What Credit Score Do You Need for a Business Loan in Canada?
What Credit Score Do You Need for a Business Loan in Canada? Picture this: you’ve got a million-dollar business idea. You’ve polished your pitch, sharpened your spreadsheets, and even practiced your “I’m a serious entrepreneur” face in the mirror. But then the bank hits you with the dreaded question: “What’s your credit score?” Ouch. Suddenly, your dream depends on a three-digit number. So, what credit score do you actually need to get a business loan? The Magic Number In Canada, most lenders like to see a personal credit score of 650 or higher for business loans. Some traditional banks may even want 700+ before they trust you with their money. Why? Because to lenders, your credit score is like your financial Tinder profile. A higher score = more swipes right from the bank. Different Lenders, Different Standards Traditional Banks: Usually want 650–700+ . They’re picky but offer the best rates. Online Lenders: Often accept scores as low as 550–600 if your cash flow lo...