Business Loans Saskatoon, Saskatchewan

📅 Last Updated: November 23, 2021

✏️ Written By Kale Havervold

🕵️ Fact-Checked by Caitlin Wood

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Business Loans Saskatoon - Compare Providers

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
23	1700524800	Up to $25,000	24.99% – 29.99%	30 or 60	Up to $25,000
8	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
3	1670889600	$1,000 – $15,000	19.9% – 34.9%	–	$1,000 – $15,000
9	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% – 35%	6 – 60	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	–	–	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	1579219200	Up to $1,500	$14 per $100 borrowed	Up to 30 days	Up to $1,500
100	1576713600	$500 – $100,000	Starting at 12.99%	Up to 60	$500 – $100,000
11	1552262400	$500 – $18,000	29.9% or 34.28%	6 – 60	$500 – $18,000
100	1551830400	$1,000 – $15,000	19% – 34.95%	12 – 60	$1,000 – $15,000
100	1551398400	Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
23	1551139200	Up to $15,000	34.99%	Open-end	Up to $15,000
100	1550534400	$100 – $1,500	$14 per $100 borrowed	14 days	$100 – $1,500
100	1550534400	Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
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
7	1545264000	$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000
100	1545264000	$500 – $10,000	Starting at 9.90%	12 – 36	$500 – $10,000
5	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	$300 – $3,000	27% – 35%	90 – 120 days	$300 – $3,000
6	1545264000	$500 – $100,000	29.99% – 35%	9 – 84	$500 – $100,000
10	1568937600	Up to $10,000	Varies by product	Varies by product	Up to $10,000
100	1569974400	$200 – $1,500	$14 per $100 borrowed	Next payday	$200 – $1,500

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
3	1725321600	Up to $40,000	$0.75 per $1,000 per day	–	Up to $40,000
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	–	–	–	–
24	1607558400	$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1598918400	–	–	–	–
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	$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	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	$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	$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
6	1545350400	$15,000 – $1,500,000	–	6 – 36	$15,000 – $1,500,000
5	1545177600	$5,000 – $300,000	9% – 35%	Varies by product	$5,000 – $300,000
4	1545177600	$5,000 – $500,000	4.96% – 24.93%	1 – 60	$5,000 – $500,000
7	1545264000	$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
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
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	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	1551830400	–	–	–	–
100	1548633600	–	Starting at 4.2%	–	–
7	1545264000	$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000
100	1545177600	–	–	12 – 84	–

		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

		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	–	-	-	–
4	1690934400	–	–	–	–
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	1580860800	–	–	–	–
100	1580688000	–	–	6 – 60	–
100	1579478400	–	4.54% – 7.49%	6 – 120	–
100	1578873600	–	–	–	–
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	1548720000	–	–	12 – 60	–
1	1517097600	$10,000 – $500,000	Starting at 10%	–	$10,000 – $500,000

		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	Credit Counselling, Debt Management Program
100	1576368000	Credit Counselling, Debt Management Program
100	1576454400	Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

Whether you are located in Saskatoon or the big city of Toronto, starting a business is a viable way to make a living. There are plenty of resources out there to help potential and early-stage small business owners. Also, with technology and the internet being more advanced than ever before, there are many more opportunities for online businesses.

One problem that all businesses face, both online and traditional, comes down to funding. Starting and operating a business isn’t cheap, and can potentially cost thousands of dollars. Most entrepreneurs and startups often don’t have this kind of cash available to them.

Instead, most business owners rely on business loans or startup business loans in Saskatoon to gather the funds they need to get their idea off the ground or run successfully.

What is a Business Loan?

A business loan is similar to any type of loan but must be used for business-related expenses. You’ll borrow a specific amount of capital and repay if based on the terms and conditions of your loan contract. The amount available to you as well as the time period in which you’ll need to repay it will vary based on your needs and on the lender you choose to work with.

While any lender can technically offer loans to businesses, there are many firms that will specialize in lending to businesses.

How to Use a Business Loan?

Business loans in Saskatoon can be used for a variety of different expenses, including but not limited to:

Marketing or advertising to grow your company
Hiring or paying staff to improve efficiency
Moving into a new location or upgrading where you currently are
Purchasing necessary equipment or upgrading what you’re using today
Creating a website or online store
Moving into a new market or pivoting
Expanding your small business

Technically, you can use a business loan for anything relating to your business. However, no matter what the business loan will be used for, be sure to only borrow an amount that you are confident you will be able to pay back. If you only need $5,000, don’t borrow $10,000 just because you are approved for it. Businesses and their sales and revenue cycles can be unpredictable, so if you experience a downturn for some reason, it could inhibit your ability to make payments.

Also, before actually applying for a business loan, be sure it is something the company truly needs. Taking on debt can always be difficult for a company (new or old), so you want to make sure before you take the plunge.

The Process for Applying for a Business Loan in Saskatoon

If you are interested in securing a business loan in Saskatoon, it’s a good idea to familiarize yourself with what you need to get a small business loan.

Organize Your Finances

The process begins with you making sure that your finances are in order. Most lenders want to lend to a healthy company that has everything together. If your finances are a mess or aren’t the most promising, do all you can to fix that before applying.

Make Sure Your Business is in Order

Next, it is a good idea to have a business plan to show lenders what you plan on using the money for. While not all lenders will care, some will want to see what the money is going towards. Seeing this can help them feel more comfortable lending to you, which could increase your chances of approval.

Find The Right Lender

Once your financial documents and business plan are in order, you need to start the journey of finding the right lender. Your local area will likely have dozens of different lenders capable of lending to businesses. However, you can’t simply choose one at random and work with them. Take time to look at their reputation, rates, and experience.

Also, be sure to consider online lenders like Borrowell. They can offer you high-quality loans quickly and conveniently, often with lower interest rates than you may find at your local lender. Finding the right lender can take some time, but taking your time can often lead to the best result.

When all of that is in place, you are set to apply and hopefully be approved for your business loan. Once approved, you will be able to begin the repayment process according to the terms outlined in the agreement.

Types of Business Financing Available in Saskatoon

While a business loan in Saskatoon is among the most common ways for a business to get the financing it needs, it is far from the only method. Some of the other methods of business financing are:

Merchant cash advances – This is an option that will allow you to leverage future sales in exchange for cash in the present. A merchant cash advance is a great option for business owners who have unpredictable or seasonal sales. Your payments are based on daily sales. so if you have a slow period you don’t need to worry about making large loan payments.

Commercial mortgage – If you are looking to expand to a new office or purchase a manufacturing facility, a commercial mortgage is the right option for you.

Equipment financing – If you need equipment of any kind for your business, equipment financing is a solution to consider. A wide range of industries and equipment can be covered, and rates can often be more favourable than with a traditional business loan.

Asset-based financing – If your company owns any assets such as vehicles, equipment or real estate, you can leverage this to gain access to the capital that you need. Secured business loan rates are often more affordable than unsecured business financing and because the loan is secured by the asset, most businesses find this type of funding easier to get approved for. Of course, be sure to make your agreed-upon payments, or you could end up losing the asset that you put up for collateral.

Also, don’t forget about investment financing. If you sell a portion of your company, the money you receive from that can be used in the same ways that money from a loan can. Before ever selling your equity, be sure to think long and hard about it. The person you sell it to will own a part of your company and have a role in making decisions. If you don’t need the money, taking on investments can hurt your ability to operate the company how you want.

Business Loan FAQs

We have touched on a lot of different things in regards to business loans in Saskatoon throughout this guide. However, despite our best efforts, we realize you might still have some questions. With that in mind, we have decided to include a FAQ section that will hopefully answer the few questions you may still have.

What interest rate will my business loan have?

The interest rate you get will depend. It will depend on the finances of your company, your business credit score, how much you are borrowing, the lender you’re working with, etc. The riskier you are in the eyes of the lender, the higher your rate is likely to be. Also, some lenders can offer different rates to a similar customer, so be sure to shop around for the best rate.

How often will I make my payments?

This will depend on the contract and agreement that you have with your lender. Normally, payments on these loans can be made monthly. However, there are many different options. Bi-weekly and weekly, can often be made.

Which industries can qualify for a business loan?

Just like a business loan can be used on almost anything, nearly every industry can benefit from one. Construction companies, service-based businesses, restaurants, and transportation companies, there is likely a lender that specializes in your industry.

How long will it take to get my loan?

The amount of time it will take to get your loan can vary. It will depend on the size of the loan, the type of loan, who your lender is, when you applied and how busy the lender is. Generally, it can take about a week or two, but in some cases, it can be longer. If you use an online lender, it can often be a matter of days.

The Best Loan for Your Businesses Needs

If you’re in need of a loan for your business or want to learn more about your options, don’t hesitate to reach out to Loans Canada. We look forward to helping you out and answering the questions that you might have about business loans in Saskatoon.

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