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Business Loans Montreal

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Written by Lisa Rennie

Best Business Loans Montreal 2020

Lender directory

Compare the best lenders in this region

Provider Loan Amount Rate Term (Months) Rating
PayBright
- 0+ 2 - 60
-
Credit Matik
$250 - $1,250 22% 3 - 6
$250 - $1,250
LendCare
- - Up to 60
-
ECN Capital
- - -
-
SimplyBorrowed
$500 - $5,000 - 12 - 24
$500 - $5,000
Pebble Cash
$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
Prêt Express 911
$250 - $1,250 22% APR -
$250 - $1,250
Refresh Financial
$1,600 - $25,000 9.47% - 20.07% APR 36 - 60
$1,600 - $25,000
GoPeer
$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
North’n Loans
$100 - $1,500 - -
$100 - $1,500
MDG
Up to $3,200 - -
Up to $3,200
Loan or Credit
$100 - $25,000 +4.9% -
$100 - $25,000
Flexiti Financial
- Up to 35% -
-
FinanceIT
$500 - $100,000  6.99% - 14.99% 12 - 240
$500 - $100,000
Diamond Financial Services
- - -
-
Climb
1800- 2900  15.99% 23 - 36
1800- 2900
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Payday King
$100 - $1,000 546% APR 14 days
$100 - $1,000
Private Loan Shop
$500 - $50,000 15 - 30% -
$500 - $50,000
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
Lendful
$5,000 - $35,000 9.9%+ APR 36 - 60
$5,000 - $35,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
Fina Capitale
Up to $30,000 28% - 32% 1 - 3
Up to $30,000
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Capital Cash
$100 - $1,000 546% APR 14 days
$100 - $1,000
Cash Depot
$300 - $1,500 32% APR 3 - 5
$300 - $1,500
Credit 700
$500 - $1,000 28% - 32%  4 - 5
$500 - $1,000
Credit2Go
$250 - $1,000 29% APR 3 - 4
$250 - $1,000
Ledn
$500 - $1,000,000 12% 12
$500 - $1,000,000
Fairstone
Up to $35,000 26.99% – 39.99% 6 - 60
Up to $35,000
Lending Mate
$2,000 – $10,000 34.9% – 43% 12 - 60
$2,000 – $10,000
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
514 Loans
Up to $3,000 22% - 35% 3 - 4
Up to $3,000
Loan Me Now
$500-$1000 28%-32% 3
$500-$1000
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
Provider Loan Amount Rate Term (Months) Rating
Core Capital Group Inc
- - -
-
BarterPay
- 0.9% - 12% 6 months - 5 years
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
GE Capital
- - -
-
We Can Financial
- - -
-
Wajax Equipment
- - -
-
Key Equipment Financing
- - -
-
Corl
$10,000 - $1,000,000 - -
$10,000 - $1,000,000
Yellowhead Equipment Finance Ltd
- - -
-
Specialty Truck Financing
- - -
-
Travelers Financial
- - -
-
Peel Financial
- - -
-
Pioneer Financial Services
$5,000 - $1,000,000 - -
$5,000 - $1,000,000
Polaris Leasing
- - -
-
Patron West
- - -
-
Payability
up to $250,000 - -
up to $250,000
Planet Financial
- - -
-
Rise
Up to $10,000 - -
Up to $10,000
Merchant Growth
$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
Onesta
- - -
-
Lift Capital
- - 12 - 120
-
Leaseline
- - 24 to 60
-
Lease Direct
- - -
-
John Deere
- - -
-
Hitachi Capital Canada
- - -
-
Export Development Canada
- - -
-
Essex Lease Financial Corporation
- - -
-
Equilease
- - -
-
Alliance Financing Group LTD
$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 5.49% - 22.79% 12 - 60
$5,000 - $150,000
Meridian Credit Union
Up to $35,000 - -
Up to $35,000
Laurentian Bank of Canada
Up to $250,000 - Up to 10 years
Up to $250,000
HSBC Bank Canada
- - -
-
National Bank
Up to $1,000,000 - -
Up to $1,000,000
Desjardins
Up to $100,000 - -
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - Up to 15 years
$10,000+
Scotiabank
Up to $1,000,000 -   Up to 15 years
Up to $1,000,000
Bank of Montreal (BMO)
Up to $500,000 - Up to 10 years
Up to $500,000
Royal Bank of Canada (RBC)
$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
Money in Motion
$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
Lease Link
Up to $75,000 - Up to 18
Up to $75,000
FundThrough
$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
Econolease Financial Services Inc.
$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
Easylease Corp
Up to $5,000,000 4.5% 24 - 72
Up to $5,000,000
Capify
$5,000 - $200,000 - -
$5,000 - $200,000
Canadian Equipment Finance
$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
Capital Key
$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
Cashbloom
$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
BFS Captial
$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
AOne Financial Solutions
Up to $5,000,000 5% - 10% 12 - 60
Up to $5,000,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
Lending Loop
$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
Thinking Capital
Up to $300,000 - -
Up to $300,000
Provider Loan Amount Rate Term (Months) Rating
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
Loans2Go
- - -
-
iA Auto Finance
- +8.99% -
-
Gamache Group
- - -
-
Royal Bank of Canada (RBC)
$5,000 - $10,000 - up to 84
$5,000 - $10,000
Laurentian Bank of Canada
Up to $250,000 - 12 - 60
Up to $250,000
National Bank
Up to $1,000,000 - up to 96
Up to $1,000,000
Desjardins
Up to $100,000 - 6 - 96
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - 12 - 96
$10,000+
Scotiabank
Up to $1,000,000 - up to 96
Up to $1,000,000
Daimler Truck Financial
- - up to 72
-
DealerPlan Financial
- - -
-
Canada Auto Finance
$5000 - $45,000 4.90 % - 29.95% APR 36 - 72 
$5000 - $45,000
Credit River Capital Inc
- - -
-
Capital Trust Financial
- - -
-
Canadian Truck Loan
- - -
-
Canada Car Loans
- - -
-
Car Loans Canada
$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
Car Creditex
- Up to 49.9% -
-
Auto Capital Canada
- - -
-
Carfinco
- - Up to 84
-
Canada Drives
$500 - $35,000 $29.99% – 46.96% 9 - 60
$500 - $35,000
Approve Canada
- - -
-
2nd Chance Automotive
- 4.2%+ -
-
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
Mortgage Alliance
- 2.74% - 6.30% 12 - 120
-
Paradigm
- - -
-
Verico
- - -
-
True North Mortgage
- 2.64% - 4.45% 12 - 120
-
Tangerine
$50,000+ 2.74% - 3.49% 12- 120
$50,000+
Turnedaway
- - -
-
REICO
- - -
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Equitable Bank
$25,000 - $800,000 4.59% - 5.64% 6 - 60
$25,000 - $800,000
Dominion Lending Center
- - -
-
First National
- 2.84% - 7.30% -
-
CMLS Financials
$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
CHIP Reverse Mortgage
min 25,000 4.99% - 5.59% 6 - 60
min 25,000
CanWise
- 2.23% - 4.45% -
-
Centum
- 2.89% - 3.79% -
-
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Provider Services Rating
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
MNP
Personal Bankruptcy, Consumer Proposal
Personal Bankruptcy, Consumer Proposal...
Raymond Chabot
Bankruptcy, Consumer Proposal
Bankruptcy, Consumer Proposal...
Full Circle Debt Solutions Inc
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
Consolidated Credit
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
4Pillars
Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring
Debt Restructuring, After Care - Credit ...

Starting, running, and growing a business in Montreal takes money. Sometimes a lot of it. And many times entrepreneurs who may have excellent ideas for their business might not necessarily have the financial means to make their business dreams a reality.

That’s why business loans exist. These specialized types of loans are specifically geared toward helping entrepreneurs get their hands on the cash needed to get their businesses off the ground and running. Having access to this much-needed cash can help business owners start, run, and expand their businesses in ways that otherwise wouldn’t be possible.

Let’s dive into how a business loan in Montreal a can help you in your business endeavours.

Looking for a bad credit loan in Montreal? Try reading this.

What Can You Use a Business Loan For?

There are so many applications for the funds obtained from business loans in Montreal. Here are just some of the uses of these specialized types of loans:

Buying equipment – Depending on the type of business you’re operating, you’ll likely need some form of equipment to run it. Even if it’s just a desk and computer, these are things that are vital for your success. In other cases, you might need much larger, more expensive items, such as machinery, vehicles, or kitchen appliances. Whatever type of equipment you need, a business loan can help you make such big-ticket purchases.

Advertising your business – You might have a great business going, but how will people know about it if you don’t get the word out? Marketing is an integral part of making your business thrive, but it takes money, which is another reason why business loans can be of great assistance.

Moving locations – If your current unit is no longer serving your purpose, then you may want to upgrade. But you’re going to need some extra cash to move.

Opening a new location – Maybe your business is growing to the point where you’re considering opening up a new location. If that’s the case, more money will be needed to make this happen.

Hiring new employees – You’ll likely need a certain number of employees to help you run your business, and they all have to be paid. Plus, you’ll have to cover the cost of benefits and vacation time, all of which require money.

Are you a female business owner or entrepreneur? If so, be sure to look here.

Adding e-commerce to the mix – If you want to take your brick and mortar store to the virtual world, you can expand your revenue and capture customers that you might not otherwise have been able to reach. But you’ll need funding to start an e-commerce site.

There are plenty of other reasons why a business loan in Montreal might make sense, and these are just some of the more important ones that will require some financial assistance.

Looking to make your business greener? Check this out.

Business Loan Check List

Industries That Business Loans Can Help With

Just about every business niche in Montreal will find a business loan useful, including the following:

  • Hospitality
  • Retail
  • Service
  • Transportation
  • Industrial
  • Restaurant
  • Trades
  • Medical
  • Farming

This list is by no means exhaustive and can go on and on. Basically, if you’re planning to start a business or are looking to expand it, a business loan can come in really handy.

How to Apply For a Business Loan in Montreal

The application process for a business loan in Montreal is rather straightforward, though it is detailed.

Pull your credit report – You might have a good idea of what your credit score is, but pulling your credit report will give you a more precise picture. You’ll also be able to see all the information that’s on the report to make sure it’s all correct.

Your credit score plays a key role in the business loan application process as lenders will likely request to perform a credit check. This number will play an important role in whether or not you’ll be able to secure a business loan in Montreal, so you’ll want to make sure it’s as high as it can be. Generally speaking, a credit score of 680 is usually considered the minimum.

Establish a business plan – Lenders like to see that business owner hopefuls have done their homework when it comes to their business needs. They want to know that the money being loaned out will be put to good use and will help a business be successful and grow. That’s why putting a business plan together is so important.

Your business plan should feature details including past and forecasted financial statements, proof of assets and collateral, a statement of your experience, and an assessment of the market that your business is in. At no point should you meet with a lender without one in hand. Besides, if you neglect this important step, you won’t have a good idea of how much you need to borrow.

Here’s how you can use assets to secure funding for your business.

Compare lenders – Your bank is always a sound choice when it comes to applying for a business loan in Montreal. But there are so many other options out there. Consider looking around with different lenders to see what your options are. Some lenders might have more to offer than others. And if your credit score isn’t as high as it could be, you might have little choice but to shop around with alternative lenders.

Equipment Loans Canada

Types of Business Financing Available in Montreal

Business loans are not necessarily a one-size-fits-all type of deal. Every business owner has their own specific needs, so the business loan they apply for should be tailored to meet them. Here are a few types of business financing that you may want to consider:

  • Small business loans – These types of loans work like other types of business loans in Montreal in that a lump sum of money is provided, after which it must be paid back in installments over a given time period. But, these loans are tailored toward companies that are trying to get their foot in the door.
  • Equipment loans – If you need to buy expensive equipment, an equipment loan will allow you to make these purchases and use the actual equipment itself as collateral to back up the loan.
  • Merchant cash advances -If you take credit card or debit payments from customers, you can use a merchant cash advance to get the money you need while leveraging a percentage of your future credit card or debit sales.
  • Commercial mortgages – To get the funds needed to buy land to operate your business, a commercial mortgage will come in handy.
  • Asset-based financing – Get an affordable loan by leveraging your commercial assets, including farming equipment, trucks, or any type of other commercial assets.

Click this link if you’d like to learn more about these business financing options.

Get the Financial Help Needed For Your Business

Whether you’re just starting your business or are trying to expand it, a business loan in Montreal can be just what you need to get your hands on the cash required. After careful assessment of your finances and needs, Loans Canada can help guide you in the right direction toward the ideal business loan for your needs.

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