Finding the right private business loan to meet your needs can be a challenge. There are a lot of options out there for small and medium businesses looking for a private business loan in Canada, but we’ve done the hard part for you and found the best-in-class lenders through several categories, including startup funding, flexible loans and more.
Best private business loan for flexible financing
Sometimes your typical business loan just can’t meet all of your unique business needs. In that case, finding the perfect financial solution can be a challenge. Lenders that specialize in customized, flexible funding solutions are familiar with all manner of business financing and can help you tick all those boxes via a single loan application.
Advance Funds Network (AFN) has been lending since 2007, serving businesses across Canada and the US. It's particularly well-regarded for its accessibility, often helping businesses that might have been turned away by traditional banks.
Why it's one of the best
Variety of loans. Depending on your needs, you can get a business term loan, working capital loan, business line of credit, equipment loan, merchant cash advance or debt consolidation loan.
Flexible loan amounts. Borrow as little as $10,000 and as much as $1,000,000.
Fast funding. Get funding in just 24 hours with no hidden fees.
Easy online application
Repay weekly, bi-weekly or monthly
High loan amounts
Higher rates for lower credit scores
Must have deposits of at least $20,000/month
APR
Starting at 8.00%
Loan Amount
$10,000 - $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
Best private business loan with a seamless online process
These days, walking into a local bank branch and applying for a business loan in person is no longer your only option. Now you can apply online, get a decision and receive funding via direct deposit. Lenders that offer this benefit make the process as easy as possible, with fewer documents required, but you might encounter higher rates than those from traditional banks.
Based in Québec, Journey Capital specializes in online business loans for small and medium businesses. It previously operated as OnDeck Canada, which launched in 2009.
Why it's one of the best
Good loan amounts. A loan with Journey Capital can help you access up to $500,000 in business funding.
Easy application & funding. Apply once for three types of loans, and get a quote without paying an application fee or going through a hard credit check. Receive funding in as little as 24 hours.
Reasonable eligibility requirements. You can apply if you've been in business for 6 months and make $120,000 in annual revenue.
No-obligation quote
Easy online process
Competitive starting rate
Minimum credit score of 600
High rates for lower credit scores
APR
8% - 29%
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 $120,000 annual gross revenue - 600+ credit score
Best fast private business loan
Most online lenders provide a quick application and approval process, which can be a priority if your business suddenly hits a financial wall. You can typically access reliable business loan funding within 24 hours, depending on the lender and the details of your application.
Finding the right loan for your business can be a challenge, even more so when you’re struggling with a low credit score or little credit history. If this is your situation, prioritize reducing the time and effort spent applying to multiple lenders that might not approve you.
Loans Canada, established in 2012, is one of Canada's standout loan comparison platforms. Offering access to a large network of lenders via a single application, Loans Canada can help business owners secure the right financing.
Why it's one of the best
Large lending network. Loans Canada allows users to access a large lending database through just a single application, giving you the chance to find the best deal as quickly as possible, even if your credit score isn't the best.
Free and easy service. Applying is quick, easy and best of all, totally free, as Loans Canada will receive a commission directly from any lender you sign up with.
Bad credit business loans available. You can apply for a loan through this platform even with bad credit or little or no credit history.
Save time and effort
Good and bad credit options
Easily compare multiple loans
Multiple loan types
High rates for bad credit
Not a direct lender
You're limited to its network
Watch for scammers posing as Loans Canada
APR
8.99% - 35.00%
Loan Amount
$500 - $50,000
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)
A business term loan provides a lump sum of money up front that is repaid over a fixed schedule, offering a predictable structure for managing long-term debt. They are useful for financing major growth initiatives because they allow you to spread large costs over a few years while preserving your daily operational cash flow.
Driven Financial is Canada's largest non-bank small business lender. Established in 2006, it aims to offer transparent financing solutions with a straightforward online application process.
Why it's one of the best
Flexible loan amounts. Business owners can secure $10,000 to $500,000 in loan funding. Once you're approved for a specific amount, you can borrow as much or as little of that amount as you need.
Varying terms. With Driven you can benefit from a term range of 3 - 24 months.
Use for diverse needs. A business loan from Driven lets you cover almost any business expense as needed.
Flexible loan amounts and terms
No hidden fees
24/7 customer support
Late and NSF fees
Only certain industries are eligible
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
How we selected the best private business loans in Canada
We chose the products on this page based on the providers available through Finder and online in the Canadian business loans marketplace. These loans are not representative of the entire market.
When choosing the best private small business loans, we considered each lender’s APRs, loan amounts, loan terms, turnaround time, fees, transparency, customer service, ease of application and perks. No single business loan will be the best choice for everyone, so compare your options before applying.
How to get approved for private small business loans
Securing the perfect financing offer for your small business is a big deal. No matter how your business is doing, you can improve your chances of getting approved for your dream private loan by following these tips:
Check your credit report
In addition to knowing what your credit score currently is, it’s important that you dig into your credit report to get the full picture. You can also check for any mistakes which could be dragging down your score.
Prepare your business plan
Having a plan for the next 6–18 months can help you get approved. Lenders will be looking for a business plan that’s clear and detailed, containing comprehensive market analysis, a convincing funding request and above all, a strong presentation of your business’s projected finances, including cash flow, profitability and stability.
Look for prequalification
Prequalifying for your business loan will reduce the risk of a hard credit check damaging your score, and it can help you assess your options before making a commitment.
Consider collateral
Many small business lenders require that you put forward some form of collateral to secure the loan and reduce their risk. If that’s an option for you, it can potentially help you access better interest rates.
Document cash flow
Unless you’re applying for a startup loan, you’ll want to document your business cash flow over at least six months to improve your chance of approval.
Bottom line
Every business is unique, and that means finding the right private business loan for you requires robust and flexible service. Whether you are prioritizing fast funding, bad credit financing or looking for a startup loan, comparing the lenders above is the first stop on the road to securing your ideal private business loan.
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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Leanne Escobal is a senior publisher at Finder with more than 13 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
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Banks offer the most lucrative business loans and financing options on the market. However, getting approved can be challenging, especially if you don’t fit the bank’s traditional mold.
Explore the best small business loans in Canada for fast funding, flexibility, bad credit and more.
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