Who Offers the Best Business Loans in Canada? Whether you're a budding entrepreneur embarking on a new venture, or a seasoned business owner with a family legacy, the need for financial support is inevitable. At some point in your business journey, you will likely find yourself in need of a loan to bridge the gap between profits and expenses, address unexpected payroll issues, or capitalize on a surge in customer demand.
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Are you a small business owner seeking financial support and empowerment? OnDeck, a lending platform that kicked off in 2007 with the explicit goal of assisting small businesses, might be the solution you've been looking for.
Funded over 100,000 companies
Operating across Canada, the United States, and Australia, OnDeck has already helped over 100,000 companies access funding totaling more than US$13 billion. In Canada since 2015, OnDeck has established a fruitful partnership with Evolocity Financial Group, enabling it to offer business loans throughout all provinces and territories across an impressive 700 different industries.
Stricter than average eligibility requirements
Before you get too far, though, you should know that OnDeck's eligibility requirements for their three types of business loans (traditional term, line of credit, and flex funds) are higher than most of the lenders on our list. You'll need to have been in business for at least 6 months, have an annual revenue of $100K+, have an open business bank account, and have a Beacon score of at least 600. OnDeck also confirms that their "typical customer" profile is even higher than that, with annual revenues of $500K to $1MM and a Beacon score in the 640-720 range.
Some industries excluded
There's also a list of industries within which OnDeck doesn't offer business loans: if you work within the realm of Adult Entertainment, Firearms Vendors, Lotteries/Gambling, Non-Profits, Religious/Civic Organizations, Rooming/Boarding Houses, or Money Services Businesses, you won't be eligible for funding here, no matter how long you've been in operation.
Easy application process
If you do meet OnDeck's criteria, just jump right in and click the "apply now" button. This is used for all of their business loan types, no matter which one you think might suit you best in the end (though you can pick one if you already have something in mind; that's on the third screen as you go through the online form). Once you've cleared the eligibility questions, the rest of the application contains the usual requests: name, industry, average monthly sales, and so on.
Can connect directly with your bank to verify financials
On the "Final Application Details" page, OnDeck will ask you to let them connect to your business bank account after you verify your primary payment processor (such as PayPal or WooCommerce). If that's not something you want to jump into right away, you can opt to upload 12 consecutive months of bank statements instead. Once that's done, you'll get a confirmation screen with an approval number and the reassurance that an OnDeck rep will follow up with you shortly.
Borrow up to $300,000
In the past, OnDeck offered preliminary loan quotes as a part of this process, using a calculator to run the numbers on various borrowing scenarios. Not anymore, apparently - but that's no different from most of their rivals in the business loan marketplace. Broadly speaking, however, you can borrow from $5,000 to $300,000 here, whether you choose a line of credit, flex funding, or a traditional term loan. You'll just have to wait for your OnDeck rep to reach out, to learn exactly what your business qualifies to receive.
Business owners give OnDeck lots of praise
Both domestically and abroad, OnDeck gets high marks. The Better Business Bureau continues to give the global headquarters an "A+" rating and accreditation, and the primary Trustpilot listing for the company displays an impressive 3,700+ five-star ratings. Even hopping over to the Trustpilot profile specific to OnDeck's services in Canada, there wasn't a single business owner rating below 4 stars. Headlines include encouraging phrases like "did an amazing job getting my company loan in under a month" and "awesome company to deal with". It's encouraging to see five-star ratings from repeat clients who have used OnDeck for both term loans and lines of credit over the years; they say that there are no surprises, the approval and funding process are quick and easy, and that communication throughout is clear and constant.
Great choice (if you qualify)
If you can meet OnDeck's minimum requirements, it emerges as a top choice for business loans in Canada. With quick funding, several loan types to choose from, and a reputation for excellent customer service, OnDeck positions itself as a reliable ally for small businesses seeking financial support.
Continued from above...
Whether you're a budding entrepreneur embarking on a new venture, or a seasoned business owner with a family legacy, the need for financial support is inevitable. At some point in your business journey, you will likely find yourself in need of a loan to bridge the gap between profits and expenses, address unexpected payroll issues, or capitalize on a surge in customer demand.
In recent years, applying for a business loan online has gained immense popularity for several reasons. One significant factor contributing to this trend is the accessibility and convenience offered by online lending platforms. Unlike traditional banks that often involve lengthy processes and extensive paperwork, online lenders streamline the application process, making it far simpler for business owners in need of funding.
Online platforms provide a user-friendly interface that allow business owners to easily navigate through the loan application process. This simplicity makes it easier for individuals who may find traditional financial applications complex or intimidating. With clear instructions and helpful online support, these platforms empower entrepreneurs to take control of their financial needs without being overwhelmed.
Another reason why online loans are so popular is the speed of the loan approval process. Traditional banks may take weeks or even months to approve a loan, causing delays in crucial business operations. Instead, online lenders leverage technology to expedite the evaluation process, providing swift responses to loan applications. This quick turnaround time is particularly beneficial for small businesses that may need timely financial support to address unexpected challenges.
The question then arises: where should you seek a business loan? While your first inclination may be to approach the financial institution where you already hold personal or business accounts, convenience doesn't always translate to being the best financial option. Local banks may lack the motivation to provide the most competitive rates, and smaller banks might not possess the resources for substantial loans.
Fortunately, Canadian business owners have a range of choices when it comes to securing a loan. While local banks remain a viable option, there are reputable online lenders that simplify the application process, offering the possibility of receiving funds within a business day or two. You'll want to compare offers from both local and web-based lenders to identify the loan that offers the most favorable rates and terms for your specific needs.
Determining which lender is the right fit for your business involves considering various factors:
To assist Canadian entrepreneurs in navigating these considerations, Top Consumer Reviews has diligently reviewed and ranked the best business loan providers. Our goal is to equip you with the information needed to secure the funding essential for your company's growth and success. Whether you're a startup or an established business, we hope our insights guide you toward the right financial partner. Here's to your business thriving and flourishing!
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