Who Qualifies for a Business Loan in Canada? Eligibility Requirements Explained
Who Qualifies for a Business Loan in Canada? Eligibility Requirements Explained Starting a business is exciting, but when it comes to funding, the question most entrepreneurs ask is: “Am I even eligible for a business loan?” Let’s break it down in a way that’s clear, practical, and maybe even a little funny. The Short Answer: To be eligible for a business loan in Canada, you usually need: A registered business in Canada Decent personal and/or business credit Proof of revenue or a solid business plan The ability to repay without selling your grandma’s antique china set 1. Credit Score Requirements Most lenders want to see a credit score of 650 or higher . Some online lenders will accept lower, but brace yourself—higher risk = higher interest rates. Pro Tip: Pay your bills on time. Lenders love that. 2. Business Age & Revenue Banks & Credit Unions: Prefer businesses running for at least 2 years with steady income. Online Lenders: More flexible, sometime...