📅 Last Updated: October 4, 2021
✏️ Written By Lisa Rennie
🕵️ Fact-Checked by Caitlin Wood

Business Loans London - Compare Providers

ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
1001709683200 Dashloansup to $1,250 12%-32% 90 - 150 days
up to $1,250
231700524800 Parachute$5,000 - $25,000 24.99% - 29.99% 30 or 60
$5,000 - $25,000
211700524800 AimFinance$1,000 - $5,000 46% 9-24
$1,000 - $5,000
151695254400 GoLoans$1250 16.06% (nominal) - 31.99% (effective) 3 - 5
$1250
111692748800 BreeUp to $250 0% Up to 61 days
Up to $250
81688083200 City Lending Centers (CLC)$150 - $1,600 10 - 35% 3 - 6
$150 - $1,600
1001686182400 Northstar Brokers$300 - $3,000 18% + fees 6
$300 - $3,000
1001686182400 Deposit My Cash Now$300 - $3,000 18% + fees 6
$300 - $3,000
1001686182400 My Next Pay$300 - $3,000 18% + fees 6
$300 - $3,000
61683676800 Windmill Microlending$15,000 6.7% Up to 60 months
$15,000
11670889600 Fora$1,000 - $10,000 19.9% - 46.9% -
$1,000 - $10,000
71666051200 Nyble$150 0% -
$150
1001643932800 FlexMoney$500 - $15,000 +18.9% APR 6 - 60
$500 - $15,000
1001642723200 Pay2Dayup to $1,500 - -
up to $1,500
131639094400 Loanz$1,000 - $15,000 29.9% - 46.9% APR   12 - 60
$1,000 - $15,000
301637280000 Symple Loans$5,000 - $50,000 5.75% - 22.99% Up to 84
$5,000 - $50,000
1001623369600 AfterpayVaries 0% 6 or 8 weeks
Varies
21620777600 Spring FinancialUp to $35,000 9.99% - 46.96% 6 - 60
Up to $35,000
171607558400 Helium Loans$500 - $50,000 6.99% - 46.99% 12 - 36
$500 - $50,000
1001600646400 Iceberg Finance$1,000-$7,500 12.99% - 29.99% 24 - 60
$1,000-$7,500
1001598918400 LM Financial$1,000 - $15,000 - -
$1,000 - $15,000
1001598832000 LM Credit$500 – $15,000 + 25.99% 9 - 60
$500 – $15,000
1001595980800 FlexiLoans$200 - $1,200 25% - 32% -
$200 - $1,200
1001551830400 Prudent Financial ServicesUp to $500,000 5.75% – 9.9% negotiable
Up to $500,000
1001594684800 Lendle$100 - $2,000 0% -
$100 - $2,000
1001593561600 PayBright- 0+ 2 - 60
-
1001589155200 Moves Financial$2,500 15.65% AIR 13 - 26
$2,500
1001582243200 LendCare- - Up to 60
-
1001581033600 X-bankers$5,000+ - Up to 60
$5,000+
1001580947200 ECN Capital- - -
-
1001580860800 SimplyBorrowed$500 - $5,000 - 12 - 24
$500 - $5,000
1001580860800 Pebble Cash$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
91580860800 Refresh Financial$1,600 - $25,000 19.99% APR 36 - 60
$1,600 - $25,000
161580774400 goPeer$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
1001579478400 North’n Loans$100 - $1,500 - -
$100 - $1,500
1001579478400 MDGUp to $5,000 29.78% - 44.8% 36 months
Up to $5,000
1001579219200 Loan or Credit$100 - $25,000 +4.9% -
$100 - $25,000
1001579219200 Instant Payday Canada- 15% - 19% -
-
1001576713600 Flexiti Financial- Up to 35% -
-
181576713600 Financeit$500 - $100,000 6.99% - 14.99% 12 - 240
$500 - $100,000
1001575590400 Climb1800- 2900 15.99% 23 - 36
1800- 2900
1001562198400 Pylo Finance$500 - $15,000 15.99 - 39.99% 6 - 60
$500 - $15,000
1001560124800 Fresh Start FinanceUp to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
171545955200 MarbleUp to $20,000 18.99% - 24.99% 36 - 84
Up to $20,000
191552262400 Money Mart$1,000 - $15,000 29.9% or 46.90% 6 - 60
$1,000 - $15,000
1001551830400 Payday King$100 - $1,000 546% APR 14 days
$100 - $1,000
1001569974400 Private Loan Shop$500 - $50,000 15 - 30% -
$500 - $50,000
1001551830400 Progressa$1,000 - $15,000 19% - 46.95% 6 - 60
$1,000 - $15,000
1001551398400 My Canada PaydayUp to $1,500 15% - 19% 14 days
Up to $1,500
1001551398400 Mr. Payday$100 - $1,500 15% - 17% 14 -31 days
$100 - $1,500
1001551398400 Money Provider$500 - $1,000 28% - 32% -
$500 - $1,000
1001551398400 Loan Express- - 14 days
-
181546128000 Loan AwayUp to $5,000 19.9% - 45.9% APR 6 - 36
Up to $5,000
1001551139200 Loan & Go$250 -$1,250 29% 3 - 6
$250 -$1,250
1001551139200 Lendful$5,000 - $35,000 9.9%+ 6 - 60
$5,000 - $35,000
151551139200 LendDirectUp to $15,000 19.99% APR Open-end
Up to $15,000
1001550534400 Health Smart Financial Services$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
1001550534400 GoDay$100 - $1,500 - 14 days
$100 - $1,500
1001569974400 iCashUp to $1,500 15% - 23% -
Up to $1,500
1001550534400 Focus Financial Inc.Up to $1,500 Up to 59% APR 14 days
Up to $1,500
191550534400 FlexFi$2,500 + - -
$2,500 +
1001550534400 Eastern Loans$500 - $1,000 28% - 32% 3 -5
$500 - $1,000
1001550534400 DMO Credit$300 - $1,000 38% APR 3 - 4
$300 - $1,000
1001549411200 Capital Cash$100 - $1,000 546% APR 14 days
$100 - $1,000
1001549411200 Cash 4 You$1,000 -$15,000 46.93% 12 - 60
$1,000 -$15,000
1001567555200 Cash Depot$300 - $3,000 18% + fees 6
$300 - $3,000
1001549238400 Credit 700$500 - $1,000 28% - 32% 4 - 5
$500 - $1,000
1001549238400 Credit Club$100 - $1,500 90% - 390% APR 14 days
$100 - $1,500
1001549238400 Credit2Go$250 - $1,000 29% APR 3 - 4
$250 - $1,000
201548720000 Ledn$500 - $1,000,000 7.9% 12
$500 - $1,000,000
1001548720000 Amber Financial$1,000 - $50,000 4.6% – 49.96% 3 - 60
$1,000 - $50,000
1001548633600 Affirm Financial$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
1001548633600 310 Loan$50 - $1,500 - 14 days
$50 - $1,500
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
161545264000 Ferratum$2,000 - $10,000 18.9% - 54.9% 12 - 60
$2,000 - $10,000
1001545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
1001545264000 Fast Access Financial$500 – $10,000 Starting at 9.90% 12 - 36
$500 – $10,000
21543622400 Fairstone FinancialUp to $50,000 19.99% - 39.99% 6 - 120
Up to $50,000
1001545177600 LendingMate$2,000 – $10,000 34.9% - 43% 12 - 60
$2,000 – $10,000
101545264000 Consumer Capital Canada$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
1001545350400 LaminaUp to $1000 30% 3 - 5
Up to $1000
1001545350400 Loans SOSUp to $5,000 60% 6 - 60
Up to $5,000
1001545350400 514 LoansUp to $3,000 22% - 35% 3 - 4
Up to $3,000
1001545350400 Cashco FinancialUp to $7,000 - 6 – 60
Up to $7,000
1001545350400 UrLoan$500 - $2,500 29% - 46.95% 6 - 36
$500 - $2,500
51545350400 LoanMeNow$500 - $1000+ 28%-32% 3
$500 - $1000+
1001545350400 Captain Cash$500 – $750 28% – 34.4% 3
$500 – $750
1001545350400 BC Loans$500 – $750 23% - 34.4% 3 – 12
$500 – $750
1001545350400 Urgent Loans$300 - $1500 27% - 35% 3 - 4
$300 - $1500
41545264000 easyfinancial$500 - $100,000 Starting at 29.99% 9 - 84
$500 - $100,000
31545264000 Mogo FinanceUp to $3,500 47.72% -
Up to $3,500
21568937600 Cash Money$1,500 – $10,000 Varies by province Varies
$1,500 – $10,000
101545177600 Borrowell$1,000 - $35,000 5.99% - 29.19% 36 - 60
$1,000 - $35,000
181545177600 Magical Credit$100 - $20,000 Up to 46.8% Up to 60
$100 - $20,000
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
31697414400 SafeBorrowUp to $800,000 9% - 49.99% 3, 6, 9, or 12
Up to $800,000
21669852800 Driven$5,000 - $300,000 - 3 - 24 months
$5,000 - $300,000
1001648512000 2M7 Financial Solutions$10,000 - $250,000 Varies 6-12
$10,000 - $250,000
1001620345600 TD Bank- - 12 - 60
-
1001611878400 Accord Financial$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
171607558400 Helium Loans$500 - $50,000 6.99% - 46.99% 6 - 36
$500 - $50,000
1001603756800 Accelerated Payments- - -
-
1001598918400 Loop- - -
-
1001592438400 Core Capital Group Inc- - -
-
1001585612800 BarterPay- 0.9% - 12% 6 months - 5 years
-
1001581984000 Clearbanc$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
1001581292800 SNAP Financial Group- - -
-
1001581033600 GE Capital- - -
-
1001581033600 We Can Financial- - -
-
1001581033600 Wajax Equipment- - -
-
1001580947200 Key Equipment Financing- - -
-
1001580947200 Corl$10,000 - $1,000,000 - -
$10,000 - $1,000,000
1001580860800 Yellowhead Equipment Finance Ltd- - -
-
1001580860800 Toronto Truck Loan Ltd- - -
-
1001580860800 Specialty Truck Financing- - -
-
1001580860800 Travelers Financial- - -
-
1001580860800 Peel Financial- - -
-
1001580860800 Pioneer Financial Services$5,000 - $1,000,000 - -
$5,000 - $1,000,000
1001580860800 Polaris Leasing- - -
-
1001580860800 Patron West- - -
-
1001580860800 Payabilityup to $250,000 - -
up to $250,000
1001580860800 Planet Financial- - -
-
1001580688000 RiseUp to $10,000 - -
Up to $10,000
1001580256000 Merchant Growth$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
1001579478400 Onesta- - -
-
1001579478400 Lionhart Capital$10,000- $30,000,000 Min 4.95% -
$10,000- $30,000,000
1001579478400 Lift Capital- - 12 - 120
-
1001579478400 Leaseline- - 24 to 60
-
1001579478400 Lease Direct- - -
-
1001579478400 John Deere- - -
-
1001579046400 Hitachi Capital Canada- - -
-
1001578873600 Guardian Leasing- - -
-
1001577059200 Export Development Canada- - -
-
1001577059200 Essex Lease Financial Corporation- - -
-
1001577059200 Equilease- - -
-
1001575849600 Alliance Financing Group LTD$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
1001575849600 CanaCapUp to $250,000 - -
Up to $250,000
1001575590400 CLE Capital- - -
-
1001575590400 Canada Equipment Loan- - -
-
11545955200 SharpShooter Funding$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
1001552262400 First West Credit Union$500,000 - $10,000,000 - -
$500,000 - $10,000,000
1001552262400 PACE Credit Union- Competitive -
-
1001552262400 DUCA Credit Union- - -
-
1001552262400 Laurentian Bank of CanadaUp to $250,000 - Up to 10 years
Up to $250,000
1001552262400 HSBC Bank Canada- - -
-
1001552262400 National BankUp to $1,000,000 - -
Up to $1,000,000
1001551830400 DesjardinsUp to $100,000 - -
Up to $100,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - Up to 15 years
$10,000+
1001551830400 ScotiabankUp to $1,000,000 -   Up to 15 years
Up to $1,000,000
1001551830400 Bank of Montreal (BMO)Up to $500,000 - Up to 10 years
Up to $500,000
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
1001551398400 CWB National Leasing$3,500+ - -
$3,500+
1001551398400 Money Line Capital$5,000+ 4.9% - 24.99% 18 - 48
$5,000+
1001551398400 Money in Motion$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
1001551139200 Lease LinkUp to $75,000 - Up to 18
Up to $75,000
1001550534400 FundThrough$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
1001550534400 Econolease Financial Services Inc.$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
1001550534400 Easylease CorpUp to $5,000,000 4.5% 24 - 72
Up to $5,000,000
1001550534400 Capify$5,000 - $200,000 - -
$5,000 - $200,000
1001549411200 Canadian Equipment Finance$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
1001549411200 Capital Key$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
1001549238400 Cashbloom$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
1001548720000 BFS Capital$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
1001548720000 BDCUp to $100,000 6.05% + 60
Up to $100,000
1001548720000 Baron Finance$10,000+ 18% - 22% -
$10,000+
1001548720000 B2B Bank$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
1001548633600 AOne Financial SolutionsUp to $5,000,000 5% - 10% 12 - 60
Up to $5,000,000
101545177600 Borrowell$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
1001545264000 iCapital$5,000 - $250,000 - 3-18
$5,000 - $250,000
1001545264000 Lendified$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
61545350400 IOU Financial$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
1001545264000 Company Capital$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
51545177600 OnDeck$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
41545177600 Lending Loop$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
1001545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
1001561507200 Thinking CapitalUp to $300,000 - -
Up to $300,000
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
31679529600 ClutchVaries 8.49% + 24 - 96 months
Varies
1001643846400 Fix4 Capitalup to $10,000 19.99% 12 - 36
up to $10,000
41632960000 SafeLendUp to $50,000 15.99% + 12 -72
Up to $50,000
61624233600 Auto Credit DealsUp to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
1001610409600 Advantagewon- - -
-
171607558400 Helium Loans$500 - $50,000 - 24 - 60
$500 - $50,000
51606435200 Go To Loans$500 - $10,000 29.95%+ up to 48
$500 - $10,000
1001600646400 Iceberg Finance$1,000-$7,500 12.99% - 29.99% 12 - 84
$1,000-$7,500
1001594339200 Alphera Financial Services- - -
-
1001582761600 Go Auto- - 12 - 96
-
61582761600 Eden Park- 11.9% - 22.9% Up to 84
-
1001582761600 Auto Loan Solutions- 0% - 29.5% -
-
1001581033600 WeFinanceCars- + 4.9% -
-
1001581033600 Walker Financial Services- - -
-
1001580688000 Rifco- - -
-
1001579478400 National Powersports Financing- - -
-
1001579478400 LMG Finance- - -
-
1001579478400 Loans2Go- - -
-
1001579219200 Leisure Trailer Sales- - -
-
1001578873600 iA Auto Finance- +8.99% -
-
1001578873600 Gamache Group- - -
-
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - up to 84
$5,000 - $10,000
1001552262400 Laurentian Bank of CanadaUp to $250,000 - 12 - 60
Up to $250,000
1001552262400 National BankUp to $1,000,000 - up to 96
Up to $1,000,000
1001551830400 DesjardinsUp to $100,000 - 6 - 96
Up to $100,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - 12 - 96
$10,000+
1001551830400 ScotiabankUp to $1,000,000 - up to 96
Up to $1,000,000
1001577059200 Daimler Truck Financial- - up to 72
-
1001577059200 DealerPlan Financial- - -
-
1001575849600 Coast Capital Savings- Starting at 4% Up to 84
-
1001575849600 Canada Auto Finance$5000 - $45,000 4.90 % - 29.95% APR 36 - 72
$5000 - $45,000
1001575849600 Credit River Capital Inc- - -
-
1001575590400 Capital Trust Financial- - -
-
1001575504000 Canada Car Loans- - -
-
21569974400 Car Loans Canada$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
1001562112000 Car Creditex- Up to 49.9% -
-
1001561507200 Auto Capital Canada- - -
-
1001561507200 Carfinco- - Up to 84
-
11560124800 Canada DrivesUp to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
1001551830400 Prefera FinanceUp to $30,000 - -
Up to $30,000
1001551830400 Prudent Financial ServicesUp to $500,000 5.75% – 9.9% negotiable
Up to $500,000
1001550534400 Dixie Auto Loans- - -
-
1001548720000 Approve Canada- - -
-
1001548633600 2nd Chance Automotive- 4.2%+ -
-
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
1001545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
1001545177600 Splash Auto Finance by RifcoUp to $50,000 - -
Up to $50,000
1001545177600 Carloans411$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
1001545177600 AutoArriba- - Maximum 84
-
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
1001578873600 Instant Loans Canada$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
1001545264000 BHM FinancialUp to $25,000 - 12 - 60
Up to $25,000
ProviderLoan AmountRateTerm (Months)Rating
00 N/AN/AN/A
N/A
71708473600 Blue Pearl MortgageVaries Varies 1 - 10 years
Varies
51700524800 Rocket Mortgage- - -
-
61696377600 Mortgage Maestro- 5.69% + -
-
1001695945600 Mortgage Intelligence- - -
-
1001695772800 QuestMortgage- - -
-
41690934400 Neo MortgageVaries 5.54%+ Varies
Varies
21688601600 nestoMin $100,000 5.34%+ 2 - 10 years
Min $100,000
31679616000 Frank Mortgage$100,000 - $2 million Fixed, variable, or adjustable rates 1 - 5 years
$100,000 - $2 million
41541030400 Meridian Credit Union- Varies 6 months - 5 years
-
1001627344000 Peoples Bank- 1.94% - 2.45% 12 - 60
-
21620777600 Spring FinancialUp to $35,000 - -
Up to $35,000
1001551830400 Prudent Financial ServicesUp to $500,000 5.75% – 9.9% negotiable
Up to $500,000
1001581033600 Mortgage Alliance- 2.74% - 6.30% 12 - 120
-
1001580947200 Paradigm- - -
-
1001580860800 Verico- - -
-
1001580860800 True North Mortgage- 2.64% - 4.45% 12 - 120
-
1001580860800 Tangerine$50,000+ 2.74% - 3.49% 12- 120
$50,000+
1001580860800 Think Financial- - 36 - 60
-
1001580860800 Turnedaway- - -
-
1001580860800 REICO- - -
-
1001580688000 Motusbank- 2.79% - 6.00% 6 - 60
-
1001580688000 Northwood Mortgage- 2.74% - 4.45% 12 - 120
-
1001580688000 Matrix Mortgage Global- - -
-
1001579478400 Mortgage Architects- 2.74% - 3.70% 6 - 120
-
1001579132800 Finser Mortgages- 2.79% - 4.45% -
-
1001578873600 IntelliMortgage- - -
-
1001578873600 Invis- 2.69% - 3.95% 6 - 120
-
1001578268800 Manzilup to 4,000,000 3.49% - 5.49% 12 - 300
up to 4,000,000
1001577059200 Equitable Bank$25,000 - $800,000 4.59% - 5.64% 6 - 60
$25,000 - $800,000
1001577059200 Dominion Lending Center- - -
-
1001577059200 Fisgard Asset Management- -- -
-
1001577059200 First National Financial LP- 2.84% - 7.30% -
-
1001574985600 CMLS Financials$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
1001574899200 CHIP Reverse Mortgagemin 25,000 3.89.% - 4.84% 12 - 60
min 25,000
1001574899200 CanWise- 2.23% - 4.45% -
-
1001560124800 Centum- 2.89% - 3.79% -
-
1001548806400 Capital Direct$10,000 - $1,500,000 Varies 12 - 24
$10,000 - $1,500,000
1001548720000 Broker Financial Group Inc.- 2.41% - 3.84% -
-
1001548720000 Bridgewater Bank- - -
-
11517097600 Alpine Credits$10,000+ Based on equity -
$10,000+
ProviderServicesRating
00 Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
1001576540800 BDO Credit Counselling, Bankruptcy, Consumer Proposal
1001576540800 Raymond Chabot Bankruptcy, Consumer Proposal
1001576540800 Full Circle Debt Solutions Inc Credit Counselling, Debt Management Program
1001576368000 Consolidated Credit Credit Counselling, Debt Management Program
1001576454400 4Pillars Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

Do you have a passion that you want to turn into a profitable business? Or do you already run a business and want to take things to the next level?

Whether you’re just starting a new business in London or are planning to expand the one you’ve already got, money is always required to make it happen. But what if you don’t have the cash readily available?

Most businesses in London must cover typical expenses, including equipment, leases, marketing, staff, and so forth. But if you don’t have the money to start or grow your business, a business loan may be able to help.

Read on to find out all about business loans in London that can provide you with the funds needed to get your business up and running.

Business Loan Check List

How Business Loan Funds Can Be Used in London

The funds obtained from a business loan can be put toward a number of different things, including the following:

Startup costs – As already mentioned, starting a new business from the ground up in London requires a certain amount of capital. Whether you need to lease a space, purchase equipment, hire staff, or pay for advertising, money is needed. And a business loan London can provide you with this much-needed capital.

Expanding your current business – If you already have a business running in London and are looking to grow it, you might need a bigger space, more equipment, and more employees to help make that happen. In this case, extra funds will be needed. This is where a business loan in London can help.

For more information about expanding your business, check this out.

Paying employees – Most likely, you’ll need a certain number of employees to help you operate your business in London. But these employees need to be paid, and if your current cash flow is a little slow, this could be a problem. Fortunately, the funds from a business loan can help cover the expenses related to hiring and paying new staff.

Advertising – In order to spread the word about your business and the products or services that you offer, marketing is required. But as with anything else in business, marketing is expensive and requires a certain amount of capital, which you can obtain from a business loan London.

Buying new equipment – No matter what type of equipment that your particular business requires, a business loan can help provide you with the funds needed to purchase whatever tools are needed to keep your business operational.

Starting an e-commerce website – You can really take your business to new heights by taking it online. But starting an e-commerce business is expensive. That said, a business loan can give you the funds needed to get your e-commerce business running and exponentially increase your revenues.

Check out these small business loan myths.

How to Apply For a Business Loan London

Before you apply for a business loan in London, take some time to get your finances in order and check your credit profile. Ideally, your financial health and credit score should be in good standing in order to increase your odds of getting approved for a business loan, as lenders in London will look closely at all of these factors before deciding whether or not to approve your loan application.

Here are some steps to take to ensure you’re on strong financial ground before applying for a business loan:

Pull your credit report. Get a copy of your credit report from one of the three major credit bureaus in Canada and look for any errors that could be pulling your credit score down. If you find any, be sure to report them right away and have them investigated and fixed.

For everything you need to know about business credit, click here.

Understand your credit score. Lenders in London want to be sure that they’re working with borrowers who have a track record of being responsible with their bill payments. A good credit score will paint the picture of a responsible borrower, whereas a low credit score shows the opposite.

Shop around. In order to make sure that you’re getting the best loan possible in London, be sure to comparison-shop from one lender to the next to see what loan options they have available to offer you.

Get a business plan together. The majority of lenders in London require that borrowers looking for a business loan put together a plan. Your plan should include information about the details of your business, your experience in the industry, where you expect revenues to be in the future, and exactly how much you need for your intended purpose.

Can you get a business loan based solely on an idea? Find out here.

Industries That Business Loans Can Help With

There are many different industries in London that business funding could be beneficial for, such as the following:

  • Trades
  • Transportation
  • Farming
  • Commercial
  • Hospitality
  • Technology
  • Medical

The list can go on and on since there’s really no restrictions on how the funds from a business loan can be used.

Canadian Business Loans

Types of Business Loans in London

Not all business loans are exactly the same. In fact, there are a few variations of business loans that you might want to understand before you decide which avenue to take.

Here some options to consider:

Small business loans – This is the typical business financing option that many business owners choose. With this product, lenders in London provide borrowers with a lump sum of money that can then be used to start a new business from scratch.

Equipment loans – These are unique types of loans that are used specifically to help business owners purchase equipment needed to run their business. They work by using the actual equipment as collateral for the loan.

Commercial mortgages – These types of loans are used to help business owners cover the cost of acquiring new commercial space.

Merchant cash advances – If your business takes credit or debit payments from customers, then a merchant cash advance might come in handy. These types of unique loan products involve using future credit card receivables as an advance for the money obtained from lenders.

What is working capital? Check out this article to find out.

Do You Need Funding Grow Your Business in London?

Whether you’re starting your business from scratch or are looking to grow the one you’re already running in London, money can often stand in the way. But it doesn’t have to thanks to the wide variety of business funding options available in London.

If you’re in need of financial help to start or grow your business, get in touch with Loans Canada today and we’ll guide you to the appropriate lender in London who can offer you the exact financial tools you need to be successful.

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