Finding startup business loans doesn\u2019t have to be challenging. In fact, there are a variety of funding options you can pursue to get the money you need to grow your new business. From government-backed startup loans to private loans, compare your startup business loan options below to find the best fit for your new business.<\/p>
You can apply for startup business loans through banks and credit unions. The Canada Small Business Financing Program (CSBFP) loan<\/a> is a business loan partially backed by the Canadian government. You can borrow up to $1 million for startup funding, and you can apply for it through a participating bank or credit union<\/a>. Most Canadian startups and small businesses with revenue of $10 million or less are eligible to apply. Farming businesses are not eligible.<\/p> You can use the CSBFP loan for many purposes, including buying a commercial vehicle, buying or improving equipment, buying land or buildings for business or taking out a lease. Fees associated with this loan include the registration fee, interest rate and lender fees.<\/p> Some examples of banks and credit unions in Canada that offer CSBFP loans include RBC, Scotiabank, BMO, TD, Meridian and ATB.<\/p> The CSBFP loan has strict eligibility requirements and an intensive application process. If you\u2019re looking for startup business loans in Canada with more flexible requirements and faster funding, you can apply to alternative lenders. Alternative lenders vary in their requirements, but generally, you need to be in business for at least 3 to 6 months and have at least $10,000 monthly revenue.<\/p>2. Business startup loans from alternative lenders<\/h3>
Startup business loans you can apply for<\/h4>