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Why Use Loans Geeks
Get better rates, faster

Find the best loan for you,
in just a few minutes
A Smarter Loan in 3 Quick Steps
Select the Loan you Need
Depending on the type of loan that you need, we will match you with the most fitting loan lenders. You will get to choose from up to five of the most competitive loan options available.
Submit a Loan Request
Fill out the loan request form. It will take you only 2 minutes and all of your personal and business information is secure.
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Once you select the loan option you’d like to go with, the lender will contact you to give you the money.
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Small Business Loans in Canada

Qualifying for a small business loan in Canada is not particularly easy. Most traditional financial institutions stick to very conservative standards, and will offer a loan only to good-standing businesses with stellar records.

Loans Geeks offer an online access to a great number of non-traditional, online loan lenders in Canada, allowing exclusion of the human bias and letting your business numbers speak for themselves.

Even if you are at disadvantage of just having started your small business, needing funds for your startup or a short-term loan to overcome an obstacle or take advantage of an opportunity, with Loans Geeks we can match you with a loan lender in Canada that meets your needs.

Our mission is to provide Canadian small businesses, like yours, with an easier access to funds and to a streamlined, convenient and safe online loan process.

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Types of small business loans in Canada

While each small business has its specific challenges and objectives for which they need a loan, not all loan lenders in Canada will allow spending the capital for just any purpose. It is wise to check with the lender if they have any specific exclusions in this regard. Loans Geeks will match you with Canadian loan lenders who will typically allow you to use your loan for a wide range of purposes – from buying technology, equipment, inventory, to expanding or marketing expenses.

Short-Term Small Business Loan in Canada?

Regardless of its stage, each business should make sure that it has sufficient working capital and that its cash-flow is positive. Purpose of short-term small business loans is usually to smooth out the cash flow, to deal with some unexpected surprises, or to take advantage of some new opportunity. So instead of taking valuable capital from your business, you can get a short-term small business loan in Canada to cover these costs.

Should You Really Opt for a Short Term Small Business Loan in Canada

If your business is in a growing phase, if you need to prepare for a peek season by making a purchase, or if your cash flow is fluctuating, short term small-business loan in Canada might be a great option for you. Also, if you want to make an investment in your business that will payoff under 2 years, allowing you to pay the short-term small-business loan back, it might be an excellent choice.

These are some typical scenarios where short-term small-business loans in Canada can help the business owners:

  • To cover operation-related expenses that are temporary. Short-term small-business loan might help in a scenario when you need to hire additional employees during the peak season or to complete some project.
  • To bridge a cash-flow. If you anticipate funds coming soon but you don’t have sufficient working capital at this moment, short-term small-business loan might be a good option. It will allow you to focus on your business operations instead to worry about your finances.
  • To deal with surprises. Most small-business owners experience some unexpected surprises every now and again. Those vary from having to replace a broken piece of equipment to seizing an opportunity to get a discount on bulk-orders. Short-term small business loans can help with this.

How to Apply for a Short-Term Small-Business Loan in Canada?

Many small-business owners first try to get a line of credit from a bank to meet their funding needs. However, due to strict and conservative criteria of traditional financial institutions, they go through a lot of hassle and a lengthy process, only to find out their application was rejected, often missing on the opportunity for which they needed a small business loan in Canada in the first place.

A business line of credit is a great option for those who have access to it. However, for many others, Loans Geeks will present a great opportunity to get matched against a great number of reputable loan lenders in Canada, who offer small business loans at competitive rates, in an easy, fast and hassle-free way.

Inventory Small-Business Loan in Canada

If your small-business is a retailer or product-focused, you might need an inventory small business loan.  With this type of small business loan in Canada, you will be able to obtain the needed inventory to prepare for a busy season ahead. It is always easier to opt for this kind of small-business loan when you know you’ll be able to pay it off in a very short time, after you sell the products. The shorter the term for your small-business loan repayment, the less interest you will need to pay on the loan.

This type of small-business loans in Canada are a good option for businesses that have storages or warehouses and need to keep big amounts of inventory in stock. Many medium to large wholesale retailers might have just enough inventory for the next few months, but not enough working capital to replenish their stock beyond that.

How Can I get an Inventory small-business Loan in Canada?

Traditional loan landers in Canada, such as banks, are typically reluctant to approve loan requests to any small business apart from well-established ones with good sales. Even if your business belongs to this category but has limited working capital, banks will probably not approve your application.

With Loans Geeks however, your small business has a good chance to get matched against non-traditional, yet reputable loan lenders in Canada that can provide you with the right-fit funding that you need.

Retail Small Business Loans in Canada

Many retailers opt for Loans Geeks to secure small business loans in Canada, freely using the funding to make their business grow. The small business loans for retailers in Canada are especially convenient if they need:

  • To hire new employees
  • To invest in new equipment or technology
  • To upgrade fixtures or furnishing
  • To purchase more inventory
  • To launch a marketing campaign
  • To expand (open a new store)

Equipment Small Business Loans in Canada

Equipment small business loan can be a good solution for those small businesses who would like to have the benefits of owning the equipment, while not yet having enough capital to make this purchase. Some of these benefits include:

  • Preserving working capital, spreading the cost of the purchase over extended periods, while retaining the ownership over the purchased goods.
  • Getting flexible terms. Some small business loan lenders in Canada, available via Loans Geeks, offer customizable and highly flexible terms for equipment–based small business loans.
  • Getting a small business loan in Canada for the equipment via Loans Geeks is fast and simple. Filling in the application form only takes a few minutes, while waiting for a response is never longer than 2-3 business days.

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There is a certain number of requirements that your small business needs to meet in order to qualify for a loan via Loans Geeks.

  • Your small business needs to operate in Canada
  • Your small business needs to operate for at least 12 months
  • Your annual revenue needs to be at least $100,000

In most cases you will not need to provide a business plan. Most loan lenders available via Loans Geeks offer loans against the bank statements. However, if you are requesting a larger sum of money, you might need to provide a business plan as well.

The evaluation process takes 2-3 business days. If your loan application has been approved, it usually takes 1-2 additional business days to receive the funds to your bank account.

Typically, loan lenders offer repayment terms that range from a few months to a few years.

When you apply for a small business loan via Loans Geeks, and if your small business qualifies, you will get up to five offers with the most competitive rates available.

Methods of repayment depend on the lender and if they are not openly stated, ask about it before closing the deal. Usual repayment methods are from the company’s bank account or by credit card. Also make sure that you can prepay the loan at any time.

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