Home \ Business \ Best Business Loans \ Business Loans Ontario

Business Loans Guelph

Author:

Reviewed By:

📅

Updated On: October 4, 2021

Table of Contents show

Business Loans Guelph - Compare Providers

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
19	1746662400	$250 - $1,500	$14 per $100	Up to 62 days	$250 - $1,500
100	1741219200	Up to $1,000	0% interest (30.4% APR)	30 days (revolving)	Up to $1,000
20	1718582400	$100 – $1500	$8 per $100 + 24%	Up to 62 days	$100 – $1500
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
16	1700524800	$100 – $1,000	29% – 35%	9 – 24	$100 – $1,000
100	1694390400	$500 – $2,500	18.99%		$500 – $2,500
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	1642723200	Up to $1,500	$14 per $100	14 days	Up to $1,500
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	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	1598832000	$500 – $15,000	Start at 10.99%	9 – 60	$500 – $15,000
100	1551830400	Up to $500,000	5.75% – 9.9%	–	Up to $500,000
19	1582243200	–	9.9% – 29.9%	12 – 60	–
100	1581033600	$5,000+	–	Up to 60	$5,000+
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	1579219200	Up to $1,500	$14 per $100	Up to 30 days	Up to $1,500
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	$100 – $1,000	$14 per $100	14 days	$100 – $1,000
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
100	1551139200	$250 – $1,250	29% – 32%	3 – 6	$250 – $1,250
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	1549411200	$100 – $1,500	$14 per $100	14 days	$100 – $1,500
100	1549411200	$1,000 – $15,000	34.37%	9 – 60	$1,000 – $15,000
100	1567555200	$300 – $3,000	18% + fees	6	$300 – $3,000
100	1549238400	$100 – $1,500	$14 per $100	Up to 62 days	$100 – $1,500
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	$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
100	1545350400	$300 – $3,000	22% – 32%	3 – 4	$300 – $3,000
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
8	1568937600	Up to $10,000	Varies by product	Varies by product	Up to $10,000
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

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1745452800	$10,000 - $1,000,000	12% +	3 - 24	$10,000 - $1,000,000
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	1603756800	–	–	–	–
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	1552262400	–	–	–	–
100	1552262400	–	–	–	–
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	-	–	Up to 84	-
100	1551398400	$3,500+	–	–	$3,500+
100	1551398400	$5,000+	4.9% – 24.99%	18 – 48	$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	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

		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	–
2	1679529600	Varies	Varies	24 – 96 months	Varies
100	1643846400	$250 – $10,000	Starting at 14.99%	12 – 36	$250 – $10,000
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
7	1606435200	$500 – $10,000	Starting at 0%	3 – 48	$500 – $10,000
100	1600646400	$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
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	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	1551830400	Up to $500,000	–	6 – 48	Up to $500,000
100	1550534400	–	–	–	–
100	1548633600	–	Starting at 4.2%	–	–
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	–	-	-	–
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
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%	–	Up to $500,000
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	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	$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

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

Like most cities in Ontario, Guelph is ever-growing in size and population, making it a great place to establish your business. While the city’s surrounding areas are mainly devoted to the agriculture and manufacturing industries, the increasing popularity of the urban sector has also benefited many real estate companies and financial institutions.

If you’re trying to build your enterprise, then you likely have countless expenses to think about. The right type of financing can help with just about every business-related expense you have. If you’re interested in applying for a business loan in Guelph, be sure to keep reading.

Common business loan application mistakes everyone should avoid, click here.

Choosing the Right Business Financing

Traditionally, a business loan is a type of ‘fixed’ credit product that you can apply for through select lenders. Unlike revolving products such as credit cards, this loan would be received as a lump sum of cash in your business bank account, typically through direct deposit (some lenders will offer several payment options).

Once your application is approved, you and your chosen lender will arrange a plan for you to repay the borrowed funds over time through installments.

Depending on where you apply, how much money you request, and how financially stable your business is, your payment schedule can last several months to several years. Some lenders will also allow you to pay out ahead of schedule by making larger or more frequent installments (watch out, this may include a prepayment penalty).

That said, a traditional loan is not the only business financing product that you can access in Guelph. There are many other solutions that you can use to expand and otherwise improve your enterprise, such as:

Equipment Financing – Acquire the funds necessary to purchase the right tools, vehicles, and machinery for the job, using the equipment itself as collateral.
Commercial Mortgage – Use this product to purchase real estate property or to refinance your existing mortgage.
Merchant Cash Advance – This program allows you to leverage a small portion of your upcoming cash flows in exchange for additional business capital.

Payment Processing – Helps you service more clients and increase your business revenue by implementing debit/credit card transactions.
Asset-Based Financing – If you own the title to a building or other commercial asset, you can use it as collateral in exchange for another type of loan.

Where and How to Apply for a Business Loan

Business loans in Guelph may range in size and can come from a variety of lending sources. The overall costs and conditions of your payment plan will also vary depending on where you apply, so make sure to compare a few different lenders and rates before you get started.

Prime Lenders

For instance, prime lenders like banks and credit unions are usually able to offer you more financing, lower rates, and more adjustable payment plans. The only problem is that some prime lenders have strict standards for who they can approve, meaning most prospective clients need to have very good financial health in order to qualify.

Alternative Lenders

If you aren’t eligible with a prime lender, you can also apply with an alternative lender, where approval standards will be more lenient. However, it’s important to realize that these types of loans are often smaller and slightly more expensive due to higher interest rates.

Business Lenders

If you can’t find a traditional or alternative financial institution that you’re happy with, there are also plenty of lenders across Ontario that deal exclusively in business loans, equipment financing, and other business-related products. Here, it’s helpful to do a bit of extra research, as loan amounts, payment plans, and rates will once again vary from company to company.

Everything you need to know about business credit scores and report, click here.

Making Your Business Eligible for Financing

As with any credit product, it’s essential to prepare yourself for the upcoming application process, as your lender will need to inspect your financial profile before they choose to approve or deny you. After all, your approval chances, interest rate, and payment plan conditions will all hinge on how little or large of a financial risk you pose to them.

Since a business loan can be a significant amount of money, that inspection maybe even more extensive than with the average credit product.

So, there are a few precautionary measures you can take to earn a more positive result when you apply, such as:

Create a detailed and realistic business plan
Check your business credit report for errors, fraud, and identity theft
Update any personal or financial documents that are required to apply
Increase your personal and business income as much as possible.
Pay down or consolidate any outstanding debt you hold

Offering Security

When it comes to business loans in Guelph, as well as many of the other business solutions listed above, offering some form of security can be helpful during the application process, as it will lessen the level of risk that your lender would be taking by approving you. Generally, there are two ways that you can do this.

Find a Cosigner – Some lenders will allow you to apply with another credit user acting as the cosigner on your application. If your cosigner comes across as a responsible credit user, the results will be better. Be cautious here, as your cosigner will be agreeing to take over your payments if you cannot afford them, which can put their own finances in jeopardy.
Offer Collateral – To give your lenders more incentive, you can also offer up one of your assets as security, such as a vehicle or other valuable property, which you must own the title to in order to qualify. Be even more cautious here, as your lender will have the right to sell it if you default on your loan.

Businesses That Are Eligible For Financing

When establishing your business, it’s important to understand the types of industries that tend to succeed in your particular area. As mentioned, Guelph is home to many farms, manufacturing facilities, real estate companies, and financial institutions.

That said, you can make almost any business enterprise eligible for financing, as long as you’re prepared for the application process and have a good strategy for profit.

Here are just a few of the businesses that can qualify for a loan:

Restaurants, bakeries, and coffee shops
Bars and clubs
Beauty salons
Auto repair shops
Shipping and transportation services
Medical facilities
Wellness spas

How a Business Loan Can Improve Your Operation

Once you’ve passed the application process and are ready to take the next step in expanding your business, then you can start thinking about where you would like to invest your financing. Before you get started, however, remember that a business loan is a serious financial responsibility and must be used wisely.

Only invest your business loan where it’s essential, such as:

Hiring and compensating your employees
Paying any business-related bills, taxes, permits, and licensing
Renovating or repairing your current workspace
Opening and maintaining multiple locations
Buying or leasing company vehicles
Upgrading any outdated or unreliable equipment
Advertising your services and/or products

Looking to Expand Your Business Today?

If you own a business and are looking for the right type of financing to help grow and expand, you’ve come to the right place. Loans Canada can match you with the best business loan in Guelph.

Get Started