Best Small Business Loan Providers in Canada for 2020Margie Zable Fisher
Whether you need $5,000 or $500,000, one way to get some much-needed cash flow into your business is through a small business loan. There are many small business loan providers in Canada, and it can be time-consuming to figure out which ones to reach out to. Smarter Loans, the online resource if you’re in Canada and seeking financing, has made the process much easier.
Smarter Loans worked with a panel of industry experts to review Canada small business loan providers and put together a list of top companies offering small business loans. All lenders had to meet the following criteria to be considered for the “Best Business Loan Providers 2020” awards:
- Must be licensed to operate in their provinces of service
- Must have been in business for at least two years with a proven track record and readily available customer support
- Must exercise responsible lending practices and comply with Canadian underwriting and collection practices
- Must be committed to safety and security and take all reasonable measures to protect customer data and personal information
- Must have full, verified profiles on Smarter Loans Must be recipients of the Smarter Loans Quality Badge
And the winners are …
Thinking Capital, the first and largest online small business lender in Canada. Over the past decade, Thinking Capital has provided over a billion dollars to over 15,000 small businesses. Interest rates start at 8.39%, and loans are offered from $5,000 to $300,000. Loan terms range from six to twelve months, and loans are available throughout Canada.
OnDeck Canada has provided over $12 billion in financing for over 100,000 businesses globally. Easy loan applications take less than ten minutes to complete, and loan approval can happen in as little as one business day. After your loan is approved, funds can be transferred into your account in as little as 24 hours. Interest rates start at 8%, and loans range from $5,000 to $300,000. Loans are available throughout Canada with terms of six to eighteen months.
IOU Financial has an A+ rating from the Better Business Bureau, and has provided over $600 million in funds for small businesses. With a three-minute loan application, and an 85% pre-approval rate for all loan applications, loans up to $100,000 can be approved within 24 to 48 hours. Interest rates start at 9.25%, and loans range from $5,000 – $150,000, with terms of six to eighteen months. Loans are available throughout Canada except for Quebec.
Merchant Growth uses technology and customer care to help you determine the right financing for your business. Offering loans from $5,000 to $500,000 throughout Canada, interest rates start at 12.99% and terms are from six to 18 months.
CanaCap approves 90% of loan applications, with funds deposited in one to two days. Interest rates start at 29%, and range from $5,000 to $100,000, with terms of four to six months. Loans are offered throughout Canada except for Quebec.
SharpShooter Funding provides loans up to $500,000 for businesses that have a minimum of $200,000 in revenue. Loans don’t require collateral or minimum credit scores. Interest rates start at 5.49% for financing of $4,000 to $300,000, with six to 60 month terms. Loans are available to businesses throughout Canada.
iCapital boasts a 98% acceptance rate on all loan applications. The company’s goal is to make funding painless. Interest rates start at 6.75%, with loans ranging from $5,000 to $250,000. Terms run from three to eighteen months, and loans are available throughout Canada, except for Quebec.
Company Capital guarantees the best loan rates and service in Canada. The company is 100% Canadian privately owned, and loan interest rates start at 6.87% for loans ranging from $5,000 to $100,000 for terms of three to eight months. Loans are offered throughout Canada except for Quebec.
Lendified was started by former bank executives who saw a need in the market to help small businesses get capital quickly. Interest rates start at 8.99% for loans of $5,000 to $150,000, with terms of three to 24 months, for businesses throughout Canada.
Best Small Business Loan Providers in Canada
If you’re in the market for a small business loan in Canada, this list of top lenders will help you quickly find the right financing source. Smarter Loans wishes you success in your quest for capital!