How do payments on a $500,000 business loan work?

It depends on your loan and lender. Most $500,000 loans are term loans, which come with scheduled repayments over the course of up to 15 years. Some business loans come with weekly, bi-weekly, monthly or even daily repayments, though your repayment schedule will likely depend on your financials. Alternative types of financing, like merchant cash advances and invoice factoring, work differently. If you apply for a merchant cash advance , you'll repay it with a percentage of your business's daily sales. With invoice factoring , you won't pay back your factoring company at all — you just won't get your invoice's total value.

Can I get a $500,000 loan to start a business?

It's difficult for a startup or new business to qualify for high-dollar loan amounts. For other options, start with our guide to startup grants .

Can I get a business loan without collateral?

Yes. Unsecured business loans don't require collateral. But secured loans can come with better rates—although you risk losing your collateral if you default on the loan. However, you don't necessarily need collateral upfront to qualify for secured business loans. For example, equipment loans and vehicle loans are secured by the equipment or vehicle that your business purchases with the loan.

What is the maximum amount for a small business loan?

Business loans in Canada typically range between $5,000 and up to $500,000, although some institutions may offer business financing up to $1,000,000 or more. The amount your business will be able to qualify for will depend on your credit score and how well your business is established, which includes the amount of disposable income available.