{"id":820900,"date":"2019-12-05T10:55:03","date_gmt":"2019-12-05T15:55:03","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=820900"},"modified":"2024-11-03T20:03:41","modified_gmt":"2024-11-04T01:03:41","slug":"100000-business-loans","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/business-loans\/100000-business-loans","title":{"rendered":"$100,000 business loans"},"content":{"rendered":"

Qualifying for a business loan of $100,000 is possible, but you\u2019ll need to meet the lender\u2019s eligibility criteria, which usually includes a minimum credit score, annual revenue and number of months or years in business.onde<\/p>

Where to get a $100,000 business loan in Canada<\/h3>

Many Canadian financial institutions such as banks, credit unions and online lenders offer $100,000 business loans. You may even qualify for a Canadian Small Business Financing Program (CSBFP) loan, which is primarily backed by the government and comes with favourable terms designed to support small- and medium-sized businesses.<\/p>

Canada Small Business Financing Program (CSBFP)<\/a><\/h4>You can apply for these loans through a chartered bank, credit union or a caisse populaire. They are at least 75% backed by the Government of Canada. Your business must make under $10 million in revenue annually to be eligible for this program. You can access up to $1,150,000 in funding, but you\u2019ll need to be a for-profit business, use the loan funds for specific approved purposes, earn less than $10 million in revenue annually and operate a business in Canada.

Online lenders<\/h4>

There are online lenders in Canada that can offer $100,000 business loans. Online lenders have more flexible requirements and easier application processes than banks, but they tend to have higher interest rates. The eligibility requirements for a $100,000 business loan can vary among lenders.<\/p>

Compare providers of $100,000 business loans<\/h4>

\"Journey<\/h4>

Journey Capital<\/a><\/h5>

Key features:<\/strong> Journey Capital offers fast, efficient financing. See your loan offers without hurting your credit score (Journey Capital will do a soft check). Apply in less than 10 minutes with your basic business information. Hear back within 1 business day, and choose your term, amount and payback schedule if approved.<\/p>

How to apply: <\/strong>Provide your basic business information in a quick application and then discuss offers with a team member. Journey Capital may ask for 3 months of bank statements further into the process.<\/p>

Minimum eligibility requirements: <\/strong><\/p>- 6 months in business
- Minimum $120,000 annual gross revenue
- 600+ credit score

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Merchant Growth<\/a><\/h5>

Key features:<\/strong> Merchant Growth is an online lender that provides $100,000 business loans based on your sales. You can get fast funding within 24 hours.<\/p>

How to apply: <\/strong>Provide your personal and business information. Connect your business bank account to speed up the approval.<\/p>

Minimum eligibility requirements: <\/strong><\/p>- Operating for at least 6 months
- Canadian based business
- 550+ credit score
- $10,000 in monthly sales

Go to site<\/a><\/p>

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Loans Canada<\/a><\/p>

Key features:<\/strong> Loans Canada is not a direct lender but a broker partnered with many lenders to help you find a business loan. You can fill out its application to find your lender matches for free.<\/p>

How to apply: <\/strong>Provide your basic personal and business information, then receive a phone call to talk about your offers.<\/p>

Minimum eligibility requirements: <\/strong><\/p>- Operating for at least 9 months
- Operating Canadian Business Bank Account
- Over $10,000 in monthly sales ($120,000\/year)

Go to site<\/a><\/p>

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SharpShooter Funding<\/a><\/h5>

Key features:<\/strong> SharpShooter provides fast, flexible funding to small and medium businesses that don't qualify for bank loans. Rather than fixating on traditional financial metrics, SharpShooter will look at your business's overall health and potential when reviewing your application.<\/p>

How to apply: <\/strong>Fill out a simple application, providing basic information about yourself and your business. Get pre-approval within minutes and then discuss offers with a team member.<\/p>

Minimum eligibility requirements:<\/strong><\/p>- Have a Canadian bank account
- Place of business located in a Canadian province\/territory
- In business for at least 100 days
- Show a minimum of $4,166 in monthly deposits ($49,992\/year)
- No minimum required credit score

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BDC small business loan<\/h4>

With a small business loan from the BDC, you can get up to $100,000 online to fund any business expense. There are no application fees, and no personal assets are used to secure the loan (but you will have to provide a personal guarantee). Repayment terms are 5 years, and you can postpone capital payments for 6 months. There are no penalties for paying off your loan early. Eligibility requirements include:<\/p>