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Founded in 2015, Clearco provides financial solutions for e-commerce, mobile and apps. By joining Clearco, you can also access their global network, insights and valuable data. Additionally, they know what it is like to be a founder, so they understand the...
  • Services: 1
  • Rating: 5.0
Forward Funding is a Canadian based financial technology company that provides advances and term loans to businesses. They offer a variety of fintech products with 90%+ approval rates and competitive rates starting as low as 12%. Forward Funding Features One...
  • Services: 1
  • Rating: no reviews
Kingsmen Capital Investments is a Canadian-based company that provides financing solutions for business enterprises such as small business financing, equipment financing and corporate financing. They pride themselves on having a team of professionals with...
  • Services: 1
  • Rating: 5.0
Growth Street Capital provides financial solutions to Canadian businesses for capital growth and building opportunities. Since 2019, they have invested hundreds of millions to 250+ companies. They help clients achieve goals through their specialisations:...
  • Services: 1
  • Rating: 5.0
LendingMate provides guarantor loans by offering loans to people despite being rejected by financial institutions. Join now to borrow up to $10,000 with no credit checks. LendingMate Features LendingMate knows exactly what it’s like to be rejected for a...
  • Services: 4
  • Rating: 5.0
SharpShooter Funding provides business financing for small to medium-sized businesses. Since 2015, the company has prioritized businesses’ future potential through smart funding solutions. Apply now for easier and faster funding to grow your business....
  • Services: 1
  • Rating: 5.0

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Best Business Loan Brands in Canada

You might be looking for the best business loan brands in Canada to take your company to the next level. Businesses like yours are essential to the growth and success of the Canadian economy. However, it is still challenging for a few small businesses and entrepreneurs to get business loans from a bank.

Fortunately, things have changed for good in the last decade. Small businesses now have access to alternate lending brands. These offer loans customized to the needs of the business.

The business loan brands offer competitive terms and rates to small businesses.

Best Business Loan Brands

Here are a few best business loan brands in Canada that are trustworthy and secure.

forward funding review - What is a Merchant Cash Advance?- comparewise

Sharp Shooter Funding

Sharp Shooter Funding is relatively new, yet it's amongst Canada's most popular business loan brands. It was established in 2015 and offered small businesses quick and straightforward funding options. A small business should be operational for at least 100 days to be eligible for a loan. The company has been accredited by Canada's lending association, making it trustworthy.

This business loan brand offers loans of up to $300,000 for a maximum of 60 months. Sharpshooter funding has a comparatively low-interest rate, ranging between 5.49% and 8.29%. It also offers flexible repayment terms with daily, weekly, bi-weekly, and monthly options. They offer personalized service to their customers.

Lending Loop

Lending Loop is one of the best business loan brands in the country, offering peer-to-peer banking options. They were established in 2014 and offer high loan amounts to small businesses and start-ups. Small businesses who need working capital can apply for loans from this platform. Their loan is financed by one or more lenders.

Lenders can analyze and choose which businesses they want to fund. Since it is a peer-to-peer loan, they have slightly more strict eligibility requirements. Your business should at least be operational for one year to secure a loan. It should also have annual revenue of $100,000.

The owner's credit score should be above 600 to be eligible for a loan. At Lending Loop, you can apply for a loan for up to $500,000 for up to 60 months. The interest rate is pretty competitive, ranging between 5.6% and 29.9%.

Ondeck

Ondeck was established in 2006 and is among Canada's most popular business loan brands. The company is a global small business lender with five offices in the USA, one in Australia, and two in Canada. Ondeck has lent over $12 billion to date in the form of flex loans, loans of credit, and fixed-term loans.

This business loan brand has more than 100,000 customers worldwide. However, your business should be a little seasoned to be eligible for a business loan. Ondeck is accredited by the Canadian Lenders Association.

Your business should be operational for at least one year with annual revenue of $100,000 to be eligible for a loan. It would also help to have a personal credit score of more than 550. Ondeck offers loans of up to $300,000 with an interest rate ranging between 8% and 29%.

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April 26, 2022
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FAQs about
Business Loan Brands

How much business loan can I get in Canada?

Your loan amount would depend upon the annual revenue of your company and the period it has been operational. A small business operating for a year is eligible for a loan amount of up to $300,000. If your business is growing, you can eventually take up a business loan of up to $1 million.

Can You Get a Loan to Start a Business in Canada?

Different private institutions and a few banks offer loans to start-ups. However, their payment terms would be a little strict, and the interest rates will be higher. If you want to secure a loan as a Canadian start-up, your credit score should be over 600.

What Is the Average Interest Rate on Loans in Canada?

The interest rate charged by a private lender or a bank depends on the loan amount and the risk. If your company is relatively new, they will charge a higher interest rate. When you secure a loan from a bank, the interest rate will be between 2% and 13%. However, if you use an alternative lender, the interest rate can go as high as 45%.

Is Business Loans Tax Deductible?

Yes, the interest rate you pay on your business loans is tax-deductible.

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