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Business Loans Ontario - Compare Providers
| Provider | Loan Amount | Rate | Term (Months) | Rating | |||
|---|---|---|---|---|---|---|---|
| 0 | 0 |  | Up to $50,000 | Prime – 35% | 3 – 120 | ||
| 19 | 1746662400 |  | $250 - $1,500 | $14 per $100 | Up to 62 days | ||
| 100 | 1741219200 |  | Up to $1,000 | 0% interest (30.4% APR) | 30 days (revolving) | ||
| 20 | 1718582400 |  | $100 – $1500 | $8 per $100 + 24% | Up to 62 days | ||
| 100 | 1709683200 |  | Up to $1,250 | Up to 32% | 90 – 150 days | ||
| 23 | 1700524800 |  | Up to $25,000 | 24.99% – 29.99% | 30 or 60 | ||
| 16 | 1700524800 |  | $100 – $1,000 | 29% – 35% | 9 – 24 | ||
| 100 | 1694390400 |  | $500 – $2,500 | 18.99% | |||
| 18 | 1695254400 |  | $500 – $5,000 | Up to 32% | 3 – 4 | ||
| 10 | 1692748800 |  | Up to $500 | 0% | Up to 65 days | ||
| 100 | 1688083200 |  | $150 – $1,600 | 10 – 35% | 3 – 6 | ||
| 100 | 1686182400 |  | $300 – $3,000 | 18% + fees | 6 | ||
| 100 | 1686182400 |  | $300 – $3,000 | 18% + fees | 6 | ||
| 100 | 1686182400 |  | $300 – $3,000 | 18% + fees | 6 | ||
| 22 | 1683676800 |  | $15,000 | 6.7% | Up to 60 | ||
| 9 | 1670889600 |  | $1,000 – $15,000 | 19.9% – 34.9% | – | ||
| 11 | 1666051200 |  | $250 | 0% | – | ||
| 100 | 1643932800 |  | $500 – $15,000 | Starting at 18.9% | 6 – 60 | ||
| 100 | 1642723200 |  | Up to $1,500 | $14 per $100 | 14 days | ||
| 100 | 1623369600 |  | Varies | 0% | 6 or 8 weeks | ||
| 1 | 1620777600 |  | Up to $35,000 | 9.99% – 34.95% | 6 – 60 months | ||
| 24 | 1607558400 |  | $500 – $50,000 | Varies | 6 – 60 | ||
| 100 | 1600646400 |  | $1,000 – $35,000 | 12.99% – 29.99% | 12 – 84 | ||
| 100 | 1598918400 |  | Up to $15,000 | – | – | ||
| 100 | 1598832000 |  | $500 – $15,000 | Start at 10.99% | 9 – 60 | ||
| 100 | 1551830400 |  | Up to $500,000 | 5.75% – 9.9% | – | ||
| 19 | 1582243200 |  | – | 9.9% – 29.9% | 12 – 60 | ||
| 100 | 1581033600 |  | $5,000+ | – | Up to 60 | ||
| 100 | 1580860800 |  | $1,500 – $10,000 | – | 12 – 60 | ||
| 17 | 1580774400 |  | $1,000 – $25,000 | 8.99% – 34.99% | 36 or 60 months | ||
| 100 | 1579478400 |  | $100 – $1,500 | $14 per $100 | – | ||
| 7 | 1579478400 |  | Up to $20,000 | 19.8% – 34.99% | 36 – 85 months | ||
| 100 | 1579219200 |  | Up to $1,500 | $14 per $100 | Up to 30 days | ||
| 100 | 1576713600 |  | $500 – $100,000 | Starting at 12.99% | Up to 60 | ||
| 100 | 1562198400 |  | $500 – $15,000 | 15.99 – 35% | 6 – 60 | ||
| 10 | 1552262400 |  | $500 – $25,000 | 29.9% or 34.28% | 6 – 84 months | ||
| 100 | 1551830400 |  | $100 – $1,000 | $14 per $100 | 14 days | ||
| 100 | 1551830400 |  | $1,000 – $15,000 | 19% – 34.95% | 12 – 60 | ||
| 100 | 1551398400 |  | Up to $1,500 | $14 per $100 | 14 days | ||
| 100 | 1551398400 |  | $100 – $1,500 | $14 per $100 | 14 – 31 days | ||
| 100 | 1551398400 |  | Up to $1,500 | $14 per $100 | 14 days | ||
| 100 | 1546128000 |  | Up to $5,000 | 19.9% – 35% | 6 – 36 | ||
| 100 | 1551139200 |  | $250 – $1,250 | 29% – 32% | 3 – 6 | ||
| 15 | 1551139200 |  | Up to $15,000 | 34.99% | Open-ended | ||
| 100 | 1550534400 |  | $100 – $1,500 | $14 per $100 | 14 days | ||
| 2 | 1569974400 |  | Up to $1,500 | $14 per $100 | Up to 62 days | ||
| 100 | 1550534400 |  | Up to $1,500 | $14 per $100 | 14 days | ||
| 100 | 1550534400 |  | $500 – $1,000 | 23% | 3 – 6 | ||
| 100 | 1550534400 |  | $300 – $1,000 | Up to 38% | 3 – 4 | ||
| 100 | 1549411200 |  | $100 – $1,500 | $14 per $100 | 14 days | ||
| 100 | 1549411200 |  | $1,000 – $15,000 | 34.37% | 9 – 60 | ||
| 100 | 1567555200 |  | $300 – $3,000 | 18% + fees | 6 | ||
| 100 | 1549238400 |  | $100 – $1,500 | $14 per $100 | Up to 62 days | ||
| 100 | 1549238400 |  | $250 – $1,500 | 23.99% – 29.99% | 3 – 4 | ||
| 20 | 1548720000 |  | $500 – $1,000,000 | 7.9% | 12 | ||
| 100 | 1548720000 |  | $500 – $50,000 | Starting at 8.99% | 3 – 120 | ||
| 11 | 1545264000 |  | $500 – $100,000 | 12.99% – 34.99% | 9 – 60 months | ||
| 100 | 1545264000 |  | $500 – $10,000 | Starting at 9.90% | 12 – 36 | ||
| 6 | 1543622400 |  | Up to $60,000† | 19.99% – 34.99%* | 6 – 120 months | ||
| 100 | 1545350400 |  | $300 – $1500 | Starting at 18% | 3 – 7 | ||
| 100 | 1545350400 |  | $300 – $3,000 | 22% – 32% | 3 – 4 | ||
| 12 | 1545350400 |  | Up to $7,000 | 35% | 6 – 60 | ||
| 15 | 1545350400 |  | $500 – $1000 | Up to 32% | 3 | ||
| 100 | 1545350400 |  | $500 – $750 | 23% | 3 – 4 | ||
| 100 | 1545350400 |  | $500 – $750 | 22% | 90 – 120 days | ||
| 100 | 1545350400 |  | $300 – $3,000 | 27% – 35% | 90 – 120 days | ||
| 5 | 1545264000 |  | $500 – $150,000 | 9.99% – 34.99% | 9 - 240 | ||
| 4 | 1545264000 |  | Up to $5,000 | 34.37% | – | ||
| 8 | 1568937600 |  | Up to $10,000 | Varies by product | Varies by product | ||
| 21 | 1545177600 |  | Up to $35,000 | Starting at 12.99% | Up to 60 months | ||
| 13 | 1545177600 |  | $100 – $20,000 | Up to 35% | Up to 60 |
| Provider | Loan Amount | Rate | Term (Months) | Rating | |||
|---|---|---|---|---|---|---|---|
| 0 | 0 | | Up to $50,000 | Prime – 35% | 3 – 120 | ||
| 100 | 1745452800 |  | $10,000 - $1,000,000 | 12% + | 3 - 24 | ||
| 9 | 1725321600 |  | Up to $40,000 | $0.75 per $1,000 per day | – | ||
| 4 | 1714089600 |  | $10,000 – $20,000,000 | – | – | ||
| 3 | 1714089600 |  | $10,000 – $2,000,000 | 10%+ | Up to 36 | ||
| 5 | 1669852800 |  | $10,000 – $300,000 | – | 3 – 24 | ||
| 100 | 1648512000 |  | $1000 - $250,000 | – | – | ||
| 100 | 1620345600 |  | – | – | 12 – 60 | ||
| 100 | 1611878400 |  | – | – | – | ||
| 24 | 1607558400 | | $500 – $50,000 | Varies | 6 – 60 | ||
| 100 | 1603756800 |  | – | – | – | ||
| 100 | 1598918400 |  | – | – | – | ||
| 100 | 1592438400 |  | – | – | – | ||
| 100 | 1585612800 |  | – | – | 6 – 60 | ||
| 100 | 1580947200 |  | $200,000 – $5,000,000 | – | – | ||
| 100 | 1580860800 |  | – | – | – | ||
| 100 | 1580860800 |  | – | – | – | ||
| 100 | 1580860800 |  | $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 | ||
| 2 | 1580256000 |  | $5,000 – $800,000 | – | 6 – 24 | ||
| 100 | 1579478400 |  | $10,000 – $30,000,000 | – | – | ||
| 100 | 1579478400 |  | $50,000 – $5,000,000 | – | 3 – 36 | ||
| 100 | 1579478400 |  | – | – | 24 – 60 | ||
| 100 | 1579478400 |  | – | – | – | ||
| 100 | 1579478400 |  | Up to $1,200,000 | – | 12 – 84 | ||
| 100 | 1579046400 |  | – | – | – | ||
| 100 | 1577059200 |  | – | – | – | ||
| 100 | 1577059200 |  | – | – | – | ||
| 100 | 1577059200 |  | – | – | – | ||
| 100 | 1575849600 |  | $5,000 – $150,000 | Starting 15% | 6 – 24 | ||
| 100 | 1575849600 |  | Up to $250,000 | – | – | ||
| 100 | 1575590400 |  | – | – | – | ||
| 100 | 1575590400 |  | – | – | – | ||
| 1 | 1545955200 |  | $1,000 – $300,000 | – | 12 – 120 | ||
| 100 | 1552262400 |  | $500,000 - $10,000,000 | – | – | ||
| 100 | 1552262400 |  | – | – | – | ||
| 100 | 1552262400 |  | – | – | – | ||
| 100 | 1552262400 |  | Up to $250,000 | – | Up to 10 years | ||
| 100 | 1552262400 |  | Up to $1,000,000 | – | – | ||
| 100 | 1551830400 |  | – | – | – | ||
| 100 | 1551830400 |  | $10,000+ | – | Up to 15 years | ||
| 100 | 1551830400 |  | Up to $1,000,000 | – | Up to 15 years | ||
| 100 | 1551830400 |  | Up to $500,000 | – | Up to 15 years | ||
| 100 | 1551830400 |  | - | – | Up to 84 | ||
| 100 | 1551398400 |  | $3,500+ | – | – | ||
| 100 | 1551398400 |  | $5,000+ | 4.9% – 24.99% | 18 – 48 | ||
| 100 | 1551398400 |  | $10,000 – $1,000,000 | 4% – 14% | 12 – 84 | ||
| 100 | 1551139200 |  | Up to $250,000 | – | Up to 48 | ||
| 100 | 1550534400 |  | $500 – $50,000 | 2.75% – 8.25% | 12 week cycles | ||
| 100 | 1550534400 |  | $1,000 – $1,000,000 | 6% – 20% | – | ||
| 100 | 1550534400 |  | Up to $5,000,000 | – | 24 – 72 | ||
| 100 | 1550534400 |  | $5,000 – $200,000 | – | – | ||
| 100 | 1549411200 |  | $50,000 – $12,000,000 | – | 24 – 96 | ||
| 100 | 1548720000 |  | Up to $100,000 | – | – | ||
| 100 | 1548720000 |  | $10,000 – $300,000 | – | – | ||
| 100 | 1545264000 |  | Up to $250,000 | – | 3 – 24 | ||
| 8 | 1545350400 |  | $15,000 – $1,500,000 | – | 6 – 36 | ||
| 6 | 1545177600 |  | $5,000 – $300,000 | 9% – 35% | Varies by product | ||
| 7 | 1545177600 |  | $5,000 – $500,000 | 4.96% – 24.93% | 1 – 60 |
| Provider | Loan Amount | Rate | Term (Months) | Rating | |||
|---|---|---|---|---|---|---|---|
| 0 | 0 | | Up to $50,000 | Prime – 35% | 3 – 120 | ||
| 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 | ||
| 5 | 1545264000 | | $500 – $150,000 | 9.99% – 34.99% | 9 - 240 | ||
| 100 | 1620345600 | | – | – | Up to 96 months | ||
| 2 | 1679529600 |  | Varies | Varies | 24 – 96 months | ||
| 100 | 1643846400 |  | $250 – $10,000 | Starting at 14.99% | 12 – 36 | ||
| 3 | 1632960000 |  | Min. $10,000 | 6.93% – 19.99% | 18 – 96 | ||
| 8 | 1624233600 |  | $5,000 – $75,000 | – | 12 – 96 | ||
| 24 | 1607558400 | | $500 – $50,000 | Varies | 6 – 60 | ||
| 7 | 1606435200 |  | $500 – $10,000 | Starting at 0% | 3 – 48 | ||
| 100 | 1600646400 | | $1,000 – $35,000 | 12.99% – 29.99% | 12 – 84 | ||
| 100 | 1582761600 |  | – | – | 36 – 96 | ||
| 6 | 1582761600 |  | – | – | – | ||
| 100 | 1582761600 |  | – | Up to 29.5% | – | ||
| 100 | 1581033600 |  | – | – | – | ||
| 100 | 1580688000 |  | – | Starting at 12.9% | – | ||
| 100 | 1579478400 |  | – | – | – | ||
| 100 | 1579478400 |  | – | – | – | ||
| 100 | 1579478400 |  | – | – | – | ||
| 100 | 1579219200 |  | – | – | – | ||
| 100 | 1578873600 |  | – | Starting at 10.99% | – | ||
| 100 | 1578873600 |  | – | – | – | ||
| 100 | 1551830400 | | - | – | 12 – 96 months | ||
| 100 | 1552262400 | | Up to $1,000,000 | – | up to 96 | ||
| 100 | 1551830400 | | – | – | 6 – 96 | ||
| 100 | 1551830400 | | $10,000+ | – | 12 – 96 months | ||
| 100 | 1551830400 | | Up to $1,000,000 | – | Up to 15 years | ||
| 100 | 1577059200 |  | – | – | – | ||
| 100 | 1577059200 |  | – | – | – | ||
| 100 | 1575849600 |  | – | – | – | ||
| 100 | 1575849600 |  | $5,000 – $45,000 | 4.90 % – 29.95% | – | ||
| 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 | ||
| 100 | 1551830400 |  | – | – | – | ||
| 100 | 1551830400 | | Up to $500,000 | – | 6 – 48 | ||
| 100 | 1550534400 |  | – | – | – | ||
| 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 | ||
| 100 | 1578873600 |  | Up to $50,000 | – | 24 – 60 | ||
| 100 | 1545264000 |  | Up to $50,000 | – | – |
| Provider | Loan Amount | Rate | Term (Months) | Rating | |||
|---|---|---|---|---|---|---|---|
| 0 | 0 | | N/A | N/A | N/A | ||
| 3 | 1726531200 |  | $5,000 + | 6% – 16% | 12 – 60 | ||
| 7 | 1708473600 |  | – | – | – | ||
| 5 | 1700524800 |  | – | - | - | ||
| 100 | 1695945600 |  | – | – | – | ||
| 4 | 1690934400 |  | – | – | – | ||
| 2 | 1688601600 |  | Min $110,000 | 4.14% – 6.29% | 24– 120 | ||
| 3 | 1679616000 |  | $100,000 – $2,000,000 | Varies | 12 – 60 | ||
| 4 | 1541030400 |  | – | 4.19% – 8.00% | 6 – 120 | ||
| 100 | 1627344000 |  | – | 4.50% – 5.97% | 12 – 60 | ||
| 100 | 1551830400 | | Up to $500,000 | Starts at 8.49% | – | ||
| 100 | 1581033600 |  | – | 4.19% – 6.04% | 12 – 120 | ||
| 100 | 1580860800 |  | – | – | – | ||
| 100 | 1580860800 |  | – | 2.99% – 5.49% | 6 – 60 | ||
| 100 | 1580860800 |  | $50,000+ | – | 12 – 120 | ||
| 100 | 1580860800 |  | – | – | – | ||
| 100 | 1580860800 |  | – | – | – | ||
| 100 | 1580860800 |  | – | – | – | ||
| 100 | 1580688000 |  | – | – | 6 – 60 | ||
| 100 | 1580688000 |  | – | 4.19% – 6.04% | 12 – 120 | ||
| 100 | 1580688000 |  | – | – | – | ||
| 100 | 1579478400 |  | – | 4.54% – 7.49% | 6 – 120 | ||
| 100 | 1578873600 |  | – | – | – | ||
| 100 | 1578268800 |  | – | – | – | ||
| 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 | ||
| 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 | ||
| 100 | 1548720000 |  | – | – | 12 – 60 | ||
| 1 | 1517097600 |  | $10,000 – $500,000 | Starting at 10% | – |
| Provider | Services | Rating | |||
|---|---|---|---|---|---|
| 0 | 0 | | Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation | ||
| 100 | 1743984000 |  | Consumer Proposal, Bankruptcy | ||
| 100 | 1576540800 |  | Credit Counselling, Bankruptcy, Consumer Proposal | ||
| 100 | 1576540800 |  | 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 |
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
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.
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!
