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.
Here are a few best business loan brands in Canada that are trustworthy and secure.
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 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 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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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.
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.
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%.
Yes, the interest rate you pay on your business loans is tax-deductible.
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