Written by Bryan Daly

Best Business Loans Guelph (Online) January 2021

Lender directory

Compare the best lenders in this region

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	2.00% – 46.96%	3-60 months	N/A (Intermediary) Up to $50,000
17	1607558400	$500 - $50,000	6.99% - 46.99%	12 - 36	$500 - $50,000
100	1598918400	$1,000 - $15,000	-	-	$1,000 - $15,000
100	1598832000	$500 – $15,000	+ 25.99%	9 - 60	$500 – $15,000
100	1595980800	$200 - $1,200	25% - 32%	-	$200 - $1,200
100	1551830400	Up to $500,000	5.75% – 9.9%	negotiable	Up to $500,000
100	1594684800	up to $2,000	0%	-	up to $2,000
11	1593561600	-	0+	2 - 60	-
12	1589155200	$2,500	15.65% AIR	13 - 26	$2,500
8	1588809600	$49.99 - $99.99	0%	12	$49.99 - $99.99
100	1582243200	-	-	Up to 60	-
100	1581033600	$5,000+	-	Up to 60	$5,000+
100	1580947200	-	-	-	-
7	1580860800	$500 - $5,000	-	12 - 24	$500 - $5,000
100	1580860800	$350 - $1,000	-	2 - 12 weeks	$350 - $1,000
2	1580860800	$1,600 - $25,000	9.47% - 20.07% APR	36 - 60	$1,600 - $25,000
10	1580774400	$1,000 - $25,000	7.5% - 31.5% APR	36 - 60	$1,000 - $25,000
100	1579478400	$100 - $1,500	-	-	$100 - $1,500
100	1579478400	Up to $3,200	-	-	Up to $3,200
100	1579219200	$100 - $25,000	+4.9%	-	$100 - $25,000
100	1579219200	-	15% - 19%	-	-
100	1576713600	-	Up to 35%	-	-
18	1576713600	$500 - $100,000	6.99% - 14.99%	12 - 240	$500 - $100,000
100	1576627200	-	-	-	-
100	1575590400	1800- 2900	15.99%	23 - 36	1800- 2900
100	1562198400	$500 - $15,000	15.99 - 39.99%	6 - 60	$500 - $15,000
13	1560124800	Up to $15,000	29.99% - 46.96%	9 - 60	Up to $15,000
9	1545955200	Up to $20,000	19.44% and 31.90%	36 - 84	Up to $20,000
8	1552262400	$1,000 - $15,000	19.90% - 46.90%	12 - 60	$1,000 - $15,000
100	1551830400	$100 - $1,000	546% APR	14 days	$100 - $1,000
100	1569974400	$500 - $50,000	15 - 30%	-	$500 - $50,000
100	1551830400	$1,000 - $15,000	19% - 46.95%	6 - 60	$1,000 - $15,000
100	1551398400	Up to $1,500	15% - 19%	14 days	Up to $1,500
100	1551398400	$100 - $1,500	15% - 17%	14 -31 days	$100 - $1,500
100	1551398400	$500 - $1,000	28% - 32%	-	$500 - $1,000
100	1551398400	-	-	14 days	-
100	1541030400	Up to $35,000	5.15%+	-	Up to $35,000
15	1546128000	Up to $5,000	19.9% - 45.9% APR	6 - 36	Up to $5,000
100	1551139200	$250 -$1,250	29%	3 - 6	$250 -$1,250
100	1551139200	$5,000 - $35,000	9.9%+ APR	36 - 60	$5,000 - $35,000
100	1551139200	Up to $15,000	19.99% APR	Open-end	Up to $15,000
100	1550534400	$300 - $25,000	7.95%+	36 - 60	$300 - $25,000
100	1550534400	$100 - $1,500	-	14 days	$100 - $1,500
100	1569974400	Up to $1,500	15% - 23%	-	Up to $1,500
100	1550534400	Up to $1,500	Up to 59% APR	14 days	Up to $1,500
19	1550534400	$2,500 +	-	-	$2,500 +
100	1550534400	$500 - $1,000	28% - 32%	3 -5	$500 - $1,000
100	1550534400	$300 - $1,000	38% APR	3 - 4	$300 - $1,000
100	1549411200	$100 - $1,000	546% APR	14 days	$100 - $1,000
100	1549411200	$1,000 -$15,000	46.93%	12 - 60	$1,000 -$15,000
100	1549238400	$500 - $1,000	28% - 32%	4 - 5	$500 - $1,000
100	1549238400	$100 - $1,500	90% - 390% APR	14 days	$100 - $1,500
100	1549238400	$250 - $1,000	29% APR	3 - 4	$250 - $1,000
20	1548720000	$500 - $1,000,000	12%	12	$500 - $1,000,000
100	1548720000	$1,000 - $50,000	4.6% – 49.96%	3 - 60	$1,000 - $50,000
100	1548633600	$300 - $7,500	29.9% - 39.9%	6 - 60	$300 - $7,500
100	1548633600	$50 - $1,500	-	14 days	$50 - $1,500
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
16	1545264000	$2,000 - $10,000	18.9% - 54.9%	12 - 60	$2,000 - $10,000
100	1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1545264000	$500 – $10,000	Starting at 9.90%	12 - 36	$500 – $10,000
1	1543622400	Up to $35,000	26.99% – 39.99%	6 - 60	Up to $35,000
3	1545177600	$2,000 – $10,000	34.9% – 43%	12 - 60	$2,000 – $10,000
100	1545264000	$500 - $12,500	19.99%+	12 - 60	$500 - $12,500
100	1545350400	Up to $1000	30%	3 - 5	Up to $1000
100	1545350400	Up to $5,000	60%	6 - 60	Up to $5,000
100	1545350400	Up to $3,000	22% - 35%	3 - 4	Up to $3,000
100	1545350400	Up to $7,000	-	6 – 60	Up to $7,000
100	1545350400	$500 - $2,500	29% - 46.95%	6 - 36	$500 - $2,500
100	1545350400	$500-$1000	28%-32%	3	$500-$1000
100	1545350400	$500 – $750	28% – 34.4%	3	$500 – $750
100	1545350400	$500 – $750	23% - 34.4%	3 – 12	$500 – $750
100	1545350400	$300 - $1500	27% - 35%	3 - 4	$300 - $1500
6	1545264000	$500 - $35,000	29.99% – 46.96%	9 - 60	$500 - $35,000
4	1545264000	$300 – $35,000	5.9% to 47.72%	24 - 60	$300 – $35,000
100	1568937600	$50 – $10,000	-	Up to 62 days	$50 – $10,000
5	1545177600	$1,000 - $35,000	5.99% to 29.19%	36 - 60	$1,000 - $35,000
14	1545177600	Up to $20,000	19.99% - 46.8%	6 - 60	Up to $20,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	2.00% – 46.96%	3-60 months	N/A (Intermediary) Up to $50,000
17	1607558400	$500 - $50,000	6.99% - 46.99%	6 - 36	$500 - $50,000
100	1603756800	-	-	-	-
100	1598918400		-	-
100	1592438400	-	-	-	-
100	1585612800	-	0.9% - 12%	6 months - 5 years	-
100	1581984000	$10,000 - $10,000,000	6% - 12.5%	-	$10,000 - $10,000,000
100	1581292800	-	-	-	-
100	1581033600	-	-	-	-
100	1581033600	-	-	-	-
100	1581033600	-	-	-	-
100	1580947200	-	-	-	-
100	1580947200	$10,000 - $1,000,000	-	-	$10,000 - $1,000,000
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	$5,000 - $1,000,000	-	-	$5,000 - $1,000,000
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	up to $250,000	-	-	up to $250,000
100	1580860800	-	-	-	-
100	1580688000	Up to $10,000	-	-	Up to $10,000
100	1580256000	$5,000 - $500,000	-	6 - 18 months	$5,000 - $500,000
100	1579478400	-	-	-	-
100	1579478400	$10,000- $30,000,000	Min 4.95%	-	$10,000- $30,000,000
100	1579478400	-	-	12 - 120	-
100	1579478400	-	-	24 to 60	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1579046400	-	-	-	-
100	1578873600	-	-	-	-
100	1577059200	-	-	-	-
100	1577059200	-	-	-	-
100	1577059200	-	-	-	-
100	1575849600	$5,000 - $150,000	15% +	6 - 24	$5,000 - $150,000
100	1575849600	Up to $250,000	-	-	Up to $250,000
100	1575590400	-	-	-	-
100	1575590400	-	-	-	-
1	1545955200	$5,000 - $150,000	Fee-Based: Starting at 9%	12 - 60	$5,000 - $150,000
100	1552262400	$500,000 - $10,000,000	-	-	$500,000 - $10,000,000
100	1552262400	-	Competitive	-	-
100	1541030400	Up to $35,000	-	-	Up to $35,000
100	1552262400	-	-	-	-
100	1552262400	Up to $250,000	-	Up to 10 years	Up to $250,000
100	1552262400	-	-	-	-
100	1552262400	Up to $1,000,000	-	-	Up to $1,000,000
100	1551830400	Up to $100,000	-	-	Up to $100,000
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 10 years	Up to $500,000
100	1551830400	$5,000 - $10,000	-	Up to 7 years	$5,000 - $10,000
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 $75,000	-	Up to 18	Up to $75,000
100	1550534400	$500-$50,000	0.5% weekly	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	4.5%	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	1549411200	$5,000 - $1,000,000+	-	1 - 60	$5,000 - $1,000,000+
100	1549238400	$5,000 - $1,000,000	-	3 - 24	$5,000 - $1,000,000
100	1548720000	$5,000 - $5,000,000	-	4 - 18	$5,000 - $5,000,000
100	1548720000	Up to $100,000	6.05% +	60	Up to $100,000
100	1548720000	$10,000+	18% - 22%	-	$10,000+
100	1548720000	$10,000 - $300,000	4.70% - 5.45%	-	$10,000 - $300,000
100	1548633600	Up to $5,000,000	5% - 10%	12 - 60	Up to $5,000,000
5	1545177600	$1,000 - $35,000	5.6% – 25.5%	36 – 60	$1,000 - $35,000
100	1545264000	$5,000 - $250,000	-	3-18	$5,000 - $250,000
100	1545264000	$5,000 - $150,000	-	3 - 24	$5,000 - $150,000
100	1545350400	$5,000 – $100,000	15% +	12 – 18	$5,000 – $100,000
100	1545264000	$5,000 – $100,000	Starting at 6.87%	3 – 18	$5,000 – $100,000
100	1545177600	$5,000-$250,000	8% - 29% APR	6 - 18	$5,000-$250,000
100	1545177600	$5,000 – $500,000	Starting at 5.9%	3 – 60	$5,000 – $500,000
100	1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1561507200	Up to $300,000	-	-	Up to $300,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	2.00% – 46.96%	3-60 months	N/A (Intermediary) Up to $50,000
100	1610409600	-	-	-	-
17	1607558400	$500 - $50,000	-	24 - 60	$500 - $50,000
3	1606435200	$500 - $10,000	+ 29.95%	up to 48	$500 - $10,000
100	1594339200	-	-	-	-
100	1582761600	-	-	12 - 96	-
4	1582761600	-	11.9% - 22.9%	Up to 84	-
100	1582761600	-	0% - 29.5%	-	-
100	1581033600	-	+ 4.9%	-	-
100	1581033600	-	-	-	-
100	1580688000	-	-	-	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1579219200	-	-	-	-
100	1578873600	-	+8.99%	-	-
100	1578873600	-	-	-	-
100	1551830400	$5,000 - $10,000	-	up to 84	$5,000 - $10,000
100	1552262400	Up to $250,000	-	12 - 60	Up to $250,000
100	1552262400	Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1551830400	Up to $100,000	-	6 - 96	Up to $100,000
100	1551830400	$10,000+	-	12 - 96	$10,000+
100	1551830400	Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1577059200	-	-	up to 72	-
100	1577059200	-	-	-	-
100	1575849600	-	-	-	-
100	1575849600	$5000 - $45,000	4.90 % - 29.95% APR	36 - 72	$5000 - $45,000
100	1575849600	-	-	-	-
100	1575590400	-	-	-	-
100	1575504000	-	-	-	-
2	1569974400	$7500 - $59,995	3.95% +	12 - 96	$7500 - $59,995
100	1562112000	-	Up to 49.9%	-	-
100	1561507200	-	-	-	-
100	1561507200	-	-	Up to 84	-
1	1560124800	$500 - $35,000	$29.99% – 46.96%	9 - 60	$500 - $35,000
100	1551830400	Up to $30,000	-	-	Up to $30,000
100	1551830400	Up to $500,000	5.75% – 9.9%	negotiable	Up to $500,000
100	1550534400	-	-	-	-
100	1548720000	-	-	-	-
100	1548633600	-	4.2%+	-	-
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
100	1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1545177600	Up to $50,000	-	-	Up to $50,000
100	1545177600	$5,000 – $40,000	-	12 – 72	$5,000 – $40,000
100	1545177600	-	-	Maximum 84	-

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	2.00% – 46.96%	3-60 months	N/A (Intermediary) Up to $50,000
100	1578873600	$1,000 - $35,000	-	24 - 60	$1,000 - $35,000
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
100	1545264000	$500 – $10,000	Starting at 9.90%	12 - 36	$500 – $10,000
100	1545264000	Up to $25,000	-	12 - 60	Up to $25,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	2.00% – 46.96%	3-60 months	N/A (Intermediary) Up to $50,000
100	1551830400	Up to $500,000	5.75% – 9.9%	negotiable	Up to $500,000
100	1581033600	-	2.74% - 6.30%	12 - 120	-
100	1580947200	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	2.64% - 4.45%	12 - 120	-
100	1580860800	$50,000+	2.74% - 3.49%	12- 120	$50,000+
100	1580860800	-	-	36 - 60	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580688000	-	2.79% - 6.00%	6 - 60	-
100	1580688000	-	2.74% - 4.45%	12 - 120	-
100	1580688000	-	-	-	-
100	1579478400	-	2.74% - 3.70%	6 - 120	-
100	1579132800	-	2.79% - 4.45%	-	-
100	1578873600	-	-	-	-
100	1578873600	-	2.69% - 3.95%	6 - 120	-
100	1578268800	up to 4,000,000	3.49% - 5.49%	12 - 300	up to 4,000,000
100	1577059200	$25,000 - $800,000	4.59% - 5.64%	6 - 60	$25,000 - $800,000
100	1577059200	-	-	-	-
100	1577059200	-	--	-	-
100	1577059200	-	2.84% - 7.30%	-	-
100	1574985600	$100,000 - $750,000	-	12 - 120	$100,000 - $750,000
100	1574899200	min 25,000	4.99% - 5.59%	6 - 60	min 25,000
100	1574899200	-	2.23% - 4.45%	-	-
100	1560124800	-	2.89% - 3.79%	-	-
100	1548806400	$10,000 - $1,500,000	Varies	12 - 24	$10,000 - $1,500,000
100	1548806400	-	-	-	-
100	1548720000	-	2.41% - 3.84%	-	-
100	1548720000	-	-	-	-
100	1548633600	-	-	-	-

		Services	Rating
0	0	Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Intermediary) Debt Consolidation Program, Debt Settlem...
100	1576540800	Credit Counselling, Bankruptcy, Consumer Proposal	Credit Counselling, Bankruptcy, Consumer...
100	1576540800	Bankruptcy, Consumer Proposal	Bankruptcy, Consumer Proposal...
100	1576540800	Credit Counselling, Debt Management Program	Credit Counselling, Debt Management Prog...
100	1576368000	Credit Counselling, Debt Management Program	Credit Counselling, Debt Management Prog...
100	1576454400	Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring	Debt Restructuring, After Care - Credit ...

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.

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