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$100,000 business loans

Find out where to borrow $100,000 for your business and how to qualify.

Qualifying for a business loan of $100,000 is possible, but you’ll need to meet the lender’s eligibility criteria, which usually includes a minimum credit score, annual revenue and number of months or years in business.

Where to get a $100,000 business loan in Canada

Many Canadian financial institutions such as banks, credit unions and online lenders offer $100,000 business loans. You may even qualify for a Canadian Small Business Financing Program (CSBFP) loan, which is primarily backed by the government and comes with favourable terms designed to support small- and medium-sized businesses.

Canada Small Business Financing Program (CSBFP)

You can apply for these loans through a chartered bank, credit union or a caisse populaire. They are at least 75% backed by the Government of Canada. Your business must make under $10 million in revenue annually to be eligible for this program. You can access up to $1,000,000 in funding, but you’ll need to be a for-profit business, use the loan funds for specific approved purposes, earn less than $10 million in revenue annually and operate a business in Canada.

Online lenders

There are online lenders in Canada that can offer $100,000 business loans. Online lenders have more flexible requirements and easier application processes than banks, but they tend to have higher interest rates. The eligibility requirements for a $100,000 business loan can vary among lenders.

Top picks for $100,000 business loans

Sharpshooter Funding

SharpShooter Funding

Key features: SharpShooter provides fast, flexible funding to small and medium businesses that don't qualify for bank loans. Rather than fixating on traditional financial metrics, SharpShooter will look at your business's overall health and potential when reviewing your application.

How to apply: Fill out a simple application, providing basic information about yourself and your business. Get pre-approval within minutes and then discuss offers with a team member.

Minimum eligibility requirements:

- Have a Canadian bank account
- Place of business located in a Canadian province/territory
- In business for at least 100 days
- Show a minimum of $10,000 in monthly deposits ($120,000/year)
- 500+ minimum credit score

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OnDeck

Key features: OnDeck offers fast, efficient financing. See your loan offers without hurting your credit score (OnDeck will do a soft check). Apply in less than 10 minutes with your basic business information. Hear back within 1 business day, and choose your term, amount and payback schedule if approved.

How to apply: Provide your basic business information in a quick application and then discuss offers with a team member. OnDeck may ask for 3 months of bank statements further into the process.

Minimum eligibility requirements:

- 6 months in business
- Minimum $10,000 monthly revenue
- 600+ credit score
- Approved industry

Compare $100,000 business loans

Name Product Interest Rate Loan Amount Loan Term Minimum Revenue Minimum Time in Business Loans Offered
SharpShooter Funding Business Loan
Prime pricing from 9.00%
$500 - $250,000
6 - 120 months
$10,000 /month
100 days
Unsecured Term, Merchant Cash Advance, Invoice Factoring
To be eligible, you must have been in business for at least 100 days with a minimum of $10,000 in monthly deposits.

SharpShooter provides capital to small businesses that are underserved by banks and credit unions. It measures overall business health and potential rather than focusing strictly on traditional metrics. Fill out a simple application and get pre-approved in minutes. Receive your funds within 24 hours.
Swoop Funding Business Loan
4.00% - 25.00%
$1,000 - $5,000,000
3 - 60 months
$10,000 /month
24 months
Term, MCA, LOC & more
To be eligible, you must have been in business for at least 24 months and have a minimum of $100,000 in annual revenue.

Swoop partners with banks and alternative lenders to match your business with the right funding options. Register for free and browse your offers without affecting your credit score.
Lending Loop Business Loan
Starting at 4.96%
$10,000 - $500,000
3 - 60 months
$8,500 /month
12 months
P2P
To be eligible, you must have been in business for at least 12 months and have a minimum of $100,000 in annual revenue.

Lending Loop is Canada’s first regulated peer-to-peer lending platform. Complete an application in 5 minutes. Once you accept your loan offer, investors will begin to fund your loan on the marketplace. Your loan will be transferred to your bank account when it is fully funded.
OnDeck Business Loan
8.00% – 29.00%
$5,000 - $300,000
6 - 18 months
$10,000 /month
6 months
Secured Term, Line of Credit, Merchant Cash Advance
To be eligible, you must have been in business for at least 6 months with a minimum monthly revenue of $10,000.

OnDeck offers fast and simple financing. Apply in less than 10 minutes with your basic business information and see your loan offers without hurting your credit score. Get approved within 1 business day, and choose your term, amount and payback schedule once approved.
Loans Canada Business Loan
Prime Pricing from 9.00%
$2,000 - $350,000
3 - 60 months
$4,166 /month
100 days
Unsecured Term
To be eligible, you must have been in business for at least 100 days, have a credit score of 410+ and show a minimum of $4,166 in monthly deposits ($50,000/year).

Loans Canada connects Canadian small business owners to lenders offering financing up to $350,000. Complete one simple online application and get matched with your loan options.
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Compare up to 4 providers

BDC small business loan

With a small business loan from the BDC, you can get up to $100,000 online to fund any business expense. There are no application fees, and no personal assets are used to secure the loan (but you will have to provide a personal guarantee). Repayment terms are 5 years, and you can postpone capital payments for 6 months. There are no penalties for paying off your loan early. Eligibility requirements include:

  • You must be a Canadian citizen or permanent resident
  • You must have a Canadian-based business
  • Your business must be generating revenues for at least 24 months
  • You must have a good credit history
  • You must be at least the age of majority in the province or territory where you live (either 18 or 19 years old)
The BDC offers a competitive rate on small business loans. The interest rate is normally the BDC’s floating base rate of 4.55% plus an interest percentage based on your personal and business information. (The interest rate is subject to change without notice).

Banks and credit unions

Canada’s major financial institutions can offer $100,000 business loans to businesses that meet their requirements. They have stricter requirements and more complicated application processes than online lenders, but they can also offer better rates. If you can meet the banks’ eligibility criteria, then they are a strong choice. You will likely need to visit a branch or call in order to apply. Banks can offer different types of business loans, such as the CSBFP loan, term loans, business lines of credit, equipment financing and more.

Compare 15+ lenders, plus key factors to consider before applying

What do I need to get a $100,000 business loan?

For a loan this size, you’ll need to meet stringent eligibility requirements. While requirements vary between loan providers, you stand a good chance of approval for $100,000 in financing if you can check off most of the boxes below:

  • Annual revenue of at least $5,000 a month. Some lenders will require that you earn at least $5,000 a month, while others will require you bring in at least $100,000 a year. You’ll want to prove that you bring in enough money to comfortably afford the monthly repayments on a $100,000 loan.
  • At least one year in business. Typically the longer you’re in business, the better. Many lenders want to see at least one to two years in business for loans as large as $100,000.
  • Good personal credit. Though it’s possible to find financing with a lower credit score, you’ll find more competitive rates with a score of 650 or higher. Business loan lenders usually check your personal credit score – instead of your business credit score – to determine whether you’ll be approved or not.
  • Consistent cash flow. Your business must prove that money comes in consistently enough that you’ll be able to comfortably afford your monthly loan payments.

What credit score do I need?

Credit score requirements vary widely by lender. Some lenders may require at least a minimum of 660 – a “good” credit rating – while others may require you to have a “very good” to “excellent” rating of 725 or higher.

The higher your credit score, the more loan options available to you – and the better the rates and terms.

Steps to get a $100,000 business loan

Major banks may offer loans of up to $1,000,000 for qualifying businesses, but you can also turn to the Canada Small Business Financing Program (CSBFP) to get this type financing on competitive terms. Although each lender has its own process, these steps can serve as a general guide to finding the right loan option for your business:

  1. Compare lenders. Your first step should be to compare business loan lenders. Each lender has its own requirements that can make the difference between approval and rejection.
  2. Prepare financial documents. Lenders want to see your business plan, annual revenue projections, bank statements, tax documents and other information that demonstrates your business’s ability to repay a loan.
  3. Speak with a financial advisor. Loop a financial advisor into your plan for a $100,000 business loan to ensure your business can afford it and develop a plan to repay it.
  4. Apply for pre-approval. This allows you to see your loan’s potential terms before your personal or business credit is officially checked. Not all lenders offer pre-approval, but if it’s available, take advantage of it.
  5. Review and sign the loan contract. If approved, review your loan contract with your partners and financial advisor to ensure the terms are beneficial for your business.

How much does it cost to repay a $100,000 business loan?

Your loan repayments ultimately depend on the APR and loan term you find. APR is a representation of your loan’s interest rate and financing fees, expressed as a percentage. Your loan term is the time you have to repay your loan in full.

Online business term loans typically come with APRs that range from 5% to 29%. Term loans can go up to seven years, but your typical $100,000 business loan comes with a term of around three to five years.

For a $100,000 loan with a 9% APR and a 5-year term, your business’s monthly repayments would be $2,075.84. You’d pay a total of $24,4550.13 in interest and fees over the life of the loan.

Case study: Thorn Tree Brewers buys new barrels

Let’s say that Thorn Tree Brewers wants to expand its production. Thorn Tree’s owner, Spencer, crunches the numbers to discover he needs a $100,000 loan to cover the costs of more barrels. Spencer compares several online lenders, narrowing his options to three providers. He applies to prequalify with all three, learning the APR and terms he’d face with each.

LenderAPR offeredTermEst. monthly repaymentEst. total cost
Provider #130%1 year$9,748.71$16,984.55
Provider #224%3 years$3,923.29$41,238.27
Provider #318%3 years$3,615.24$30,148.62

After reviewing the numbers, Spencer continues his application with Provider #3. It might require paying more interest over the life of the loan than provider #1, but its monthly repayments are more in line with Spencer’s budget than the other options. And he’ll save more than $11,000 in interest and fees than if he chose provider #2.

Business loan calculator

If you have multiple loan or refinancing offers on the table and aren’t sure which one to choose, calculate the total cost of each loan option to decide which one will best meet your business’s financial needs:

Bottom line

$100,000 business loans are for businesses that have been operating for one or more years and earn a monthly revenue of at least $5,000. While good personal credit isn’t absolutely necessary, your options may be limited with a credit score that’s under 650.

Want to learn more? Head to our business loans guide.

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