For most small business owners, their business is so much more than just their bottom line. That said, having the financial strength to stabilize and grow your business sometimes means we need a helping hand. That’s where a small business loan comes in.
For Ontarian small business owners, there are a host of great options out there beyond what the big banks have to offer. We’ve compiled a list of seven popular business loan providers to help you find the best loan for your business today.
Journey Capital offers several different loan options with varied terms and repayment schedules, including lines of credit, merchant cash advances and more. A Journey Capital business loan typically delivers funding in as little as 24 hours once approved, with fairly competitive interest rates available for good credit borrowers.
Easy online process
Funds available within one business day
High loan amounts
Business revenue of $100,000 required
Credit score must be at least 600
Not available for startups
APR
16% – 25%
Loan Amount
$10,000 - $500,000
Loan Term
4 - 24 months
Loans Offered
Secured Term Line of credit Merchant cash advance
Min. Credit Score
600
Turnaround Time
in as little as 24 hours
Serviced Provinces/Territories
All provinces and territories
Requirements
- 6 months in business - Minimum $100,000 annual gross revenue - 600+ credit score
Advance Funds Network specializes in fast business loan funding, offering a variety of business financing solutions. Originally from New York with offices in Toronto, they cater to businesses that have been in operation for at least 6 months and can show a projected annual revenue of at least $240,000 in annual revenue. Although, they do claim to have flexible eligibility criteria.
Loan funding within hours
No credit score requirements
Transparent terms
Must be in business for at least 6 months
Min. revenue of $240,000 in annual revenue
APR
Starting at 8.00%
Loan Amount
$5,000 - $1,000,000
Loan Term
3 - 24 months
Loans Offered
Unsecured Term Secured Term Line of credit Merchant cash advance Equipment financing
Min. Credit Score
500
Turnaround Time
As fast as 4 hours
Serviced Provinces/Territories
Canada-wide
Requirements
minimum of 6 months in business with an annual revenue of at least $240,000
Merchant Growth offers flexible financing solutions specifically designed for small businesses, including both fixed and variable term loans as well as merchant cash advances. They provide quick access to cash—often within 24 hours of approval—with a straightforward application process.
Fast online application
Funding within 1 business day
Flexible repayment options
Requires at least 6 months in business
Not available with bad credit
No home-based businesses
APR
12.99% – 39.99%
Loan Amount
$5,000 – $800,000
Loan Term
6 – 24 months
Loans Offered
Unsecured Term Line of credit Merchant cash advance
Min. Credit Score
550
Turnaround Time
24 hours
Serviced Provinces/Territories
All of Canada
Requirements
- Operating for at least 6 months - Canadian based business - 550+ credit score - $10,000 in monthly sales
Loans Canada is the country's biggest lending network, allowing you to access and compare loan offers from many lenders via one simple online application. Loans Canada can offer competitive rates for good credit consumers and can match you with a small business loan provider in a matter of minutes.
Simple online application process
Quotes from multiple lenders
Fast funding, often within a day
Must have min. $120,000 in annual revenue
No in-person service
APR
9.99% - 35.00%
Loan Amount
$500 - $500,000
Loan Term
4 - 60 months
Loans Offered
Unsecured Term
Min. Credit Score
410
Turnaround Time
48 Hours
Serviced Provinces/Territories
All provinces
Requirements
- Operating for at least 9 months - Operating Canadian Business Bank Account - Over $10,000 in monthly sales ($120,000/year)
Driven specializes in providing small business loans with a focus on speed and flexibility. They offer multiple financing solutions, including working capital loans and equipment financing. Their application process is streamlined, and approved businesses can receive funding in as little as 24 hours with tailored terms available, depending on your needs.
Fast online application
Quick funding
Flexible loan terms
No hidden fees
Fixed rates only
High rates for bad credit
$84,000 in annual revenue min. revenue
APR
N/A
Loan Amount
$10,000 - $500,000
Loan Term
3 - 24 months
Loans Offered
Unsecured Term Line of credit Merchant cash advance
Min. Credit Score
600
Turnaround Time
24-48 Hours
Serviced Provinces/Territories
All of Canada
Requirements
- Canadian business with 600+ credit score - In business for at least 6 months - Average monthly sales of $7,000+ - Business bank account - Business operating in Canada
Greenbox Capital offers a variety of different business loan solutions, including merchant cash advances and small business loans. They are known for being an accommodating lender, looking beyond credit scores and factoring in the bigger picture to help you find the financing your business needs. Greenbox is also known for its fast turnaround time, with funding usually arriving within one business day.
Bad credit loans available
Quick funding
Flexible repayment options
Short term loans
High rates for bad credit
May require daily payments
Loan Amount
$3,000 - $500,000
Loan Term
6 months - 25 years
Loans Offered
Unsecured Term Secured Term
Turnaround Time
within 24 hours
Serviced Provinces/Territories
Alberta, British Columbia, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Newfoundland and Labrador, Prince Edward Island, Saskatchewan
Requirements
Must satisfy business revenue and cash flow requirements and have been in business for at least 6 months.
2M7 is an alternative business financing lender that specializes in merchant cash advances. They have been in business in Canada for over 13 years and boast an approval rating of 97% for applicants in need of cash funding for their businesses.
Same day funding
Repayments based on cash flow
No collateral needed
Expensive
Short-term financing
No traditional loans
APR
0% (cost of capital fee applies)
Loan Amount
$5,000 - $300,000
Loan Term
Undisclosed
Loans Offered
Merchant cash advance
Min. Credit Score
550
Turnaround Time
A few hours up to one business day, depending on how accurate and complete your application is
Serviced Provinces/Territories
Canada-wide, excluding Quebec
Requirements
Must be located in Canada, excluding Quebec, operational for a minimum of 3 months, without any open bankruptcies, earning at least $15,000 per month in revenue and accepting credit and debit cards
Small business grants in Ontario
In addition to these traditional and alternative small business loans, business owners in Ontario also have a wide array of business grants to look toward when it comes to securing funding and financial support. Here’s a look at some small business grants in the province:
Starter Company Plus: Offers financial advice and grants of up to $5,000 for new businesses or those expanding operations.
Canada-Ontario Job Grant: Provides funding for employee training, covering up to two-thirds of the total cost.
Northern Ontario Heritage Fund Corporation (NOHFC): Offers various grants and investments for businesses at different stages of development in Northern Ontario.
Eastern Ontario Development Fund (EODF): Offers grants for business expansion in Eastern Ontario, from $500k-$5M.
Southwestern Ontario Development Fund (SWODF): Grants for business growth and expansion in Southwestern Ontario.
Eligibility requirements for small business loans in Ontario
Generally speaking, you’re going to need to tick the following boxes to be eligible for a small business loan in Ontario:
Business registration. Your business must be legally registered and actively operating in Ontario with appropriate business licenses and permits.
Business plan. Most lenders will want to see a well-structured business plan to demonstrate your business’s goals, market analysis and financial projections. In short, you’ve got to show that you are serious about needing and using a loan.
Creditworthiness. Almost all lenders will want to see your personal and business credit scores. A good credit score demonstrates reliable financial management and low risk for lenders, but some are also willing to work with bad credit scores.
Financial documents. As well as providing a detailed business plan, lenders will want to assess your up-to-date financial records, including balance sheets, income statements and tax returns.
Industry. Some loans and grants may be intended for businesses within specific industries. Check that your desired lender is a suitable match for your business before applying.
How to apply
You can apply for most small business loans online, although a bank or credit union may require an in-person visit to initiate or finalize your loan application. Once you’ve started comparing options, here are the next steps:
Find the best loan you can qualify for. Take your time to research all your options and compare any quotes or pre-approved offers available to you. Even if you need a loan quickly to cover an emergency, it pays to do some research at this stage.
Follow the application process. When you’ve chosen a lender and a particular loan offer, complete the application process. Make sure you review it carefully to avoid errors or delays.
Get approved. The timing depends on the lender, but once you’ve been approved you’ll be informed about when to expect funding.
Required information and documents
When you apply for one of the best small business loans in Ontario, it’s likely that you’ll need to provide some of the following as part of your application:
Your name, contact information and Social Insurance Number (SIN)
Your business name, address, phone number and email address
Your industry and the date you started your business
Your annual business revenue
Your personal bank account information and income
How much you want to borrow
Intended use of your loan
Depending on your chosen lender’s application process, you might also need financial and legal documentation, including:
Bank statements
Revenue statements
Business and personal tax returns
Personal credit score
Insurance or collateral
Business plan
Bottom line
You’ve got plenty of options for small business loans in Ontario, with lots of variety in the market. Start comparing today and take your business to the next level with the best business loans available in Ontario.
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.
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