Finding the right private business loan to meet your needs can be a challenge. There are a lot of options out there for small and medium businesses looking for a private business loan in Canada, but we’ve done the hard part for you and found the best-in-class lenders through several categories, including startup funding, flexible loans and more.
Best private business loan for customized solutions
Sometimes your typical business loan just can’t meet all of your unique business needs. In that case, finding the perfect financial solution can be a challenge. Lenders that specialize in customized, flexible funding solutions are familiar with all manner of business financing and can help you tick all those boxes via a single loan application.
Based in Québec, Journey Capital specializes in tailored business loans for small and medium businesses. It previously operated as OnDeck Canada, which launched in 2009. Journey focuses on providing accessible and flexible financing options, and it offers services including equipment financing, working capital loans and commercial mortgages.
Why it's one of the best
High loan amounts. A loan with Journey Capital can help you access up to $300,000 in business funding.
Quick application & funding. Applying for a loan with Journey is a quick process that can be done online. Once you're approved, you'll typically receive your loan funds within 24 hours.
Flexible repayment options. Journey's Flex Funds program allows you to enjoy a flexible repayment term, so you can better manage your loan through seasonal business trends.
Easy online application
Flexible repayment options
High loan amounts
Unsuitable for bad credit
No startup funding
Loan amount
$5,000 – $300,000
APR
16% – 25%
Term
4 - 24 months
Interest Rate Type
Fixed
Min. Credit Score
600
Fees
No additional fees
Turnaround time
in as little as 24 hours
Serviced provinces
All provinces and territories
Best fast private business loan
Most online lenders provide a quick application and approval process, which can be a priority if your business suddenly hits a financial wall. You can typically access reliable business loan funding within 24 hours, depending on the lender and the details of your application.
Merchant Growth has been active since 2009, providing business loans with flexible financing solutions that are ideal for small- to medium-sized businesses.
Why it's one of the best
Very high funding. With Merchant Growth, you can secure loan funding of up to $800,000 for your small to medium business.
Quick funding. Funds will be sent to your business bank account within 24 hours of approval.
Multiple financing options. In addition to a traditional business loan, Merchant Growth also offers lines of credit and merchant cash advances.
Multiple financing options
Quick funding
Strong customer reputation
Requires $10,000 revenue p/m
No mobile app
Potentially high interest rates
Loan amount
$5,000 – $800,000
APR
12.99% – 39.99%
Term
6 – 24 months
Interest Rate Type
Fixed
Min. Credit Score
550
Fees
No application fees.
Turnaround time
24 hours
Serviced provinces
All of Canada
Best private business loan for startups
Loan funding for startups can be limited, especially with so many lenders reserving their best offers for businesses with high monthly revenues. A loan search platform can help you cut through the research time you might typically need to find the best loan options out there for new businesses. These platforms work with a large network of lenders to help you find the best terms with just a single application.
Loans Canada, established in 2012, is one of Canada's standout loan comparison platforms. Offering access to a large network of lenders via a single application, Loans Canada can help business owners secure competitive terms and rates as well as financial education resources and expert advice.
Why it's one of the best
Canada's largest lending network. Loans Canada allows users to access the biggest lending database through just a single application, giving you the chance to find the best deal as quickly as possible.
Free and easy service. Applying is quick, easy and best of all, totally free, as Loans Canada will receive a commission directly from any lender you sign up with.
Bad credit business loans available. You can apply for a loan through this platform even with bad credit or little or no credit history.
Best private business loan for flexible loan terms
Flexible loan financing can help your business better manage seasonal shifts and the inevitable ups and downs of owning a small business. From large loan amounts to extended or short terms, finding a lender that provides flexible financing could make all the difference for your unique business needs.
Driven Financial is Canada's largest non-bank small business lender. Established in 2006, it aims to offer flexible and transparent financing solutions with a straightforward online application process.
Why it's one of the best
Flexible loan amounts. Business owners can secure $5,000 to $300,000 in loan funding. Once you're approved for a specific amount, you can borrow as much or as little of that amount as you need.
Flexible terms. With Driven you can benefit from a flexible term range of 3 - 24 months.
Flexible usage. A business loan from Driven lets you cover almost any business expense as needed.
Flexible loan amounts and terms
No hidden fees
24/7 customer support
Late and NSF fees
Only certain industries are eligible
Loan amount
$5,000 – $300,000
APR
Starting at 4%
Term
3 - 24 months
Interest Rate Type
Fixed
Min. Credit Score
600
Fees
Fixed daily, weekly or bi-weekly loan payments Yearly fee of between 8% and 22% of your borrowed amount Late fees and non-sufficient funds fees
Turnaround time
24-48 Hours
Best private lender for bad credit business loans
Finding the right loan for your business can be a challenge, even more so when you’re struggling with a bad credit score or little credit history. While most bad credit loans come with high interest rates, you can potentially offset that cost by searching for a lender that provides flexible loan terms and strong customer service.
Greenbox Capital specializes in providing a variety of funding options, including merchant cash advances, invoice factoring, small business loans and more. Founded in 2012, the company offers a streamlined application process and flexible funding criteria that's based on business potential rather than just your credit score.
Why it's one of the best
Good option for bad credit. Business owners with bad credit scores still have a chance of approval with Greenbox Capital.
Customer service. Once you have applied, you'll get a call from Greenbox Capital within the next business hour in order to guide you through the approval process.
Quick funding. After approval, you can benefit from loan funding in your account within one business day.
Good for bad credit
Fast funding
Short loan terms
High interest rates
Loan amount
$500,000 – $3,000
APR
N/A
Term
3 to 12 months
Interest Rate Type
Fixed
Fees
Non-sufficient fund fees, late fees, origination fees.
How we selected the best private business loans in Canada
We chose the products on this page based on the providers available through Finder and online in the Canadian business loans marketplace. These loans are not representative of the entire market.
When choosing the best private small business loans, we considered each lender’s APRs, loan amounts, loan terms, turnaround time, fees, transparency, customer service, ease of application and perks. No single business loan will be the best choice for everyone, so compare your options before applying.
How to get approved for private small business loans
Securing the perfect financing offer for your small business is a big deal. No matter how your business is doing, you can improve your chances of getting approved for your dream private loan by following these tips:
Check your credit report
In addition to knowing what your credit score currently is, it’s important that you dig into your credit report to get the full picture. You can also check for any mistakes which could be dragging down your score.
Prepare your business plan
Having a plan for the next 6–18 months can help you get approved. Lenders will be looking for a business plan that’s clear and detailed, containing comprehensive market analysis, a convincing funding request and above all, a strong presentation of your businesses’ projected finances, including cash flow, profitability and stability.
Look for prequalification
Prequalifying for your business loan will reduce the risk of a hard credit check damaging your score, and it can help you assess your options before making a commitment.
Consider collateral
Many small business lenders require that you put forward some form of collateral to secure the loan and reduce their risk. If that’s an option for you, it can potentially help you access better interest rates.
Document cash flow
Unless you’re applying for a startup loan, you’ll want to document your business cash flow over at least six months to improve your chance of approval.
Bottom line
Every business is unique, and that means finding the right private business loan for you requires robust and flexible service. Whether you are prioritizing fast funding, bad credit financing or looking for a startup loan, comparing the lenders above is the first stop on the road to securing your ideal private business loan.
Steven Brennan is a freelance finance writer working from Vancouver, B.C. He has a BA and an MA in English Literature at the University of Ireland, Maynooth, and also spent time working in Italy and Vietnam as an English teacher. Today, he writes regularly on a range of personal finance topics including banking, loans, mortgages, insurance and tax. His work has appeared on sites such as LowestRates.ca and WealthRocket, as well as in print with Canadian MoneySaver. See full bio
Explore the best small business loans in Canada for startups, fast funding, flexibility, bad credit and more.
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