Small Business Loans in Canada
Compare & Save With Insurdinary

Grow your business with Insurdinary. No matter what kind of business loan you need, we’ve got you covered.
Disclaimer: All loan services are subject to credit and underwriting approval.
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Why Apply Business Loans With Insurdinary?

Same-day Approvals

And next-day fundings! You can't get funds any faster, any where else.

Borrow as Much as $500,000

No collateral is required, and any credit is accepted. Applying is easy and secure.

Receive Your Quote in Minutes

Applying is free, so get your no obligation quote today and see how much you can qualify for.

Flexible Terms and Repayment Plan

We work with a series of lenders ready to provide your business with a customized solution.

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When is the Right Time to Apply for a Business Loan?

Considering the fact that you will be assuming a certain amount of debt when you take out a business loan, you want to make sure you are doing it for the right reasons. You’ll be responsible for making regular payments, and failure to do so can have a negative impact on your credit and financial profile.

That said, there are some sound reasons why you may want to take out a business loan, including the following:

You want to build business credit

As a business owner, building a strong credit score is important (learn more about business credit scores). Without it, it will be difficult to get approved for any loans in the future. By making timely payments on a business loan, you can effectively build up your credit.

You need to expand

If business is going great and you’re finding that your current situation is not enough to accommodate further growth, it might be time to expand your current space or move to a new one.

You need to hire new staff

Along with a growth in business often comes the need to add more staff to your roster. As with anything else in your business, this requires money, which you can get from a business loan.

You need new equipment

Whether you need to accommodate growth in business, are just starting out, or simply need to replace obsolete equipment that you already have, a business loan can help you finance such expensive purchases.

Your marketing campaign needs a boost

Whether you’re just opening your business’s doors for the first time or simply want to stay top-of-mind among your clients, a sound marketing campaign is essential. But again, this can be expensive, and without adequate funds, your advertising efforts could fizzle out. With funds from a business loan, you can fuel your marketing and see your business take off.

You’re in a slow season

As a business owner, you know that positive cash flow is necessary to stay afloat. But sometimes, it’s possible to find yourself in the red from time to time, especially during slower times of the year. With a business loan, you can gain access to funds to help cover your daily expenses until things start to pick up again.

How Does It Work?

At Insurdinary, we help you get connected with major loan providers in Canada to give you the best available out there and let you choose the right product for you.

Quote Request

Applying is easy, fast and secure. You can get approved and funded as early as today.
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Accept Quote

Get matched with a lender and accept your quote with terms and a plan that works for you.

Receive Funds

Funds are deposited into your account and repayments are made easy with automated debits.

What Lenders Offer
Business Financing?

Business financing is offered by many, as seen below.
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on your business insurance.

Banks / Credit Unions

Banks and credit unions are the most common way to get business financing. They tend to have stringent borrowing policies making it difficult for smaller businesses to get approved. They typically require a good credit score, a solid source of revenue, and healthy financial statements.

Peer to Peer Lenders

P2P or crowdlending is an alternative method of financing. It is an online marketplace that is controlled by a third-party lender. Investors look at your application and will either invest wholly or partially or not at all depending on how they like your application.

Online / Alternative Lenders

Another great way to finance your business is to look at alternative lenders. They are not as strict and base their requirements on other aspects of your business.

Business Loan Brokers

Depending on what you’re looking for, a business loan broker can help you compare rates and lenders to find the best fit for your needs.

Business Loans 101

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Business Loans

A regular business loan is a term loan that can be secured or unsecured and is only available to businesses or business owners.

Commercial Mortgages

A commercial mortgage is a loan that a business will take out to buy commercial property or to expand its existing property. The money borrowed will be secured against the property bought. Meaning, the property will be used as collateral if the borrower defaults on their payments.

A Business Line of Credit

A business line of credit is a revolving loan that comes in two forms: secured and unsecured. It works a lot like a credit card but with better features. Business lines of credit typically have lower interest rates and higher credit limits. Moreover, a business line of credit can be used for cash advances.

Equipment Financing

Equipment financing is a loan that is used to acquire the equipment you need to run your business. For the lender’s protection, they may require a lien on the equipment to use as collateral. Meaning, if you default on your payments the lender has the authority to seize your equipment to pay off the loan.

Commission Advances

A commission advance is a financial service where a real estate agent can sell a future commission in exchange for immediate cash. The service provider is paid a percentage of the commission.

Inventory Financing

Inventory financing is a secured loan that comes as a line of credit or a short-term loan and is designed to help businesses purchase inventory from their suppliers. All the inventory you buy using the loan will be held as collateral, so if you default on your payments the lender will have the right to seize your products to pay off the loan.

Merchant Cash Advances

A merchant cash advance is a sum of cash a lender will provide you in exchange for your business’s expected future sales.

Canadian Small Business Financing Program (CSBFP)

The Canadian Small Business Financing Program is developed by the government of Canada and is offered through banks. Its program is designed to help small businesses and start-ups gain the financing they need when they are unable to access it through traditional means.

Why Was My Business Loan Application Rejected?

Each rejection is dependent upon each applicant and their business’s financial circumstances. Below are a few reasons why your business loan may have been rejected.

Lack of Revenue

Poor revenue and cash flow shortages are signs that you may have trouble keeping up with your payments.

Low Credit Score

One of the most common reasons a lender may reject you is due to your credit score. A low credit score is usually a clear indicator to lenders that you’ve struggled to meet your debt obligations in the past.

Too Much Debt

Lenders will often look at how much debt you have to see if you can handle another monthly payment.

Not Enough Time in Business

The younger your business is the riskier you are to invest in. As such, many lenders will have “time in business” restrictions when approving applicants.

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Business Loans
Frequently Asked Questions (FAQ)

You’ve got questions, we’ve got answers. Learn all about finding and applying for personal loans online in our FAQ section below.

Can I get a business loan to start my business?

Lenders are more wary of giving startups a loan as statistics show most businesses fail in their first couple of years. Though it can be difficult to acquire, it is not impossible.

Can I get funding to purchase an existing business?

There are a number of different financing methods you can use to acquire an existing business.
  • Vendor take-back financing: Sometimes, the owner himself can provide you with the financing you need to buy his business.
  • Secured business loan: Often times when you want to purchase an existing business, there will be equipment that comes with it. If the equipment still has enough value, it can be used as collateral to secure a loan.
  • Bank loan: The most traditional way you can finance your purchase is by seeking a loan from the bank. Though it may be hard to get approved, it is an option.

When will I receive my funds?

The time you receive your funds depends on the lender and the type of loan you’re seeking. For example, a merchant cash advance or a commission advance can take as little as 24 hours, but an SBA loan can take as long as 90+ days.

Can I repay my business loan early?

Oftentimes, lenders will have prepayment penalties as it affects the interest they receive from you. Though you may save interest from paying the loan off early, it’s important to calculate if the penalty associated with it is worth the savings.

Can I get approved for another business loan?

Technically yes, but it depends on many factors. First of all, you have to make sure that your previous business loan terms allow you to take on additional financing. Second, what kind of loan are you looking for? Many people have a mortgage, credit cards, car loans etc, so it isn’t uncommon for businesses to have a diversity of loans as well. Taking on more debt typically becomes a problem if:
  • You’re struggling to pay off your current loan
  • You’re offering up collateral from another loan
  • Your other lender has terms that prevent you from doing so

How do I find online loans with low interest rates?

Insurdinary.ca recommends a variety of online lenders that offer low interest rates, including variable and fixed interest rate options.

What’s “low” may depend on your credit score, the amount of money you want, and what your repayment schedule will look like.

Can I qualify for a loan if I have bad credit?

In short, yes. Not all lenders require a credit check, but many do. Most banks require a soft credit check to determine pre-approval, then a hard credit check if you agree to sign up for the loan.

Some brokers don’t require a credit check at all and will set you up with lenders who will send you money within a day, no matter whether you have bad or good credit.
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