The Best Canadian Business Loans

Tuesday, January 14th

2025 Canadian Business Loan Reviews

Driven

Formerly Thinking Capital, Driven has become a Canadian fintech leader, assisting 17,000+ businesses since 2006, with a $1 billion loan portfolio. The eligibility process requires a 600+ credit score, six months in business, and $120,000+ annual revenue. Quick approval and funding are just part of what businesses love about Driven, along with the flexible options of daily, weekly, or bi-weekly repayments on loans ranging from $500 to $300,000. Driven's glowing client reviews, exceptional client support, and strong industry partnerships have helped this lender maintain its top-tier position among Canadian business loan providers.

SharpShooter Funding

SharpShooter Funding deserves to be a go-to for tailored and transparent financing solutions for small- and medium-sized Canadian businesses. With a variety of loan types and purposes, from short- to long-term funding, lines of credit, and more, this lender provides options for every business need. You can access up to $250,000 with interest rates between 5.49% and 22.79%, and terms ranging from 1-5 years. They approve over 75% of applications and boast an impressive "A+” rating from the BBB, with funding available in as little as 24 hours. SharpShooter Funding stands as a reliable and supportive force for the growth of small and medium-sized Canadian businesses, earning a high rating.

Merchant Growth

Merchant Growth is your financial ally on a mission to make your business loan journey stress-free. Having lent over $500 million to 8,000+ Canadian businesses since 2012, they offer both term and line of credit loans, allowing you to borrow up to $800,000 - potentially within just 24 hours. With minimum requirements of 6+ months in business and $10,000 in monthly revenue, and daily or weekly repayments available on fixed financing products, they provide flexibility tailored to your cash flow. With a stellar 97% client satisfaction rate, an "A+" rating from the BBB, and a team that genuinely cares about your business, Merchant Growth stands out as a reliable and trustworthy option for business loans in Canada.

OnDeck

OnDeck, a lending platform established in 2007, has helped over 100,000 businesses across Canada, the US, and Australia, providing more than US$13 billion in funding. In Canada since 2015, OnDeck offers loans from $5,000 to $300,000, but eligibility requirements are higher than most lenders, requiring 6+ months in business, a Beacon Score of 600+, and an annual revenue of $100,000+. But, if you meet the criteria, OnDeck is a great choice for quick funding and excellent customer service in Canada.

Swoop

Based in the UK with offices in Toronto, Swoop is a global financing referral service, offering a trustworthy and friendly approach to business loans in Canada. Their smart matching technology, combined with human expertise, simplifies the loan application process, empowering Canadian businesses to focus on growth while receiving hands-on help from efficient customer reps. They provide clear details on potential lenders and guide you through the funding process step by step. With a whopping 95% of users giving it a five-star rating, Swoop is a fantastic starting point for comparison shopping among business loan providers in Canada.

iCapital

iCapital, a Canadian digital lender since 2007, offers business loans up to $250,000 with a 98% approval rate. Backed by DC Bank, it provides various lending products, including term loans, merchant cash advances, and possibly lines of credit. However, there are discrepancies in information on the iCapital website, especially with respect to repayment details. And, despite a decade in operation, iCapital has a "Not Rated" status with the BBB and limited customer feedback. While credible enough to earn a respectable rating from us, iCapital has a ways to go before earning a higher ranking among business loan options in Canada.

Loans Canada

Loans Canada serves as a referral platform, connecting you with a variety of lenders for your business loan needs. The company holds an "A+” rating and accreditation from the BBB, making it a reliable option to quickly identify financial institutions that can offer funding based on your business profile. However, you'll still need to engage with your selected lender directly. You should also expect to get offers for a variety of products that may not be relevant to your company's needs. Loans Canada is a decent resource, but it's not our preferred way to get a business loan.

Loan Connect

Loan Connect is an excellent resource with a broad network of lending partners - but none that are specific to Canadian business owners looking for a loan. All of the funding here is structured as a personal loan, which is a huge limitation in terms of how much you can borrow and what you'll pay in interest. Loan Connect has a strong reputation as a reliable way to get personal loans, but it has nothing to offer for businesses. This should be a last resort for the funding you need for your company, because it's just not set up as a business-focused service.