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Business Loans Canada

  • chBusiness Loans from $5,000 up to $1.5 Million
  • chRates from 7% APR
  • chGet offers from Top Business Lenders in Canada
up Last updated

September 10, 2025

up Written by:

Amy Orr

up Reviewed by:

Jenna West

Find the right business financing in Canada. Compare vetted lenders, estimate payments, check your likely APR and eligibility in minutes, then apply online.

business loans

Compare Lenders

AMOUNT
$5K - $500k
INTEREST RATE
Varies
TERMS
5 -9 Months
AMOUNT
$10K - $1.5M
INTEREST RATE
From 7.99%
TERMS
3 - 24 Months
AMOUNT
$5K - $500K
INTEREST RATE
Varies
TERMS
4 - 12 Months
AMOUNT
$10,000 - $300K
INTEREST RATE
From 8.39%
TERMS
3 - 24 Months
AMOUNT
$5K - $300K
INTEREST RATE
From 7.99%
TERMS
Fixed, 4 - 18 Months
AMOUNT
$5K - $800K
INTEREST RATE
From 7.99%
TERMS
6 - 24 Months
AMOUNT
$15K - $1M
INTEREST RATE
From 8%
TERMS
3 - 24 Months
AMOUNT
$5K - $500K
INTEREST RATE
From 9.99%
TERMS
2 - 24 Months
AMOUNT
$5K - $500K
INTEREST RATE
From 7.99%
TERMS
6 - 24 Months
AMOUNT
$5,000 - $5 Million
INTEREST RATE
Varies
TERMS
12 months
AMOUNT
$5K - $50M
INTEREST RATE
From 7%
TERMS
5 - 96 Months
AMOUNT
$2.5K - $1M
INTEREST RATE
From 7.5%
TERMS
3 - 72 Months
AMOUNT
$5K - $2M
INTEREST RATE
From 7.99%
TERMS
2 - 36 Months
AMOUNT
$5K - $300K
INTEREST RATE
From 7.99%
TERMS
3 - 12 Months
AMOUNT
$250 - $1M
INTEREST RATE
From 10%
TERMS
3 - 60 Months

🏢 Business Loans in Canada

Canadian businesses of all sizes rely on financing to grow, manage cash flow, and seize opportunities. Compare options from vetted lenders and use our tools to estimate payments, check your likely APR range, and find the right fit for your company.

Updated September 2025

🧮 Business Loan Calculator

Estimate monthly payment, total interest, and payoff. Tap a preset or adjust the inputs. Press Calculate to see results.

⭐ Quick Presets

Tap a tile to auto-fill a typical borrow amount for that scenario. You can still edit APR, term, and frequency after.

💼 Working capital Often around $25,000
🛠️ Equipment Upgrades near $40,000
🏪 Expansion $50k to $75k projects
🛡️ Emergency $10k to $20k needs
📦 Inventory Seasonal buys ~$30k
📣 Marketing Campaigns ~$20k
🏗️ Major project ~$100,000
🏢 Expansion Plus ~$150,000
🚚 Fleet upgrade ~$200,000
$25,000 $40,000 $60,000 $100,000 $200,000
$

The total you plan to borrow before fees. Borrow only what you need.

7% 9.99% 12.99% 14.99% 19.99%

APR is your yearly borrowing cost including interest. Comparing APRs shows the true cost.

24 36 48 60

Shorter terms raise payments but reduce interest. Longer terms do the opposite.

Monthly Biweekly Weekly

Biweekly or weekly spreads payments out. Total cost shown below.

Start application

📊 Results

Monthly Payment

Total Interest

Total of Payments

Payoff Date

Press Calculate to render your cost breakdown
Principal Interest
📄 Show full breakdown
MetricValue
Apply now Estimates only

💲 Business Loan Rates and Fees

Business loan APRs in Canada can range from single digits for strong profiles to higher rates for riskier scenarios. Banks often offer 6 to 10 percent for highly qualified borrowers. Alternative lenders price higher but move faster and approve more file types. MCAs and short term products typically cost more.

📃 Common fees

  • Origination or administration fee
  • Late payment fee
  • NSF fee
  • Prepayment charge where applicable

Compare the APR, not just the nominal rate.

🧪 Example scenario

Amount$50,000
APR9.99%
Term36 months
Estimated paymentUse the calculator

📊 What Affects Your Rate

📇 Credit & history

Higher scores and clean payment records reduce risk.

💵 Revenue & cash flow

Stable, growing revenues support larger, cheaper loans.

⏳ Time in business

More years in operation improves approval odds and pricing.

🔒 Collateral

Assets can lower rates and increase approval odds.

🏭 Industry risk

Volatile sectors often see higher pricing.

🧮 Loan type & term

Shorter terms reduce interest; longer terms lower payment.

✅ Approval & Interest Rate Checker

Enter the key signals lenders review to see an illustrative APR range and eligible financing types. Educational only, not a credit decision.

Poor <600 Fair 600 to 659 Good 660 to 719 Very Good 720 to 759 Excellent 760+

Higher scores generally qualify for lower APRs.

$120k $300k $750k
$

Revenue level helps determine affordability and loan size.

Under 1 year 2 years 5+ years

Longer operating history usually improves approval odds.

$0 $1,500 $2,500 $5,000
$

Includes loan payments, leases, and fixed obligations.

Yes No
Low Medium High
No Yes
$15k $25k $60k $150k
$
Calculate payments

📈 Estimated APR Range & Eligible Types

Low End

High End

Fit Score

Eligible Types

📄 Show how we estimated this
FactorEffect

Heuristics only. Real APRs depend on lender underwriting and market conditions.

🧰 Types of Business Financing

🏦 Term loans

Fixed amount repaid over a set period. Great for expansion and larger projects.

🔁 Business line of credit

Flexible revolving access. Pay interest only on what you draw.

🛠️ Equipment financing

Asset-secured financing for purchases or upgrades.

🧾 Invoice financing

Unlock cash tied up in unpaid invoices to smooth cash flow.

⚡ Short term loans

Fast cash injections for inventory or payroll. Higher cost.

💳 Merchant cash advance

Advance based on future sales. Very fast, typically higher cost.

✨ Get matched to business lenders in minutes

Answer a few questions and see options from vetted Canadian providers.

Start Matching

🎯 Common Uses

📦 Inventory & supplies

Stock up ahead of peak season to capture demand.

👥 Working capital & payroll

Bridge timing gaps and keep operations smooth.

🛠️ Equipment

Buy or upgrade gear to boost productivity.

📣 Marketing

Fund campaigns that drive customer growth.

🏪 Renovations

Improve your space or expand to new locations.

🚑 Emergencies

Handle urgent repairs or unexpected costs.

✅ Eligibility Criteria

🧾 Minimums most lenders expect

  • 6 months in business
  • $10,000 monthly revenue
  • Fair to good credit
  • Consistent cash flow

📑 Documents to prepare

  • Business registration or incorporation
  • Financial statements or tax returns
  • Bank statements
  • Plan for how the funds will be used

💡 Tip

Even if you miss a requirement, alternative and online lenders often provide options for newer businesses or those with weaker credit.

📍 Where to Get Business Loans

🏦 Banks & credit unions

Competitive rates and larger amounts, but stricter eligibility and longer timelines.

🌐 Online lenders & marketplaces

Fast approvals and higher approval odds. Compare multiple lenders in one place.

🤝 Private lenders

Flexible but rates and terms vary widely. Due diligence is essential.

🏛️ Government programs

Canada Small Business Financing Program and provincial initiatives may help secure bank financing.

Regional notes: Ontario and BC have the highest concentration of alternative lenders. Alberta and Saskatchewan often emphasize equipment and energy-related financing. Quebec offers unique provincial programs alongside private lenders.

🧭 Compare Business Financing Types

Type Typical APR Typical Amount Term / Repayment Speed Pros Cons Best For
🏦 Business term loan ~6% to 20%+ $10k to $500k+ 12 to 60 mo, fixed Days to weeks Predictable, larger amounts Stricter underwriting Expansion, projects
🔁 Business line of credit Prime + margin Flexible Revolving, interest on draws Days to weeks Pay as you use Variable cost; reviews Working capital gaps
🛠️ Equipment financing Often lower $10k to $1M+ 12 to 84 mo, fixed Fast to moderate Asset secured Asset at risk Machinery, vehicles
🧾 Invoice financing Fee based Up to AR value Advance on receivables Fast Unlocks cash quickly Fees reduce margin AR heavy businesses
💳 Merchant cash advance High (factor) $5k to $300k % of sales, variable Very fast Approval flexibility High cost Short urgent needs

Tip: Compare total cost and choose the shortest affordable term.

📝 How to Get a Business Loan

  1. Prepare documents: registration, financials, bank statements, and a clear use-of-funds plan.
  2. Estimate affordability: use the calculator to test payment scenarios.
  3. Check likely APR range: run the Approval & Rate Checker to see a preliminary range.
  4. Compare lenders: banks, credit unions, alternative and online lenders.
  5. Apply online: complete a secure application and upload documents.
  6. Review approval: confirm schedule, fees, and prepayment options.

❓ Frequently Asked Questions

How much can I borrow?

Amounts typically range from $5,000 up to $500,000 or more, depending on revenue, time in business, credit, collateral, and loan type.

What is a good business loan rate in Canada?

Strong profiles may see 6 to 10 percent with banks. Alternative lenders often price 10 to 29 percent depending on risk. Short-term products can be higher.

How fast can I get funded?

Online lenders can fund in 24 to 48 hours. Traditional institutions may take longer but can offer lower rates.

Will I need collateral?

Not always. Secured options can lower cost. Unsecured loans rely more on credit, revenue, and cash flow.

Do newer businesses qualify?

Yes, many alternative lenders serve newer businesses, typically with higher pricing or smaller amounts.

🚀 Ready to compare business loans

See options from vetted Canadian lenders and apply online in minutes.

Start your application

Disclosure Smarter Loans is not a lender. Tools provide estimates only and are not credit offers. Terms, eligibility, and pricing vary by lender and province.

av
writtenWritten by:

Amy Orr

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.

av
writtenReviewed by:

Jenna West

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.

Awesome G.
04:46 26 Feb 25
I’m very honoured to shear my experience with this illustrious platform. To be able to systematically choose from a list optional to one’s profile without doing much leg work is truly rewarding. This platform allowed to expand my options and chose which lenders fit my profile, thank you and continue doing what you do best,, connecting people to available wealth opportunities.
Pat M.
03:10 26 Feb 25
Good place to get a loan
Chris “Stufphr” H.
02:07 26 Feb 25
When you feel in need of a loan do it smart and make it a Smarter Loans.
Dan Bott (.
01:41 26 Feb 25
Very Helpful, was assisted in a timely fashion and was ultimately able to receive assistance; I highly recommend!!!
joel K.
22:59 25 Feb 25
I have recommended this place to many friends I feel that this company goes out of their way to help people that they can and they are very easy to work with
Nate C.
13:22 27 Oct 24
This company is reliable, quick, and just has the best customer service and rates it is a easy process with quick results. Would definitely recommend to anyone that needs the help.
Vincent J.
07:08 23 Oct 24
Good place for borrowing a bit of money 😁
Kels H.
06:41 23 Oct 24
Personally love this opportunity and app. Super convenient and easy to use and super awesome variety of great loans. Thanks so much guys for making such an awesome site and app and being there for me over the years. :)
Tara H.
16:23 16 Oct 24
From beginning to end, my experience was great! Very professional and personable agents. They only asked questions that were needed for the loan and payments were extremely reasonable. Would recommend to anyone who needs emergency funds.
A S.
19:43 11 Oct 24
“ Thank you SO very much! My situation was tricky and you guys made the whole process so effortless. The way you guys handle the whole process so discreetly. That truly speaks to how well your office is run and the caliber of specialists who handled the processing of my entire loan!”

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