Business Loans Quebec
Compare and Save With Loans Canada
Written by Bryan Daly
Best Business Loans Quebec (Online) August 2021
Note: Loans Canada does not arrange or underwrite mortgages or any other financial service. We are a simple referral website that provides free educational resources to help Canadians make better decisions.
Establishing, expanding or otherwise improving your business? No problem! Loans Canada is here to set you up with the best sources of business loans in Quebec. No matter what type of industry your business is based around, rest assured that there’s a loan for you.
How Can I Use My Business Loan In Quebec?
Excellent question! You can use your new loan in just about in any area of your Quebec business, including but definitely not limited to:
- Buying equipment of almost any kind
- Buying upgraded versions of your equipment after your current supplies break
- Switching locations or expanding your business with secondary locations
- Financing any additions, renovations or repairs your locations require
- Creating or maintaining an online service for sales and distribution purposes
- Compensating all your employees
- Buying staff uniforms
- Paying for advertising (pamphlets, billboards, television segments, etc.)
- Financing the cost of any company vehicles (purchase, maintenance, fuel, etc.)
Applying For a Business Loan In Quebec
How can I find the right lender?
- Before you apply anywhere, make sure to do lots of research. There are many lenders all over Quebec that offer business financing of all kinds. Some offer different services, payment rates, loan schedules, etc. Comparing lenders in Canada? Read this first.
What does my lender need to look at when I apply?
- Your lender needs to know, first and foremost, that you can pay them back in full, including any interest and extra fees involved. For that reason, they’re likely to look at the strength of your:
- Income and employment history (to see if you can afford your payments)
- Debt and payment history (to see if you already owe money to other lenders and how efficiently you’ve been paying your bills
- Credit report, credit score, credit rating and credit history (to see how you’re handling your other credit products)
- The value of your assets/collateral, if any (securing the loan against your home, car or other property is optional, but may help you earn approval and a lower interest rate
- The financial strength of your co-signer, if any (another optional tactic for approval and interest rate savings is to have someone with good finances/credit to co-sign your loan)
- Your business plan (to know how you will invest your business loan and how much profit you’re expecting to make)
Why do lenders examine my credit?
- Your lender might request a copy of your credit report from one of Canada’s main credit bureaus (Equifax and TransUnion). Your report contains a record of all your actions as a credit user over several years. They do this because they want to check your:
- Personal Profile (This simply helps them confirm your Quebec residency, social insurance number, citizenship, etc.).
- Credit Score (This 3-digit number, ranging from 300-900, gives them a basic idea of how responsible you’ve been as a credit user).
- Credit Rating (When you use credit with other lenders, they’ll give you a rating based on your payment activity. A good rating usually means you’re trustworthy with credit).
- Credit History (Most of your credit transactions stay in your history for a number of years, letting your lender know how you’ve handled your credit in the past, present and potentially in the future).
Does it matter what my credit score is?
- Generally speaking, yes. While some lenders don’t check your credit as part of their application procedure, business loans in Quebec can be relatively large, so they’ll want to confirm that you’ve been and will likely continue to be a responsible credit user.
Click here to discover some ways of fixing or improving your credit score.
Alternative Business Financing Options
Small business loans in Quebec aren’t the only business financing options available through Loans Canada. In fact, when you apply, you can also gain access to:
- Merchant cash advances
- Commercial mortgages
- Equipment financing
- Asset-based financing
How does a business loan work?
Can I get a business loan with bad credit in Quebec?
How do I increase my chances of getting a business loan in Quebec?
Quebec Business Owners, Loans Canada is Here
If you’re living in Quebec and you’re looking to do right by your business, you can do just that when you apply with us! Simply click the link below and you’ll only be minutes away from the right business financing for your industry needs.