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How much business loan can I get?

Find out how much business financing you can get with different types of loans and lenders.

Looking for a business loan? Compare lenders
Want to qualify for more funds? Learn more

You may be able to borrow between $5,000 and $1 million to start or grow your company with a business loan. Find out more about how much business financing you can get with different types of loans and lenders, and compare several providers to find the best option for your needs.

How much business loan can I get?

Business lenders typically offer between $5,000 and $500,000, although the amount you’ll get usually depends on which lender you choose. The amount you can borrow also depends on personal factors such as your credit score, debt-to-income ratio and business revenue.

You’ll usually be able to access more money if you have an established business, a strong credit rating and a decent amount of disposable income. You’ll be able to borrow less if you’re just starting out or if you have a poor credit history.

How much of a business loan can I get with different types of lenders?

You may be able to qualify for the following amounts based on which lender you choose:

1. Bank loans

If you’re wondering how much of a bank loan you can get for a business, first understand that banks tend to offer the largest business loans out of any provider. Many banks offer business term loans starting at $5,000 and up to $1 million, although you may have to put up collateral such as your business equipment or real estate to qualify.

Providers include:

BMO, TD Bank, RBC, CIBC, Scotiabank, Canadian Western Bank and National Bank.

Guide to bank business loans

2. Credit union loans

Credit unions usually offer smaller business loans typically between $5,000 and $100,000. These loans are usually more flexible than bank business loans and may require you to meet less strict eligibility criteria to qualify.

Providers include:

Meridian, Servus, Vancity, connectFirst, Conexus, First West, Steinbach, Alterna Savings and Coast Capital Savings.

Guide to credit union business loans

3. Online loans

Online lenders typically offer business financing as low as $5,000 and up to $300,000, though you may be able to find providers that offer more. Larger funding amounts typically need to be backed by collateral such as business equipment or real estate.

Providers include:

Loans Canada, SharpShooter, Journey Capital, Driven and Merchant Growth. Compare more online business loans below.

How much of a business loan can I get with different types of loans?

There are a several types of business loans that will let you borrow varying amounts of money:

Canada Small Business Financing Program (CSBFP)

You can borrow up to $1 million if you get a CSBFP loan, which is mostly backed by the federal government and administered through banks. Up to $350,000 of a CSBFP loan can be used for equipment and leasehold improvements. Read our full guide to CSBFP loans to learn more about how it works and how to apply.

Business term loans

How much you can get with a business term loan is typically between $5,000 and $1 million, though many lenders will cap their loans at less than $500,000 (or even $50,000 to $100,000 in some cases). As with other types of business loans, larger amounts are typically only available with collateral.

Lines of credit

Many banks offer business lines of credit starting at $10,000, with the maximum limit defined by your business needs and financial position. Private lenders offer lines of credit that can go as high as $500,000 when secured by business assets. or as high as $50,000 when unsecured.

Merchant cash advances

A merchant cash advance gives you an advance on your future sales. Most lenders that offer merchant cash advances will let you borrow between $5,000 and $50,000. You’ll pay this money back using a predetermined portion of the credit card sales for your business each month.

Equipment and vehicle financing

You may be able to borrow between 80% and 100% of the value of the equipment or vehicles you want to purchase — usually up to $500,000 with a bank or online lender. You can also borrow up to $350,000 for equipment with a CSBFP loan. Learn more about equipment financing here.

Microloans

Business microloans run from around $500 to around $10,000 depending on the provider. These are meant to fund small startup costs and are usually available to entrepreneurs and bad credit borrowers.

Invoice factoring

Alternative business loans like invoice factoring might get you more funding than a term loan or line of credit because of the way they’re structured. Invoice factoring involves selling your unpaid invoices at a discount and can let you borrow thousands of dollars against the money you’re owed.

But beware: this tends to be much more expensive than your standard term loan and are generally best saved as a last resort.

Compare business loans from online lenders

1 - 3 of 3
Name Product APR Range Loan Amount Loan Term Minimum Revenue Minimum Time in Business Loans Offered Broker Compliance
Journey Capital Business Loan
8.00% – 29.00%
$5,000 - $300,000
6 - 18 months
$100,000/year
6+ months
Term Loan, Line of Credit, Merchant Cash Advance
To be eligible, you must have been in business for at least 6 months with a minimum annual gross revenue of $100,000.

Journey Capital 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.
Merchant Growth Business Loan
12.99% - 39.99%
$5,000 - $800,000
6 - 24 months
$10,000 /month
6 months
Unsecured Term, Line of Credit, Merchant Cash Advance
To be eligible, you must have been in business for at least 6 months and have a minimum of $10,000 in monthly sales.

Merchant Growth offers financing tailored to business needs. It specializes in providing capital based on future cash flows, but it also offers fixed solutions. Fill out an application within 5 minutes and get your funds within 24 hours.
Loans Canada Business Loan
6.60% - 29.00%
$4,000 - $500,000
3 - 60 months
over $10,000/month
100 days
Unsecured Term
Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
To be eligible, you must have been in business for at least 100 days, have a Canadian business bank account and show a minimum of $10,000 in monthly deposits ($120,000/year).

Loans Canada connects Canadian small business owners to lenders offering financing up to $500,000. Complete one simple online application and get matched with your loan options.
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How much loan can I get to start a business?

If you want to get a loan to start a business, you’re more likely to qualify for a small business loan worth less than $10,000. That said, you may be able to qualify for up to $1 million with some loans (such as CSBFP loans) if you can present a viable business plan and have solid finances and credit score.

Ultimately, how much of a business loan you can get to start a business will depend on factors like your financial situation and credit score. A startup loan can be much more difficult to get than a normal business loan since you won’t have a proven track record or business revenue to use as collateral to secure your payments.

How much business loan can I get based on my personal situation?

The maximum loan amount a lender will give and the amount you can qualify for are often very different. Understand how the factors below can influence how much of a business loan you get:

Higher loan amountLower loan amount
RevenueHigh amount of revenue (around $42,000+ per month)Lower amount of revenue (around $10,000 per month)
Current debtsLower debtHigher debt
CollateralAssets to use as collateralNo assets to secure your loan
Time in businessMore established business (over 4 years)Less established business (6 months to 4 years)
Credit scoreHigher credit score (over 640)Lower credit score (under 640)
Down paymentLarger down paymentSmaller down payment (if any)
Relationship with lenderLonger relationship with lenderShorter relationship with lender
Personal guaranteeWilling to repay loan out of personal funds if business defaultsNot willing to repay loan out of personal funds

Should I borrow the full business loan amount I’m eligible to receive?

Just because you can borrow a certain amount for your business doesn’t mean you should go up to that limit. The more you borrow, the more you’ll pay in interest and fees – and the higher your monthly cost will be. Calculate exactly how much you need to finance your business and limit yourself to that amount.

6 ways to qualify for more business funding

From applying for government-backed financing to making a hefty down payment, here are a few strategies for how to qualify to get a larger business loan:

  1. Put up collateral. You can often qualify to get a larger business loan if you put up collateral to secure your payments. Assets can include your house, vehicle or business equipment.
  2. Don’t skip the down payment. You may be able to borrow more with a larger down payment since your lender will see that you have the ability to save money and commit to your business.
  3. Pay off debts first. You could be eligible to get a larger business loan if you go into your loan agreement with a lower amount of other personal and business debt.
  4. Improve your credit score. The higher your personal credit score, the less risk you pose to the lender since you’ve shown you can manage debt responsibly, which may mean getting a larger business loan.
  5. Apply for a CSBFP loan. You can likely borrow more money with a CSBFP loan since these loans are backed by the federal government.
  6. Wait until your business is more established. You may qualify to get a larger business loan once your business has been operational for a while and your revenue increases.

Bottom line

How much business lenders offer and how much you can borrow are 2 different numbers. But the one you might want to focus on is how much you actually need to borrow for your project to avoid taking on more debt than necessary.

You can compare business lenders and learn more about how borrowing money for your business works with our comprehensive guide to business loans.

FAQs about how much you can get for a business loan

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