What is considered a good rate on a business loan?

The interest rate you receive will depend on the lender, the type of loan you are applying for, your business type, and what rates your business is eligible for. 

The average interest rate for business loans in Canada ranges from 3% to 7%. But, not all businesses will receive a business loan within this range. Some may face higher rates if, for example, if they have declared bankruptcy in the past.

Read other Q&As

• When is it the right time to apply for a business loan?
• Why should I get a business loan?
• Can I repay my business loan early?
• How do I get a business loan?
• How does a business loan work?