant cash advances are useful for retail stores that take most payments from credit cards. You simply take an advance against your future sales.

Retail Term Loans

Simple retail term loans are the most straight-forward type of retail business financing. You can get a retail term loan for almost any business purpose. With these loans, you get a lump sum of cash which you then have to pay back over an agreed upon period as per the terms you agreed to with your lender.

Retail Lines of Credit

A retail line of credit offers you a more flexible financing option. They can be used to pay for either short or long-term expenses.

After you get approved for a retail line of credit, you can draw funds as per your arrangement with the lender. You must then pay them back according to your arrangement with them. Typically, you can pay very little if anything at all to have a line of credit open, so they make a great backup option.

Retail Equipment Loans

Retail equipment loans are catered to the needs of retail businesses that make large equipment purchases. So, they can only be used to finance your equipment purchases. Because they use the purchased equipment as collateral, they can often be better and safer than term loans. The devil is in the details, so compare rates and repayment terms when comparing them to term loans.

Canada Small Business Financing Program Loans

The Canada Small Business Financing Program was set up to make it easier to access business financing. It does this by sharing the risk with lenders, thus reducing your expenses.

The program is meant for businesses or startups with less than $10 million in gross annual revenues. You can find lenders who take part in the program to get a loan that offers you better rates.

Main Sources of Retail Store Loans in Canada

When possible, most retail business owners in Canada prefer to use their own funds for most expenses. Of course, that’s often unfeasible. When retail business owners need funding, they often start with friends and family.

When possible, banks and credit unions are the preferred sources of retail financing. They offer the best rates on their loans and are well-established in Canadian communities. However, they are usually slower to provide their loans. They also have higher requirements when it comes to credit scores. Minimum amounts of time in business and minimum revenue requirements are also more stringent.

When Canadian retailers are rejected by banks, they often resort to alternative lenders. The same applies if they need money in a big rush. Alternative lenders provide faster service and will serve customers with low credit scores

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