Business Loans Montreal, Quebec

📅 Last Updated: December 9, 2021

✏️ Written By Lisa Rennie

🕵️ Fact-Checked by Caitlin Wood

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Business Loans Montreal - Compare Providers

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1694390400	$500 – $2,500	18.99%	3 – 6	$500 – $2,500
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
8	1666051200	$250	0%	–	$250
100	1643932800	$500 – $15,000	Starting at 18.9%	6 – 60	$500 – $15,000
100	1600646400	$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
100	1598918400	Up to $15,000	–	–	Up to $15,000
100	1592438400	$500 – $1,500	18.99%	3 – 6	$500 – $1,500
19	1582243200	–	–	Up to 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	$1,000 – $25,000
100	1579478400	$100 – $1,500	–	–	$100 – $1,500
14	1579478400	$850 – $1,600	29.78% – 34.95%	36 months	$850 – $1,600
100	1576713600	$500 – $100,000	Starting at 12.99%	Up to 60	$500 – $100,000
100	1551830400	$100 – $1,000	$14 per $100 borrowed	14 days	$100 – $1,000
100	1550534400	$3,000 – $15,000	13.99% – 34.99%	12 – 60	$3,000 – $15,000
100	1550534400	$300 – $1,000	Up to 38%	3 – 4	$300 – $1,000
100	1549411200	$100 – $1,500	$14 per $100 borrowed	14 days	$100 – $1,500
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
4	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
100	1545350400	$300 – $3,000	22% – 32%	3 – 4	$300 – $3,000
15	1545350400	$500 – $1000	Up to 32%	3	$500 – $1000
100	1545350400	$300 – $3,000	27% – 35%	90 – 120 days	$300 – $3,000
5	1545264000	$500 – $100,000	29.99% – 35%	9 – 84	$500 – $100,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
8	1714089600	$10,000 – $20,000,000	–	–	$10,000 – $20,000,000
7	1714089600	$10,000 – $2,000,000	10%+	Up to 36	$10,000 – $2,000,000
2	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	–	–	–	–
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
100	1580256000	$5,000 – $800,000	–	6 – 24	$5,000 – $800,000
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	1575590400	–	–	–	–
100	1575590400	–	–	–	–
1	1545955200	$1,000 – $300,000	5.49% – 22.79%	12 – 60	$1,000 – $300,000
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	–	–	–	–
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	Starting at $5,000	–	Up to 84	Starting at $5,000
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	$5,000 – $200,000	–	–	$5,000 – $200,000
100	1549411200	$50,000 – $12,000,000	–	24 – 96	$50,000 – $12,000,000
100	1548720000	$10,000 – $300,000	–	–	$10,000 – $300,000
6	1545350400	$15,000 – $1,500,000	–	6 – 36	$15,000 – $1,500,000
4	1545177600	$5,000 – $500,000	4.96% – 24.93%	1 – 60	$5,000 – $500,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
8	1624233600	$5,000 – $75,000	–	12 – 96	$5,000 – $75,000
100	1600646400	$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
100	1581033600	–	–	–	–
100	1579478400	–	–	–	–
100	1579478400	–	–	–	–
100	1579478400	–	–	–	–
100	1578873600	–	Starting at 10.99%	–	–
100	1578873600	–	–	–	–
100	1551830400	Starting at $5,000	–	–	Starting at $5,000
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	$10,000+
100	1551830400	Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1577059200	–	–	–	–
100	1577059200	–	–	–	–
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	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	1545264000		Up to $50,000	–	–	Up to $50,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	N/A	N/A	N/A	N/A
100	1731542400	$15,000 – $1,000,000	Starts at 12%	Up to 36	$15,000 – $1,000,000
5	1700524800	–	-	-	–
100	1695945600	–	–	–	–
2	1688601600	Min $110,000	4.14% – 6.29%	24– 120	Min $110,000
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	1579478400	–	4.54% – 7.49%	6 – 120	–
100	1578873600	–	–	–	–
100	1577059200	–	Varies	–	–
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	–

		Services	Rating
0	0	Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Referrer)
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

Starting, running, and growing a business in Montreal takes money. Sometimes a lot of it. And many times entrepreneurs who may have excellent ideas for their business might not necessarily have the financial means to make their business dreams a reality.

That’s why business loans exist. These specialized types of loans are specifically geared toward helping entrepreneurs get their hands on the cash needed to get their businesses off the ground and running. Having access to this much-needed cash can help business owners start, run, and expand their businesses in ways that otherwise wouldn’t be possible.

Let’s dive into how a business loan in Montreal a can help you in your business endeavours.

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

What Can You Use a Business Loan For?

There are so many applications for the funds obtained from business loans in Montreal. Here are just some of the uses of these specialized types of loans:

Buying equipment – Depending on the type of business you’re operating, you’ll likely need some form of equipment to run it. Even if it’s just a desk and computer, these are things that are vital for your success. In other cases, you might need much larger, more expensive items, such as machinery, vehicles, or kitchen appliances. Whatever type of equipment you need, a business loan can help you make such big-ticket purchases.

Advertising your business – You might have a great business going, but how will people know about it if you don’t get the word out? Marketing is an integral part of making your business thrive, but it takes money, which is another reason why business loans can be of great assistance.

Moving locations – If your current unit is no longer serving your purpose, then you may want to upgrade. But you’re going to need some extra cash to move.

Opening a new location – Maybe your business is growing to the point where you’re considering opening up a new location. If that’s the case, more money will be needed to make this happen.

Hiring new employees – You’ll likely need a certain number of employees to help you run your business, and they all have to be paid. Plus, you’ll have to cover the cost of benefits and vacation time, all of which require money.

Are you a female business owner or entrepreneur? If so, be sure to look here.

Adding e-commerce to the mix – If you want to take your brick and mortar store to the virtual world, you can expand your revenue and capture customers that you might not otherwise have been able to reach. But you’ll need funding to start an e-commerce site.

There are plenty of other reasons why a business loan in Montreal might make sense, and these are just some of the more important ones that will require some financial assistance.

Looking to make your business greener? Check this out.

Industries That Business Loans Can Help With

Just about every business niche in Montreal will find a business loan useful, including the following:

Hospitality
Retail
Service
Transportation
Industrial
Restaurant
Trades
Medical
Farming

This list is by no means exhaustive and can go on and on. Basically, if you’re planning to start a business or are looking to expand it, a business loan can come in really handy.

How to Apply For a Business Loan in Montreal

The application process for a business loan in Montreal is rather straightforward, though it is detailed.

Pull your credit report – You might have a good idea of what your credit score is, but pulling your credit report will give you a more precise picture. You’ll also be able to see all the information that’s on the report to make sure it’s all correct.

Your credit score plays a key role in the business loan application process as lenders will likely request to perform a credit check. This number will play an important role in whether or not you’ll be able to secure a business loan in Montreal, so you’ll want to make sure it’s as high as it can be. Generally speaking, a credit score of 680 is usually considered the minimum.

Establish a business plan – Lenders like to see that business owner hopefuls have done their homework when it comes to their business needs. They want to know that the money being loaned out will be put to good use and will help a business be successful and grow. That’s why putting a business plan together is so important.

Your business plan should feature details including past and forecasted financial statements, proof of assets and collateral, a statement of your experience, and an assessment of the market that your business is in. At no point should you meet with a lender without one in hand. Besides, if you neglect this important step, you won’t have a good idea of how much you need to borrow.

Here’s how you can use assets to secure funding for your business.

Compare lenders – Your bank is always a sound choice when it comes to applying for a business loan in Montreal. But there are so many other options out there. Consider looking around with different lenders to see what your options are. Some lenders might have more to offer than others. And if your credit score isn’t as high as it could be, you might have little choice but to shop around with alternative lenders.

Types of Business Financing Available in Montreal

Business loans are not necessarily a one-size-fits-all type of deal. Every business owner has their own specific needs, so the business loan they apply for should be tailored to meet them. Here are a few types of business financing that you may want to consider:

Small business loans – These types of loans work like other types of business loans in Montreal in that a lump sum of money is provided, after which it must be paid back in installments over a given time period. But, these loans are tailored toward companies that are trying to get their foot in the door.
Equipment loans – If you need to buy expensive equipment, an equipment loan will allow you to make these purchases and use the actual equipment itself as collateral to back up the loan.
Merchant cash advances -If you take credit card or debit payments from customers, you can use a merchant cash advance to get the money you need while leveraging a percentage of your future credit card or debit sales.
Commercial mortgages – To get the funds needed to buy land to operate your business, a commercial mortgage will come in handy.
Asset-based financing – Get an affordable loan by leveraging your commercial assets, including farming equipment, trucks, or any type of other commercial assets.

Click this link if you’d like to learn more about these business financing options.

Get the Financial Help Needed For Your Business

Whether you’re just starting your business or are trying to expand it, a business loan in Montreal can be just what you need to get your hands on the cash required. After careful assessment of your finances and needs, Loans Canada can help guide you in the right direction toward the ideal business loan for your needs.

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