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HSBC small business loans

Get a business loan customized to meet your unique set of business needs with this well-known Canadian bank. 

You can take out an HSBC small business loans for up to $250,000 if you don’t want to put up any collateral. You can also qualify for up to $1,250,000 if you put up an asset like your home or cash as security

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Please note: All information about HSBC small business loans has been collected independently by Finder and this product is not available through this site.

Think about HSBC small business loans if you want competitive interest rates and a flexible repayment schedule for your loan.

Pick something else if you’d prefer to be backed by a Big Five Canadian bank or if you generate more than $5 million in revenue each year.

How it works

HSBC small business loans function just like any loan you might borrow for personal use. You’ll have to decide if you want a fixed or variable interest rate on your loan and then agree to make repayments on any amount you borrow according to a set schedule.

You can take out an HSBC small business loans for up to $250,000 if you don’t want to put up any collateral. You can also qualify for up to $1,250,000 if you put up an asset like your home or cash as security

HSBC small business loans come with terms that can last anywhere from 2 years to 10 years, and you can only borrow money in Canadian dollars. You’ll also need to open an HSBC chequing account to start your application.

How much will my loan cost me?

The amount you’ll pay will depend on what type of loan you take out. It will also depend on personal factors such as your credit score and the term of your loan.

Applicable fees

You’ll need to pay applicable interest rates on your loan or line of credit, which should be outlined in your loan agreement. You’ll also have to pay a one-time set-up fee of 1% of the credit limit that you’re approved for. You may also need to pay a $250 credit review fee if HSBC decides it’s necessary to review your credit file.

What do I need to qualify?

To be eligible for an HSBC small business loans, your business must be a sole proprietorship, partnership or corporation that’s based in Canada. It also must have an annual revenue below $5 million. You may also need to meet additional requirements depending on the amount you need to borrow and how you plan to use your funds.

What information do I need to apply?

The specific documents you need to apply for an HSBC small business loans or line of credit will vary. In general, you’ll need to show that your business is profitable enough for you to be able to easily pay back your loan on time. This could include documents such as bank statements and information about your monthly revenue. An HSBC representative will be able to outline what documents you should bring when you book an appointment.

What industries does HSBC work with?

HSBC doesn’t have a list of industries that are able to borrow using its small business loans. You’ll typically need to speak with an HSBC representative to find out if your business will qualify to borrow money. There may be rules surrounding what type of companies can apply for financing.

What other types of financing does HSBC offer?

Alongside its term loans, HSBC offers a rotating line of credit as well as a business credit card.

HSBC lines of credit

You’ll be able to borrow up to $250,000 with an HSBC line of credit, and you’ll only pay interest on the amount you take out (not the amount you’re approved to borrow). This can be a good solution if you anticipate that you’re going to have ongoing cash-flow needs.

HSBC lines of credit require you to open a chequing account with HSBC to get started. You’ll also have to pay a fee of $20 every month you keep your account open, along with a set-up fee of 1% of your total loan amount.

HSBC BusinessVantage Mastercard credit card

If you want to borrow money sporadically without having to sign on to a loan contract, you might benefit from the HSBC BusinessVantage Mastercard. This card lets you earn cash back rewards whenever you spend money.

You’ll also benefit from special business budgeting software and customized spending limits for every user. This card also comes with basic insurance such as extended warranty and purchase protection. You can also pay more to get travel and medical insurance added on.

Pros and cons of HSBC small business loans

  • Flexible repayment options
  • Fixed and variable rates available
  • Unsecured loans up to $250,000
  • No online application
  • Set-up fees equal to 1% of the loan amount
  • Must have an HSBC chequing account
  • Larger amounts need to be secured by assets, such as your home or a cash deposit

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5.49% - 22.79%
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8.00% – 29.00%
$5,000 - $300,000
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To be eligible, you must have been in business for at least 6 months with a minimum annual gross revenue of $100,000.

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6.60% - 29.00%
$4,000 - $500,000
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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).

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Merchant Growth Business Loan
12.99% - 39.99%
$5,000 - $500,000
3 - 12 months
$10,000 /month
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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.

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Is HSBC legit?

HSBC is a well-known lender in Canada and it has many mechanisms in place to protect your personal and financial information. It uses advanced security systems and software to protect your account from unauthorized use.

You may also qualify for an added layer of protection with the HSBC Security Device, a small portable device that will give you a unique code whenever you want to log in to your account.

How do I apply?

If you want to apply for a loan with HSBC, you’ll need to make an appointment to speak with an HSBC representative at a physical branch. You’ll typically be required to submit documents to show how much annual and monthly revenue you make. You’ll also have to apply for an HSBC chequing account before you can access your loan.

What happens after I apply?

HSBC will review your application and make a decision. Since it doesn’t accept online applications, it may take multiple weeks for HSBC to fully process your information.

How do repayments work with HSBC small business loans?

Your repayment options should be outlined in your loan contract when you apply. You’ll typically be able to pick a term between 2 years and 10 years to make repayments. The best option for you will depend on how much extra money you have to put towards your bill payments every month.

Once you decide on a term, you’ll begin making your repayments using automated withdrawals from your bank account. You’ll also want to factor additional fees into your repayments to make sure you budget appropriately. These fees include set-up fees as well as the annual interest rate you’ll pay on the full amount of your loan.

Expert review

HSBC focuses on offering affordable financing to clients who operate small and medium-sized enterprises (SMEs) in Canada. It’s not possible to sign up for a loan using an online application, so you’ll need to visit a branch to get started.

There’s very little information about interest rates online, as these tend to vary based on your credit score and other personal factors. You should be able to borrow as much as $250,000 without collateral and you’ll have to open an HSBC chequing account to qualify for a loan.

Before you settle on a business loan with HSBC, you might want to compare other lenders to see if you can find a better deal.

Frequently asked questions about HSBC business loans

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