Business Loans Ontario

Bryan
Author:
Bryan
Bryan Daly
Expert Contributor at Loans Canada

Bryan is a graduate of Dawson College and Concordia University, with years of experience writing and specializing in personal finance content for Canadian consumers.
Expertise:
Personal finance
Credit education
Financial literacy

Caitlin
Reviewed By:
Caitlin
Caitlin Wood
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 Ontario - Compare Providers

ProviderLoan AmountRateTerm (Months)Rating
151764547200 Green Loans
Personal Loan
Up to $1,000
Personal Loan
Up to 35%
-
Up to $1,000
1001763337600 APX Lending
Crypto-Backed Loan
$10,000; no maximums
Crypto-Backed Loan
-
3 - 60
$10,000; no maximums
1001709683200 Dashloans
Personal Loan
Up to $1,250
Personal Loan
Up to 32%
90 – 150 days
Up to $1,250
231700524800 Parachute
Personal Loan
Up to $25,000
Personal Loan
24.99% – 29.99%
30 or 60
Up to $25,000
161700524800 AimFinance
Personal Loan
$100 – $1,000
Personal Loan
29% – 35%
9 – 24 months
$100 – $1,000
1001694390400 Alterfina
Cash Advance
$500 – $2,500
Cash Advance
18.99%
$500 – $2,500
181695254400 GoLoans
Installment Loan
$500 – $5,000
Installment Loan
Up to 32%
3 – 4
$500 – $5,000
1001688083200 City Lending Centers (CLC)
Micro Loan
$150 – $1,600
Micro Loan
10 – 35%
3 – 6
$150 – $1,600
1001686182400 Northstar Brokers
Micro Loan
$300 – $3000 (first-time clients can receive up to $1,000)
Micro Loan
18% + fees
6
$300 – $3000 (first-time clients can receive up to $1,000)
1001686182400 Deposit My Cash Now
Micro Loan
$300 – $3000 (first-time clients can receive up to $1,000)
Micro Loan
18% + fees
6
$300 – $3000 (first-time clients can receive up to $1,000)
1001686182400 My Next Pay
Micro Loan
$300 – $3000 (first-time clients can receive up to $1,000)
Micro Loan
18% + fees
6
$300 – $3000 (first-time clients can receive up to $1,000)
221683676800 Windmill Microlending
Professional development loans
$15,000
Professional development loans
6.7%
Up to 60
$15,000
91670889600 Fora
Line Of Credit
$1,000 – $15,000
Line Of Credit
19.9% – 34.9%
–
$1,000 – $15,000
1001643932800 FlexMoney
Installment Loan
$500 – $15,000
Installment Loan
Starting at 18.9%
6 – 60
$500 – $15,000
1001623369600 Afterpay
Buy Now Pay Later
Varies
Buy Now Pay Later
0%
6 or 8 weeks
Varies
11620777600 Spring Financial
Personal Loan
$500 – $35,000
Personal Loan
9.99% – 34.95%
6 – 84 months
$500 – $35,000
241607558400 Helium Loans
Personal Loan
$500 – $50,000
Personal Loan
Varies
6 – 60
$500 – $50,000
1001600646400 Iceberg Finance
Personal Loans
$1,000 – $35,000
Personal Loans
12.99% – 29.99%
12 – 84
$1,000 – $35,000
1001598918400 LM Financial
Personal Loan
Up to $15,000
Personal Loan
–
–
Up to $15,000
1001598832000 LM Credit
Unsecured Personal Loan
$500 – $15,000
Unsecured Personal Loan
10.99% – 34.99%
9 – 60 months
$500 – $15,000
1001551830400 Prudent Financial Services
Equity Personal Loan
up to $100,000
Equity Personal Loan
5.75% – 9.9%
–
up to $100,000
191582243200 LendCare
Installment Loan
$500 – $15,000
Installment Loan
9.9% – 29.9%
12 – 60
$500 – $15,000
1001580860800 SimplyBorrowed
Personal Installment Loan
$1,500 – $10,000
Personal Installment Loan
–
12 – 60
$1,500 – $10,000
171580774400 goPeer
Personal Loan
$1,000 – $35,000
Personal Loan
8.99% – 34.99%
36 or 60 months
$1,000 – $35,000
71579478400 MDG
Cash Installment Loan
Up to $20,000
Cash Installment Loan
19.8% – 34.99%
36 – 85 months
Up to $20,000
1001576713600 Financeit
Personal Loans
$500 – $100,000
Personal Loans
Starting at 12.99%
Up to 60
$500 – $100,000
101552262400 Money Mart
Installment Loan
$500 – $25,000
Installment Loan
29.9% or 34.28%
6 – 84 months
$500 – $25,000
1001551830400 Progressa
Debt Consolidation Loan
$1,000 – $15,000
Debt Consolidation Loan
19% – 34.95%
12 – 60
$1,000 – $15,000
1001546128000 Loan Away
Personal Loan
Up to $5,000
Personal Loan
19.9% – 35%
6 – 36
Up to $5,000
1001551139200 Loan & Go
Micro Loan
$250 – $1,250
Micro Loan
29% – 32%
3 – 6
$250 – $1,250
41551139200 LendDirect
Personal Line of Credit
Up to $10,000
Personal Line of Credit
34.99%
–
Up to $10,000
1001550534400 Eastern Loans
Personal Loan
$500 – $750
Personal Loan
~23%
3+
$500 – $750
1001550534400 DMO Crédit
Personal Loan
$300 – $1,000
Personal Loan
28% – 35%
90 days – 16 weeks
$300 – $1,000
1001549411200 Cash 4 You
Installment Loan
$500 – $20,000
Installment Loan
Up to 34.37% APR
6 – 84 months
$500 – $20,000
1001567555200 Cash Depot
Short-Term Loan
$300 – $3000
Short-Term Loan
18% + fees
6
$300 – $3000
1001549238400 Credit Club
Short Term Loan
$100 – $1,500
Short Term Loan
$14 per $100
Up to 62 days
$100 – $1,500
1001549238400 Credit2Go
Short Term Loan
$250 – $1,500
Short Term Loan
23.99% – 29.99%
3 – 4
$250 – $1,500
201548720000 Ledn
Bitcoin-Backed Loan
$1,000 – $1,000,000
Bitcoin-Backed Loan
10.4%
12
$1,000 – $1,000,000
111545264000 SkyCap Financial
Personal Loan
$500 – $100,000
Personal Loan
12.99% – 34.99%
9 – 60 months
$500 – $100,000
1001545264000 Fast Access Financial
Personal Loan
$1,000 – $5,000
Personal Loan
Starting at 9.90%
12 – 36
$1,000 – $5,000
61543622400 Fairstone Financial
Unsecured Personal Loan
Up to $50,000†
Unsecured Personal Loan
19.99% – 34.99%*
6 – 120 months
Up to $50,000†
1001545350400 Lamina
Personal Loan
$300 – $1500
Personal Loan
Starting at 18%
3 – 7
$300 – $1500
1001545350400 514 Loans
Personal Loan
$300 – $3000
Personal Loan
22% – 32%
3 – 4
$300 – $3000
121545350400 Cashco Financial
Personal Loan – Flex Loan
Up to $9,000
Personal Loan – Flex Loan
35%
6 – 60
Up to $9,000
151545350400 LoanMeNow
Personal Loan
$500 – $1000
Personal Loan
Up to 32%
3
$500 – $1000
1001545350400 Captain Cash
Personal Loan
$500 – $1000
Personal Loan
23%
90 – 150 days
$500 – $1000
51545264000 easyfinancial
Personal Loan (Unsecured)
$500 – $150,000
Personal Loan (Unsecured)
9.99% – 34.95%
9 - 240
$500 – $150,000
41545264000 Mogo Finance
Line of Credit
Up to $5,000
Line of Credit
34.37%
–
Up to $5,000
211545177600 Borrowell
Personal Loan
Up to $35,000
Personal Loan
Starting at 12.99%
Up to 60 months
Up to $35,000
131545177600 Magical Credit
Magical Installment Loans
up to $20,000
Magical Installment Loans
19.99% – 35%
12 - 60
up to $20,000
ProviderLoan AmountRateTerm (Months)Rating
191746662400 Lenditt
Payday Loan
$250 - $1,500
Payday Loan
$14 per $100
Up to 62 days
$250 - $1,500
201718582400 Wagepay
Payday Loan
$100 – $1500
Payday Loan
$8 per $100 + 24%
Up to 62 days
$100 – $1500
131545177600 Magical Credit
Payday Loans
up to $20,000
Payday Loans
19.99% – 35%
12 - 60
up to $20,000
1001642723200 Pay2Day
Payday Loan
Up to $1,500
Payday Loan
$14 per $100
Next payday, 42 days in Alberta
Up to $1,500
1001579478400 North’n Loans
Payday Loans
$100 – $1,500
Payday Loans
$14 per $100
–
$100 – $1,500
1001579219200 Instant Payday Canada
Payday Loan
Up to $1,500
Payday Loan
$14 per $100
Up to 30 days
Up to $1,500
1001551398400 My Canada Payday
Payday Loan
Up to $1,500
Payday Loan
$14 per $100
Next payday, or the one after
Up to $1,500
1001551398400 Mr. Payday
Payday Loan
$100 – $1,500
Payday Loan
$14 per $100
14 – 31 days
$100 – $1,500
1001551398400 Loan Express
Payday Loan
up to $1,500
Payday Loan
$14 per $100
14 days
up to $1,500
1001550534400 GoDay
Payday Loan
$100 – $1,500
Payday Loan
$14 per $100
14 days
$100 – $1,500
21569974400 iCash
Payday Loan
Up to $1,500
Payday Loan
$14 per $100
Up to 62 days
Up to $1,500
1001550534400 Focus Financial Inc.
Payday Loan
$100 – $1,500
Payday Loan
$14 per $100
Next payday
$100 – $1,500
81568937600 CashMoney
Payday Loan
Up to $10,000
Payday Loan
Up to 34.99%
Up to 60 months
Up to $10,000
ProviderLoan AmountRateTerm (Months)Rating
11620777600 Spring Financial
Spark Loan
$100 – $2,500
Spark Loan
28.9% (about 29.9% APR with the $1 access fee) May decrease as you unlock higher loan amounts
12 months
$100 – $2,500
101692748800 Bree
Cash Advance
Up to $750
Cash Advance
0%
Up to 90 days
Up to $750
111666051200 Nyble
Line Of Credit
$30 – $250
Line Of Credit
0%
–
$30 – $250
ProviderLoan AmountRateTerm (Months)Rating
1001749600000 Santander
Car Loan
–
Car Loan
–
Up to 96 months
–
191582243200 LendCare
Car Loan
Up to $50,000
Car Loan
–
Up to 60 months
Up to $50,000
61543622400 Fairstone Financial
Car Loan
Up to $50,000†
Car Loan
19.99% – 34.99%*
6 – 120 months
Up to $50,000†
51545264000 easyfinancial
Car Loan
$500 – $150,000
Car Loan
9.99% – 34.95%
9 - 240
$500 – $150,000
1001620345600 TD Bank
Car Loan
Up to $50,000
Car Loan
–
Up to 96 months
Up to $50,000
21679529600 Clutch
Car Loan
Varies
Car Loan
Varies
24 – 96 months
Varies
1001643846400 Fix4 Capital
Car Repair Financing
$250 – $10,000
Car Repair Financing
Starting at 14.99%
12 – 36
$250 – $10,000
31632960000 SafeLend
Auto Loan Refinance
Min $10,000
Auto Loan Refinance
6.93% – 19.99%
18 – 96
Min $10,000
81624233600 Auto Credit Deals
Car Loan
$5,000 – $75,000
Car Loan
–
12 – 96
$5,000 – $75,000
241607558400 Helium Loans
Auto Loan
$500 – $50,000
Auto Loan
Varies
6 – 60
$500 – $50,000
71606435200 Wippy
Repair Loan
$500 – $10,000
Repair Loan
Starting at 0%
3 – 48
$500 – $10,000
1001600646400 Iceberg Finance
Auto Financing
$1,000 – $35,000
Auto Financing
12.99% – 29.99%
12 – 84
$1,000 – $35,000
1001582761600 Go Auto
Car Loans
–
Car Loans
–
36 – 96
–
61582761600 Eden Park
Car Loan
–
Car Loan
–
–
–
1001582761600 Auto Loan Solutions
Car Loan
–
Car Loan
Up to 29.5%
–
–
1001581033600 Toyloan
Auto Loan
–
Auto Loan
–
–
–
1001580688000 Rifco
Auto Loan
–
Auto Loan
Starting at 12.9%
–
–
1001579478400 National Powersports Financing
Vehicle Financing
–
Vehicle Financing
–
–
–
1001579478400 LMG Finance
Auto Loan
–
Auto Loan
–
–
–
1001579478400 Loans2Go
Auto Loan
–
Auto Loan
–
–
–
1001579219200 Leisure Trailer Sales
RV Trailer Loan
–
RV Trailer Loan
–
–
–
1001578873600 iA Auto Finance
Auto Loan
–
Auto Loan
Starting at 10.99%
–
–
1001551830400 Royal Bank of Canada (RBC)
Auto Loan
Starting $7,500
Auto Loan
–
12 – 96 months
Starting $7,500
1001552262400 National Bank
Auto Loan
–
Auto Loan
–
up to 96
–
1001551830400 Desjardins
Auto Loan
$7,500 +
Auto Loan
–
6 – 96
$7,500 +
1001551830400 Canadian Imperial Bank of Commerce (CIBC)
Auto Loan
Min $7,500
Auto Loan
–
12 – 96 months
Min $7,500
1001551830400 Scotiabank
Auto Loan
Up to $1,000,000
Auto Loan
–
Up to 15 years
Up to $1,000,000
1001577059200 DealerPlan Financial
Auto Loans
–
Auto Loans
–
–
–
1001575849600 Coast Capital Savings
Car Loans
–
Car Loans
–
–
–
1001575849600 Canada Auto Finance
Auto Loans
$5,000 – $45,000
Auto Loans
4.90 % – 29.95%
–
$5,000 – $45,000
1001575849600 Credit River Capital Inc
Auto Loan
–
Auto Loan
–
–
–
61569974400 Car Loans Canada
Car Loan
–
Car Loan
Up to 29.99%
12 – 96
–
1001561507200 Auto Capital Canada
Car Loan
–
Car Loan
–
–
–
11560124800 Canada Drives
Car Loan
Up to $100,000
Car Loan
3.99% - 19.9%
24 -96
Up to $100,000
1001551830400 Prefera Finance
Recreational Vehicle Loan
–
Recreational Vehicle Loan
–
–
–
1001551830400 Prudent Financial Services
Equity Car Loan
Up to $50,000
Equity Car Loan
–
6 – 48
Up to $50,000
1001550534400 Dixie Auto Loans
Car Loan
–
Car Loan
–
–
–
1001548633600 2nd Chance Automotive
Car Loan
–
Car Loan
Starting at 4.2%
–
–
1001545177600 Carloans411
Auto Loan
–
Auto Loan
–
12 – 84
–
ProviderLoan AmountRateTerm (Months)Rating
11620777600 Spring Financial
Mortgages
Borrow up to 80% of your home's value
Mortgages
Rates shopped across 40+ banks and lenders Usually no broker fee; any fee is disclosed before you sign
Borrow up to 80% of your home's value
31726531200 Lotly
Home Equity Loan
$5,000 +
Home Equity Loan
6% – 16%
12 – 60
$5,000 +
71708473600 Blue Pearl Mortgage
Mortgage
–
Mortgage
–
–
–
1001695945600 Mortgage Intelligence
Mortgage
–
Mortgage
–
–
–
41690934400 Neo Mortgage
Neo Mortgage™
–
Neo Mortgage™
–
–
–
21688601600 nesto
Mortgage Loans
Min $110,000
Mortgage Loans
4.14% – 6.29%
24– 120
Min $110,000
31679616000 Frank Mortgage
Mortgage Loans
$100,000 – $2,000,000
Mortgage Loans
Varies
12 – 60
$100,000 – $2,000,000
41541030400 Meridian Credit Union
Mortgage
–
Mortgage
4.19% – 8.00%
6 – 120
–
1001627344000 Peoples Bank
Mortgages
–
Mortgages
4.50% – 5.97%
12 – 60
–
1001551830400 Prudent Financial Services
Home Equity Loan
Up to $500,000
Home Equity Loan
Starts at 8.49%
–
Up to $500,000
1001581033600 Mortgage Alliance
Mortgage
–
Mortgage
4.19% – 6.04%
12 – 120
–
1001580860800 Verico
Mortgage
–
Mortgage
–
–
–
1001580860800 True North Mortgage
Mortgage
$150,000 – $1,500,000
Mortgage
2.99% – 5.49%
6 – 60
$150,000 – $1,500,000
1001580860800 Tangerine
Mortgage
$50,000+
Mortgage
–
12 – 120
$50,000+
1001580860800 Think Financial
Mortgage
–
Mortgage
–
–
–
1001580688000 Northwood Mortgage
Mortgage
–
Mortgage
4.19% – 6.04%
12 – 120
–
1001580688000 Matrix Mortgage Global
Mortgage
–
Mortgage
–
–
–
1001579478400 Mortgage Architects
Mortgage
–
Mortgage
4.54% – 7.49%
6 – 120
–
1001578268800 Manzil
Mortgage
–
Mortgage
–
–
–
1001577059200 Equitable Bank
Reverse Mortgage
–
Reverse Mortgage
Varies
–
–
1001577059200 Dominion Lending Center
Mortgage
–
Mortgage
–
–
–
1001577059200 First National Financial LP
Residential Mortgage
–
Residential Mortgage
4.49% – 6.63%
1 – 10 years
–
1001574899200 CHIP Reverse Mortgage
Reverse Mortgage
–
Reverse Mortgage
–
12 – 60
–
1001574899200 CanWise
Mortgages
–
Mortgages
4.24% – 6.30%
–
–
1001548806400 Capital Direct
Home Equity Loan
$10,000 – $3,000,000
Home Equity Loan
Varies
12 – 24
$10,000 – $3,000,000
11517097600 Alpine Credits
Home Equity Loan
$10,000 – $500,000
Home Equity Loan
Starting at 10%
–
$10,000 – $500,000
ProviderServicesRating
1001743984000 Remolino Associates Consumer Proposal, Bankruptcy
1001576540800 BDO Credit Counselling, Bankruptcy, Consumer Proposal
1001576540800 Raymond Chabot Bankruptcy, Consumer Proposal
1001576540800 Full Circle Debt Solutions Inc Credit Counselling, Debt Management Program
1001576368000 Consolidated Credit Credit Counselling, Debt Management Program
1001576454400 4Pillars Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring
ProviderLoan AmountRateTerm (Months)Rating
41754438400 Bizcap
Working Capital
Up to 2 million
Working Capital
-
Flexible
Up to 2 million
1001745452800 Advance Funds Network
Business Term Loans
$10,000 - $1,000,000
Business Term Loans
12% +
3 - 24
$10,000 - $1,000,000
91725321600 iCommission
Commission Advance
Up to $40,000
Commission Advance
$0.75 per $1,000 per day
–
Up to $40,000
41714089600 Primed Loans
Business Financing
$10,000 – $20,000,000
Business Financing
–
–
$10,000 – $20,000,000
31714089600 OnTap Capital
Business Financing
$10,000 – $2,000,000
Business Financing
10%+
Up to 36
$10,000 – $2,000,000
51669852800 Driven
Business Loan
$10,000 – $300,000
Business Loan
–
3 – 24
$10,000 – $300,000
1001648512000 2M7 Financial Solutions
Merchant Cash Advance
$1000 – $250,000
Merchant Cash Advance
–
–
$1000 – $250,000
1001620345600 TD Bank
Business Loan
–
Business Loan
–
12 – 60
–
241607558400 Helium Loans
Business Term Loan
$500 – $50,000
Business Term Loan
Varies
6 – 60
$500 – $50,000
1001603756800 Accelerated Payments
Invoice Financing
–
Invoice Financing
–
–
–
1001598918400 Loop
Business Line of Credit
–
Business Line of Credit
–
–
–
1001592438400 Core Capital Group Inc
Equipment Financing
–
Equipment Financing
–
–
–
1001585612800 BarterPay
Barter Loan
BP 2,500 – BP 100,000
Barter Loan
–
6 – 60
BP 2,500 – BP 100,000
1001580860800 Peel Financial
Equipment Loans
–
Equipment Loans
–
–
–
21580256000 Merchant Growth
Term Financing
$5,000 – $800,000
Term Financing
–
6 – 24
$5,000 – $800,000
1001579478400 Leaseline
Equipment Leasing
–
Equipment Leasing
–
24 – 60
–
1001577059200 Export Development Canada
Commercial Financing
–
Commercial Financing
–
–
–
1001577059200 Essex Lease Financial Corporation
Equipment Loan
–
Equipment Loan
–
–
–
1001575849600 CanaCap
Merchant Cash Advance
Up to $250,000
Merchant Cash Advance
–
–
Up to $250,000
11545955200 SharpShooter Funding
Business Loan
$1,000 – $300,000
Business Loan
–
12 – 120
$1,000 – $300,000
1001552262400 PACE Credit Union
Business Loan
–
Business Loan
–
–
–
1001552262400 DUCA Credit Union
Business Loan
–
Business Loan
–
–
–
1001552262400 Laurentian Bank of Canada
Business Loan
Up to $250,000
Business Loan
–
Up to 10 years
Up to $250,000
1001552262400 National Bank
Business Loan
Up to $1,000,000
Business Loan
–
–
Up to $1,000,000
1001551830400 Desjardins
Business Loan
Up to $100,000
Business Loan
–
–
Up to $100,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)
Business Loan
Up to $1,000,000
Business Loan
–
Up to 15 years
Up to $1,000,000
1001551830400 Scotiabank
Business Loan
Up to $1,000,000
Business Loan
–
Up to 15 years
Up to $1,000,000
1001551830400 Bank of Montreal (BMO)
Business Loan
Up to $500,000
Business Loan
–
Up to 15 years
Up to $500,000
1001551830400 Royal Bank of Canada (RBC)
Business Loan
Starting at $5,000
Business Loan
–
Up to 84
Starting at $5,000
1001551398400 Money Line Capital
Equipment Financing
$5,000+
Equipment Financing
4.9% – 24.99%
18 – 48
$5,000+
1001551398400 Money in Motion
Equipment Loan
$10,000 – $1,000,000
Equipment Loan
4% – 14%
12 – 84
$10,000 – $1,000,000
1001551139200 Lease Link
Working Capital Loan
Up to $250,000
Working Capital Loan
–
Up to 48
Up to $250,000
1001550534400 FundThrough
Invoice Financing
$500 – $50,000
Invoice Financing
2.75% – 8.25%
12 week cycles
$500 – $50,000
1001550534400 Econolease Financial Services Inc.
Equipment Leasing
$1,000 – $1,000,000
Equipment Leasing
6% – 20%
–
$1,000 – $1,000,000
1001550534400 Easylease Corp
Equipment Loan
Up to $5,000,000
Equipment Loan
–
24 – 72
Up to $5,000,000
1001549411200 Canadian Equipment Finance
Equipment Loan
$50,000 – $12,000,000
Equipment Loan
–
24 – 96
$50,000 – $12,000,000
1001548720000 BDC
Business Loan
Up to $100,000
Business Loan
–
–
Up to $100,000
1001548720000 B2B Bank
Investment Loan
$10,000 – $300,000
Investment Loan
–
–
$10,000 – $300,000
1001545264000 iCapital
Commercial Loan
Up to $250,000
Commercial Loan
–
3 – 24
Up to $250,000
81545350400 IOU Financial
Term Loan
$15,000 – $1,500,000
Term Loan
–
6 – 36
$15,000 – $1,500,000
61545177600 Journey Capital
Business Term Loan
$5,000 – $300,000
Business Term Loan
9% – 35%
Varies by product
$5,000 – $300,000
71545177600 Lending Loop
Small Business Loan
$ 1,000 – $500,000
Small Business Loan
4.96% – 24.93%
1 – 60
$ 1,000 – $500,000
ProviderLoan AmountRateTerm (Months)Rating
1001545264000 BHM Financial
Title Loan
Up to $50,000
Title Loan
–
–
Up to $50,000

Rates last checked: October 2026


For Ontario citizens, a solid business loan might be the best thing for yourself and your trade. That’s right, starting, maintaining and expanding your business in Ontario takes a lot of time, effort, and of course, funding. Here are just some of the business actions you can take when you’re backed by solid financing:

  • Start and supply your online business
  • Purchase office furniture, supplies, and equipment
  • Purchase other types of equipment and machinery
  • Pay your current employees or take on new staff
  • Purchase vehicles for transportation, delivery or convenience purposes
  • Pay for advertising, merchandise, marketing strategies, etc.
  • Make renovations or expansions to your current place of business
  • Mortgage, purchase or renovate a second business location

Business Loan Check List

Frequently Asked Questions From Prospective Business Owners

Are there other business financing options?

  • Yes! Here are some of the main business financing options available through our organization:
    • Regular business loans
    • Commercial mortgages
    • Asset-based financing
    • Financing for equipment
    • Merchant cash advances
    • Payment processing

For more information about these financing options, click here.

Do I need to have a business plan to be approved?

  • This usually depends on how your particular your lender in Ontario operates. However, it is often preferred if you can demonstrate exactly how you intend to use your business loan money. Having a solid business plan will also make you look more organized and serious about your enterprise.

What do I need for the application procedure?

  • When considering you for business financing of any kind, your lender in Ontario needs to confirm that you can afford all your future payments (plus interest and fees) and that you’ll never miss a payment deadline. For that reason, it’s best to have your finances in order, which you can do by:
    • Providing evidence of steady income – While your business itself might be your priority, you still need to show your lender in Ontario that you’re earning enough regular income to cover your payments.
    • Paying off your current debts – Your lender in Ontario may examine your financial history, including the places where you already owe money. A bunch of unpaid debt makes you look like an irresponsible borrower!.
    • Pulling your own credit profile – Another way your lender in Ontario gets a better picture of your financial aptitude is by inspecting your credit report, which contains your credit score and credit history. These elements showcase how you’ve been handling your other credit accounts. You can request a free copy once per year from Equifax or TransUnion. This way, you’ll know how qualified you are before you apply.

What is my credit score and why is it so important?

  • Your credit score is a type of collective average given to you by Canada’s credit reporting agencies, ranging from 300-900. It’s important because:
    • It’s how your lender in Ontario determines your creditworthiness without having to read through your entire credit history.
    • It tells your lender in Ontario what interest rate they should give you.
    • A score of 650 or higher means you have good credit. Lenders will then give you a better chance of approval and lower interest rates, making your loan cheaper.
    • A score of 620 or lower means you have bad credit. Lenders will then give you less chance of approval and higher interest rates, making your loan more expensive.

Click here if you’d like to know how to get a bad credit loan in Ontario.

Canadian Business Loans

Industries That Qualify for Business Loans in Ontario

In truth, almost any type of industry can qualify for a business loan in Ontario, including but certainly not limited to:

  • Medical supply warehouses, and distributors
  • Medical facilities, clinics, and practices
  • Hotels, motels, and B&B locations
  • Vacation rental locations
  • Restaurants, bars, bakeries, and coffee shops
  • Farm equipment and supply retailers
  • Vegetable, fruit, grain, and livestock farming
  • Town Car, limousine, shuttle, and other transportation-related services
  • Plumbing, electrician, and home/industrial repair businesses of any kind
  • Pet stores, pet groomers, and other animal-related businesses
  • Wellness spas
  • Hair, nail, and beauty salons

Frequently Asked Questions

Do I need a business plan to get a business loan in Ontario?

A business plan is usually a requirement for start-ups and small businesses. Due to the risk they pose as new entrants, many small business lenders want to see how serious you are as an applicant. A strong business plan will show your lender how you plan to use the funds, how it will help you grow and how it will affect your future financial projections. Your ability to communicate these aspects will help convince your lender that you are serious and capable of using the loan responsibly.

Can I get a business loan with bad credit?

If you have a poor credit score, an alternative lender will be your best choice. Banks and other traditional financial institutions in Ontario often require a personal credit score of at least 600, if not more. Alternative lenders, on the other hand, have more flexible lending standards. They typically base their approval on your businesses’ monthly sales, rather than your credit score.

How is a personal credit score different from a business credit score?

While a personal credit score ranges between 300 and 900 a business credit score ranges between 0 – 100. Moreover, the way your personal and business credit score is calculated varies. A personal credit score is based on your payment history, credit utilization ratio, credit length, credit mix and new credit. On the other hand, a business credit score is based on your businesses’ payment history, credit history, balance-to-limit ratio, and the variety of business credits you use.

Loans Canada, At Your Service!

If you’re a prospective Ontario business owner and you’re looking for the best business loan for all your financing needs, then you’ve come to the right place. If you apply below, we’ll help you get set up with the best sources of business loans anywhere in Ontario. Don’t wait, contact us now!

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