100 Small Business Loans in Ontario And How To Apply (2023)

Small business loans are loans usually granted by small business administrations to enable small businesses to have access to capital that they can use to invest in their businesses. The loan can be used for different purposes which can include using it as capital, for renovations, hiring more staff, adding technology, real estate purchases, and more. In order to get these loans, you need to meet certain qualifications which have to be met before you can be considered.

There are several small business loans in the province of Ontario which includes Live Oak Banking Company, Newtek Small Business Finance, Celtic Bank Corporation e.t.c. these institutions offer business loans up to $2 million which will only be given if you have met the requirements of the institution you applied to. To apply for small business loans in the province of Ontario, you can either go through the banks, online business loan providers, secured loan option, or crowdfunding.

100 Small Business Loans in Ontario

There are several mediums in which small business owners can obtain loans for their businesses. Loans from banks are the most common way small business owners can access loans and there are also other ways which include online lenders, secured loans, or crowdfunding. Most of these institutions can get small business owners up to $2 million in loans. Here is a list of 100 small business loans in Ontario;

1. Live Oak Banking Company
2. Newtek Small Business Finance
3. The Huntingon National Bank
4. Ontario Bank Corporation
5. Wells Fargo Bank, National Association
6. Enterprise Bank and Trust
7. Cadence Bank
8. KeyBank National Association
9. Midwest Savings Bank
10. Byline Bank
11. Bank of Hope
12. Bank of the Lake, Ontario
13. Ontario Bank
14. Harvest Small Business Finance
15. First Home Bank
16. ReadyCap Lending
17. Millennium Bank
18. Pinnacle Bank
19. FinWise Lenders
20. First Financial Bank
21. Berkshire Bank
22. Commonwealth Business
23. MUFG Union Bank
24. First Internet Bank of Ontario
25. Regions Bank
26. Bank of Western Ontario
27. Manufacturers and Traders Trust Company
28. JP Morgan Chase Bank
29. TD Bank, National Association
30. Comerica Bank
31. Umpqua Finances and Lending
32. Bank of Canada
33. Lending Club Bank
34. Citizens Bank
35. Hanmi Finances
36. Customers Bank
37. Truist Banking and Trust corporation
38. PNC Bank Canada
39. CIBC Bank
40. First IC Bank
41. Ottawa County Bank
42. Midwest Regional Bank
43. BancFirst
44. Craft Bank
45. Mission Valley Finances
46. NewBank
47. Bank of George
48. Bank of Toronto
49. Bank Five Nine
50. Plains State Bank
51. First Bank Canada
52. Home Trust Bank
53. Webster National Bank
54. Bank Vista
55. Wallis Bank
56. Fifth Third Bank
57. Zions Bank Ontario
58. Old National Bank
59. Home Loan Investment
60. United Community Bank
61. MVB Bank
62. Hanover Community
63. National Bank of Toronto
64. Five Star Bank
65. Nicolet National Bank
66. Patriot International Bank
67. Vinings Bank
68. Wilmington Saving Fund Society
69. Mountain Canada Lending
70. Canada Metro Bank
71. Level One Bank
72. Loom Bank
73. First Citizens Bank and Trust Company
74. Pacific City Bank
75. Incredible Bank
76. The Bancorp Institution
77. National Association of Citizens Bank
78. Genisys CU
79. Velocity Small Business Association
80. Synovus Bank
81. CalPrivate Bank
82. Banco Popular Investments
83. Growth Capital Bank
84. Frandsen Bank and Trust
85. T Bank, National Association
86. First Business Bank
87. Security Bank
88. South State National Bank
89. Heritage Bank
90. Canada Equity Bank
91. Woori Bank of Canada
92. Peoples Bank
93. National Association of Amerant Bank
94. NBT Bank, National Association
95. Canadian Bank
96. Hancock Whitney Bank
97. First State Bank of Ontario
98. Premier Bank
99. Innovation Canada
100. Black Entrepreneurship Program

How to Apply for Small Business Loans in Ontario

The province of Ontario in Canada offers an outstanding business climate for entrepreneurs and small firms looking to expand their operations. According to recent studies, Ontario is regarded as one of the best areas for headquarters and investors to engage in new initiatives, making it critical for business owners to obtain a small business loan in the province. There are different ways to apply for small business loans in Ontario which are;

• Banks: Banks are the most popular small business loaners in Ontario. Banks disburse loans to tailor the entrepreneurs’ operational needs. Each bank has its eligibility criteria they use to gauge a business before offering them loans. However, banks mostly only give loans to businesses that have been in existence for a long time or businesses that generate high revenue so it is not suitable for new businesses. The drawback of applying for loans in the bank is the strict approval criteria and long processing times
• Online Loan Provider: These institutions offer small businesses loan from a complete online form of application. They are usually more inclined to newer businesses unlike banks and the loans are usually unsecured which means it does not need collateral but with an agreed form of repayment signed in a document
• Crowd Funding: This typically involves having a strong business idea and being able to convince investors to put money in your business for a stake in your company. The investors are paid through company shares or equal monthly installments. It is a great way to start a new kind of business in an area.

Pros and Cons Of Business Loans In Ontario

Small business loans are usually geared towards smalls businesses that generate a high amount of revenue or small businesses that have been around for a long time. Businesses that have just been established within a year like a new restaurant might not pass the qualifications to attain the loan as the revenue generation might not be attractive to the lenders. Here are some of the pros and cons of attaining a small business loan.

Pros

• It is convenient to get as banking institutions and online money lenders can provide the loans
• Large amounts of capital can be assessed through these small business loans
• The interest rate for repayment of small business loans is low.
• The loans can be used for different purposes

Cons

• Collateral properties are important in getting small business loans and entrepreneurs usually have to make use of their personal assets as collateral
• Interest rates are relatively lower for small business loans it largely depends on the credit scores of the owners as only good credit scores enjoy the low-interest rates
• Banks usually prefer to lend o established businesses or businesses that generate high revenue

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