The 3 best small business loans providers in Alberta

Small businesses are a pillar of Alberta’s economy, making vital contributions to job creation, innovation, and community growth. Many entrepreneurs who register a business in Alberta often find themselves in need of additional funding, and here is where small business loans come into play. Securing funds is essential for the success of small businesses, so let’s explore three great small business loan providers in Alberta.

Things To Consider Before Taking a Small Business Loan

Securing a small business loan is often integral to launching or expanding your enterprise. However, before you commit to taking on debt, it’s wise to take into account some key factors in order to ensure that you’re making the optimal financial choice for your company.

It’s essential to clearly understand why you need a loan. Be crystal clear on what purpose it’ll serve, be it for purchasing equipment, covering daily expenses, or expanding your business. An in-depth understanding of this will aid you in selecting the most suitable type of loan for your requirements. Assess the cost of your loan carefully. Not only should you consider the interest rate, but also factor in the APR (Annual Percentage Rate) that takes into account both interest and fees.

The Best Small Business Loans in Alberta

Let’s move to the three best small business loan providers in Alberta without any further interruptions. In addition to the lenders on our list, make sure to check Alberta Small Business Resources for more funding options and useful business resources.

1. Journey Capital

Journey Capital is the go-to source for small business loans in Alberta, offering fast and convenient financing. Their application process takes no more than 10 minutes, and you will receive an approval decision in as little as one day. This platform strives to assist small businesses with several funding options. Regular, automatic repayments are typically made on a daily or weekly basis.

2. SharpShooter Funding

SharpShooter Funding is a renowned Canadian company that has been at the forefront of small business loans in Alberta and across Canada for many years. Their application process is lightning-fast, allowing entrepreneurs to apply within minutes. Yet despite this speed, their approval rate remains high — 80%. They offer financing solutions specifically tailored to help qualified individuals establish start-ups or improve existing businesses.

3. BDC

The Business Development Bank of Canada (BDC) is a government-owned financial institution that helps qualified entrepreneurs in Alberta and other provinces access the capital needed to bring their business ideas to life. From providing small loans for startup costs, equipment purchases, and software investments to helping you upgrade your website or selling online — BDC’s financing solutions provide loans for various purposes. You can also use funds for marketing campaigns, bringing on consultants, and covering day-to-day expenses.

This article is the shortened version of an article originally published on Hardbacon.ca by Yuri Sychov under the title "The 7 best small business loans providers in Alberta".