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Business Loans Alberta

Author: Kale Havervold

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Kale Havervold

Expert Contributor at Loans Canada

Reviewed By: Caitlin Wood, BA

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Caitlin Wood, BA

Editor-in-Chief at Loans Canada

Caitlin Wood has more than a decade of experience helping Canadian consumers learn how to take control of their finances. Expertise:

• Personal finance
• Consumer borrowing
• Credit improvement
• Debt management

📅

Updated On: December 10, 2021

Business Loans Alberta - Compare Providers

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		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1741219200		Up to $1,000	0% interest (30.4% APR)	30 days (revolving)	Up to $1,000
100	1709683200		Up to $1,250	Up to 32%	90 – 150 days	Up to $1,250
23	1700524800		Up to $25,000	24.99% – 29.99%	30 or 60	Up to $25,000
18	1695254400		$500 – $5,000	Up to 32%	3 – 4	$500 – $5,000
10	1692748800		Up to $500	0%	Up to 65 days	Up to $500
100	1688083200		$150 – $1,600	10 – 35%	3 – 6	$150 – $1,600
100	1686182400		$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400		$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400		$300 – $3,000	18% + fees	6	$300 – $3,000
22	1683676800		$15,000	6.7%	Up to 60	$15,000
9	1670889600		$1,000 – $15,000	19.9% – 34.9%	–	$1,000 – $15,000
11	1666051200		$250	0%	–	$250
100	1643932800		$500 – $15,000	Starting at 18.9%	6 – 60	$500 – $15,000
100	1623369600		Varies	0%	6 or 8 weeks	Varies
1	1620777600		Up to $35,000	9.99% – 34.95%	6 – 60 months	Up to $35,000
24	1607558400		$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1598918400		Up to $15,000	–	–	Up to $15,000
100	1598832000		$500 – $15,000	Start at 10.99%	9 – 60	$500 – $15,000
19	1582243200		–	9.9% – 29.9%	12 – 60	–
100	1580860800		$1,500 – $10,000	–	12 – 60	$1,500 – $10,000
17	1580774400		$1,000 – $25,000	8.99% – 34.99%	36 or 60 months	$1,000 – $25,000
100	1579478400		$100 – $1,500	$14 per $100	–	$100 – $1,500
7	1579478400		Up to $20,000	19.8% – 34.99%	36 – 85 months	Up to $20,000
100	1576713600		$500 – $100,000	Starting at 12.99%	Up to 60	$500 – $100,000
100	1562198400		$500 – $15,000	15.99 – 35%	6 – 60	$500 – $15,000
10	1552262400		$500 – $25,000	29.9% or 34.28%	6 – 84 months	$500 – $25,000
100	1551830400		$1,000 – $15,000	19% – 34.95%	12 – 60	$1,000 – $15,000
100	1551398400		Up to $1,500	$14 per $100	14 days	Up to $1,500
100	1551398400		$100 – $1,500	$14 per $100	14 – 31 days	$100 – $1,500
100	1551398400		Up to $1,500	$14 per $100	14 days	Up to $1,500
100	1546128000		Up to $5,000	19.9% – 35%	6 – 36	Up to $5,000
15	1551139200		Up to $15,000	34.99%	Open-ended	Up to $15,000
100	1550534400		$100 – $1,500	$14 per $100	14 days	$100 – $1,500
2	1569974400		Up to $1,500	$14 per $100	Up to 62 days	Up to $1,500
100	1550534400		Up to $1,500	$14 per $100	14 days	Up to $1,500
100	1550534400		$500 – $1,000	23%	3 – 6	$500 – $1,000
100	1550534400		$300 – $1,000	Up to 38%	3 – 4	$300 – $1,000
100	1567555200		$300 – $3,000	18% + fees	6	$300 – $3,000
100	1549238400		$250 – $1,500	23.99% – 29.99%	3 – 4	$250 – $1,500
20	1548720000		$500 – $1,000,000	7.9%	12	$500 – $1,000,000
100	1548720000		Up to $5,000	–	12 - 60	Up to $5,000
100	1548720000		$500 – $50,000	Starting at 8.99%	3 – 120	$500 – $50,000
11	1545264000		$500 – $100,000	12.99% – 34.99%	9 – 60 months	$500 – $100,000
100	1545264000		$500 – $10,000	Starting at 9.90%	12 – 36	$500 – $10,000
6	1543622400		Up to $60,000†	19.99% – 34.99%*	6 – 120 months	Up to $60,000†
100	1545350400		$300 – $1500	Starting at 18%	3 – 7	$300 – $1500
12	1545350400		Up to $7,000	35%	6 – 60	Up to $7,000
15	1545350400		$500 – $1000	Up to 32%	3	$500 – $1000
100	1545350400		$500 – $750	23%	3 – 4	$500 – $750
100	1545350400		$500 – $750	22%	90 – 120 days	$500 – $750
100	1545350400		$300 – $3,000	27% – 35%	90 – 120 days	$300 – $3,000
5	1545264000		$500 – $150,000	9.99% – 34.99%	9 - 240	$500 – $150,000
4	1545264000		Up to $5,000	34.37%	–	Up to $5,000
21	1545177600		Up to $35,000	Starting at 12.99%	Up to 60 months	Up to $35,000
13	1545177600		$100 – $20,000	Up to 35%	Up to 60	$100 – $20,000
100	1569974400		$200 – $1,500	$14 per $100	Next payday	$200 – $1,500

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
9	1725321600		Up to $40,000	$0.75 per $1,000 per day	–	Up to $40,000
4	1714089600		$10,000 – $20,000,000	–	–	$10,000 – $20,000,000
3	1714089600		$10,000 – $2,000,000	10%+	Up to 36	$10,000 – $2,000,000
5	1669852800		$10,000 – $300,000	–	3 – 24	$10,000 – $300,000
100	1648512000		$1000 - $250,000	–	–	$1000 - $250,000
100	1620345600		–	–	12 – 60	–
100	1611878400		–	–	–	–
24	1607558400		$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1598918400		–	–	–	–
100	1592438400		–	–	–	–
100	1585612800		–	–	6 – 60	–
100	1580947200		$200,000 – $5,000,000	–	–	$200,000 – $5,000,000
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		$5,000 – $1,000,000	–	–	$5,000 – $1,000,000
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580688000		Up to $10,000	Prime + 2.5%	Up to 60	Up to $10,000
2	1580256000		$5,000 – $800,000	–	6 – 24	$5,000 – $800,000
100	1579478400		$10,000 – $30,000,000	–	–	$10,000 – $30,000,000
100	1579478400		$50,000 – $5,000,000	–	3 – 36	$50,000 – $5,000,000
100	1579478400		–	–	24 – 60	–
100	1579478400		–	–	–	–
100	1579478400		Up to $1,200,000	–	12 – 84	Up to $1,200,000
100	1579046400		–	–	–	–
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1575849600		$5,000 – $150,000	Starting 15%	6 – 24	$5,000 – $150,000
100	1575849600		Up to $250,000	–	–	Up to $250,000
100	1575590400		–	–	–	–
100	1575590400		–	–	–	–
1	1545955200		$1,000 – $300,000	–	12 – 120	$1,000 – $300,000
100	1552262400		$500,000 - $10,000,000	–	–	$500,000 - $10,000,000
100	1548720000		Up to $5,000	–	36 – 60	Up to $5,000
100	1552262400		Up to $250,000	–	Up to 10 years	Up to $250,000
100	1552262400		Up to $1,000,000	–	–	Up to $1,000,000
100	1551830400		$10,000+	–	Up to 15 years	$10,000+
100	1551830400		Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1551830400		Up to $500,000	–	Up to 15 years	Up to $500,000
100	1551830400		-	–	Up to 84	-
100	1551398400		$3,500+	–	–	$3,500+
100	1551398400		$10,000 – $1,000,000	4% – 14%	12 – 84	$10,000 – $1,000,000
100	1551139200		Up to $250,000	–	Up to 48	Up to $250,000
100	1550534400		$500 – $50,000	2.75% – 8.25%	12 week cycles	$500 – $50,000
100	1550534400		$1,000 – $1,000,000	6% – 20%	–	$1,000 – $1,000,000
100	1550534400		Up to $5,000,000	–	24 – 72	Up to $5,000,000
100	1550534400		–	–	–	–
100	1550534400		$5,000 – $200,000	–	–	$5,000 – $200,000
100	1549411200		$50,000 – $12,000,000	–	24 – 96	$50,000 – $12,000,000
100	1548720000		Up to $100,000	–	–	Up to $100,000
100	1548720000		$10,000 – $300,000	–	–	$10,000 – $300,000
100	1545264000		Up to $250,000	–	3 – 24	Up to $250,000
8	1545350400		$15,000 – $1,500,000	–	6 – 36	$15,000 – $1,500,000
6	1545177600		$5,000 – $300,000	9% – 35%	Varies by product	$5,000 – $300,000
7	1545177600		$5,000 – $500,000	4.96% – 24.93%	1 – 60	$5,000 – $500,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1749600000		–	–	Up to 96 months	–
19	1582243200		–	–	Up to 60 months	–
6	1543622400		Up to $60,000†	19.99% – 34.99%*	6 – 120 months	Up to $60,000†
5	1545264000		$500 – $150,000	9.99% – 34.99%	9 - 240	$500 – $150,000
100	1620345600		–	–	Up to 96 months	–
3	1632960000		Min. $10,000	6.93% – 19.99%	18 – 96	Min. $10,000
8	1624233600		$5,000 – $75,000	–	12 – 96	$5,000 – $75,000
24	1607558400		$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1582761600		–	–	36 – 96	–
6	1582761600		–	–	–	–
100	1581033600		–	–	–	–
100	1580688000		–	Starting at 12.9%	–	–
100	1579478400		–	–	–	–
100	1579478400		–	–	–	–
100	1579478400		–	–	–	–
100	1578873600		–	Starting at 10.99%	–	–
100	1578873600		–	–	–	–
100	1551830400		-	–	12 – 96 months	-
100	1552262400		Up to $1,000,000	–	up to 96	Up to $1,000,000
100	1551830400		–	–	6 – 96	–
100	1551830400		$10,000+	–	12 – 96 months	$10,000+
100	1551830400		Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1575849600		–	–	–	–
100	1575849600		$5,000 – $45,000	4.90 % – 29.95%	–	$5,000 – $45,000
100	1575849600		–	–	–	–
100	1575590400		–	–	–	–
6	1569974400		–	Up to 29.99%	12 – 96	–
100	1561507200		–	–	–	–
1	1560124800		Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1551830400		–	–	–	–
100	1548633600		–	Starting at 4.2%	–	–
100	1545177600		–	–	12 – 84	–

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1578873600		Up to $50,000	–	24 – 60	Up to $50,000
100	1545264000		Up to $50,000	–	–	Up to $50,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		N/A	N/A	N/A	N/A
3	1726531200		$5,000 +	6% – 16%	12 – 60	$5,000 +
7	1708473600		–	–	–	–
5	1700524800		–	-	-	–
100	1695945600		–	–	–	–
4	1690934400		–	–	–	–
2	1688601600		Min $110,000	4.14% – 6.29%	24– 120	Min $110,000
3	1679616000		$100,000 – $2,000,000	Varies	12 – 60	$100,000 – $2,000,000
100	1627344000		–	4.50% – 5.97%	12 – 60	–
100	1581033600		–	4.19% – 6.04%	12 – 120	–
100	1580860800		–	–	–	–
100	1580860800		–	2.99% – 5.49%	6 – 60	–
100	1580860800		$50,000+	–	12 – 120	$50,000+
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580688000		–	–	6 – 60	–
100	1579478400		–	4.54% – 7.49%	6 – 120	–
100	1578873600		–	–	–	–
100	1577059200		–	Varies	–	–
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1577059200		–	4.49% – 6.63%	1 – 10 years	–
100	1574985600		$10,000 – $1,000,000	4.99% – 7.29%	12 – 120	$10,000 – $1,000,000
100	1574899200		–	–	12 – 60	–
100	1574899200		–	4.24% – 6.30%	–	–
100	1560124800		–	4.64% – 5.80%	1 – 10 years	–
100	1548806400		$10,000 – $3,000,000	Varies	12 – 24	$10,000 – $3,000,000
100	1548720000		–	–	12 – 60	–
1	1517097600		$10,000 – $500,000	Starting at 10%	–	$10,000 – $500,000

		Provider	Services	Rating
0	0		Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Referrer)
100	1732233600		Credit Counselling, Orderly Payment of Debts (OPD) Program
100	1576540800		Credit Counselling, Bankruptcy, Consumer Proposal
100	1576540800		Credit Counselling, Debt Management Program
100	1576368000		Credit Counselling, Debt Management Program
100	1576454400		Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

While Alberta is largely known for its oil and agricultural industries, there are countless more businesses that call the province home. One of the main things that all businesses in Alberta have in common, regardless of what industry they belong to, is the need for funding. And unless you were lucky enough to have a significant amount of start-up cash from your team or even a hefty investment, there is a good chance you will require a business loan.

Can you get a small business loan based solely on an idea? Find out here.

A business loan isn’t all that different from any other type of loan, just that it is used to fund your business in some way. These loans can be for a variety of different amounts and can be secured from most banks, lenders, and credit unions in Alberta. Even if your company doesn’t need one at this minute, it is still good to become familiar with them so you know what to expect should your business need new capital.

How to Use a Business Loan in Alberta?

People in Alberta who get standard loans can use them for anything from tuition to a vehicle. There is a lot of flexibility with most loans, and this extends to business loans as well. There are no limits to what you can use it on, as long as it is related to your business. For example, you can use a business loan for:

• Marketing expenses or other business-related expenses
• Hiring new employees and training them effectively
• Expanding your operations by opening another location or making your current business in Alberta more efficient
• Purchasing new equipment that would be out of the question without some additional funding

Of course, you should only get a business loan if you truly do need one. While it can feel good to invest in the long-term success of your business, remember that you are borrowing the money and will need to pay it back, plus interest. Now, this doesn’t mean you should wait until an emergency to get a business loan, but just be smart about it.

Click here if you’re thinking about applying for a personal loan in Alberta.

Types of Industries That Can Use Business Loans in Alberta

Just as you can use a business loan for nearly anything you want, there are also no rules as to what sort of business can get a loan in Alberta. As long as you run a licensed business that has been up and up and running for several months, you should have no trouble applying for a business loan in Alberta. Any number of businesses from any industry can apply for a loan, including:

• Transportation companies
• Restaurants or bars
• Hospitality related companies
• Companies in the trades (plumbing, construction, electrical)
• Technology companies
• Real-estate companies

In reality, we could list nearly every type of company from every industry and most would not only greatly benefit from a business loan but will more than likely require one at some point.

Tips to Give Yourself The Best Chance of Approval

While getting a business loan (even with bad credit) is possible, it is not a guarantee. So if the success and livelihood of your business are at stake with the acceptance or denial of your loan application, you need to do all that you can to get approved. In order to help, we have a few tips here that can help you get the best chance of being approved for a business loan in Alberta:

• Spend time working on your credit before applying. You should eliminate any large debts you have, and make sure you make all payments on time. You want your credit (both report and score) to be as good as possible before applying, to get the largest loan possible and the lowest interest rate possible.
• Visit or contact a variety of different lenders before making a choice. If you only speak to one, you might be missing out on great deals or lower rates from other lenders in Alberta. Not only that but visiting numerous lenders will give you a better chance of approval than simply visiting one and applying.
• You will want to fix up your business plan before applying, as many lenders in Alberta will require you to share your business plan with them if you want a loan. You should be as clear, concise and detailed as possible.

Looking for a bad credit loan in Alberta? Try reading this.

Frequently Asked Questions

Finding the Best Business Loan in Alberta

If you feel like your business could benefit from a business loan, don’t hesitate to contact Loans Canada. We will be able to help you find the best loan in Alberta for your business, no matter your needs or requirements.