647-348-4995
- April 1, 2026
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Mohammed Saqib
Securing financing is still one of the biggest challenges for small businesses in Ontario. Whether you need working capital to smooth out cash flow or a larger loan to fund growth, the right lender can make a major difference in both your approval odds and your total borrowing cost.
Need to compare business loan options quickly?
If your bank says no, or you want to compare non-bank options online, Merchant Growth can be a practical place to start. Just remember that alternative lenders often cost more than traditional banks, so it pays to compare carefully.
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Before getting into the list, here’s the main thing I want to make clear: if your business has good credit, decent financials, and a realistic chance of qualifying with a bank, traditional financial institutions are usually still the best choice. In many cases, they offer lower rates and a lower total cost of borrowing than alternative lenders.
| Lender | Key Highlights |
|---|---|
| Traditional Financial Institutions (Best first stop if your credit is good) | Includes RBC, TD, CIBC, BMO, and Scotiabank. Usually the best option for businesses with strong credit and a solid operating history. Often offers term loans, credit lines, and asset-based financing at lower rates than non-bank lenders. |
| Merchant Growth (Check if you qualify) (🏆 Best non-bank pick in 2026) | Fast access to funding and flexible repayment options. Better for businesses that need speed or have trouble qualifying with banks, but likely more expensive than bank financing. |
| Journey Capital (Check if you qualify) | Fast approvals and multiple products for SMEs. Worth comparing, but a hard credit check can apply once you proceed with an offer. |
| LoansCanada.ca | Useful for comparing multiple lenders in one place. Good for borrowers who want options, though pricing can vary widely. |
| Swoop Funding | Credit broker that connects businesses with loans, grants, and other financing options. Helpful for comparison shopping. |
| Driven.ca | Fast cash access, but borrowing costs can be higher because these are often shorter-term financing products. |
| MicroCapital.ca | More relevant for businesses that have limited access to traditional lending but still meet minimum revenue requirements. |
| Futurpreneur | Strong option for younger entrepreneurs aged 18 to 39 who want startup financing plus mentorship. |
| Greenbox Capital | Fast and flexible, but short repayment schedules can make this a more expensive option for some borrowers. |
| The Business Development Bank of Canada (BDC) | Government-backed lender with competitive financing programs and strong support for Canadian businesses. |
Small businesses often struggle to gain timely access to financing, and that can slow down hiring, expansion, inventory purchases, marketing, or other growth initiatives. That’s why it makes sense to understand the main options available in Ontario before you apply.
1. Traditional Financial Institutions
Traditional financial institutions should generally be your first stop. Canadian banks are established lenders, and in many cases they can provide loans at a lower cost than alternative lenders. If your business has a good operating history, stable revenue, and a solid credit profile, a bank will usually be the best place to start.
Royal Bank of Canada (RBC) provides diverse loan terms along with asset-based financing and business lines of credit, making it a versatile choice for businesses at different stages.
Toronto-Dominion Bank (TD) supports businesses of all sizes with tailored solutions, including operating credit, term loans, and lines of credit.
Canadian Imperial Bank of Commerce (CIBC) offers term loans, asset-based loans, and small business lending options with a strong footprint across Ontario.
Bank of Montreal (BMO) provides both floating and fixed-rate solutions, along with credit products that can help businesses with cross-border or seasonal needs.
Scotiabank offers a variety of financing solutions, including term loans and specialized credit lines, for businesses that need more flexibility.
Bottom line: if your credit is good, your revenue is stable, and your business has enough operating history, banks remain the best choice most of the time.
2. Merchant Growth (Check Rates Online)
Official Name: Merchant Growth
Website: https://www.merchantgrowth.com/
Phone Number: +1 866-240-3694
Email: clients@merchantgrowth.com
Google Reviews: 4.1/5 stars (100+ reviews)
Trustpilot: 4.8/5 stars (450+ reviews)
BBB Rating: A+
Merchant Growth is my top non-bank pick in this article for businesses that need fast access to capital and more flexibility than most banks will offer. The company focuses on small business loans and merchant cash advances, and it still publicly points to minimum requirements like being based in Canada, operating for at least 6 months, and generating roughly $10,000 in monthly revenue.
They offer both fixed and flex-style financing products. The flexible structure can be helpful for businesses with uneven revenue, but that convenience usually comes at a price. Merchant Growth is useful, but it is not the cheapest option if you can qualify elsewhere.
That’s why I like it most for borrowers who need speed, have already been turned down by a bank, or want to see whether a non-bank lender can work with their business profile.
Want to see if Merchant Growth is a fit?
Merchant Growth can be worth a look if you need funding quickly or if your bank application did not work out. Just go in knowing that speed and flexibility often mean higher rates than traditional bank loans.
3. Journey Capital (Check Rates Online)
Official Name: Journey Capital
Website: https://www.journeycapital.ca/
Phone Number: +1 877-781-0148
Google Reviews: 4.7/5 stars (130+ reviews)
Trustpilot: 4.9/5 stars (93 reviews)
Journey Capital is known for its quick online process and its focus on providing working capital to SMEs. It remains a solid alternative to compare against Merchant Growth if your business needs short-term financing, a line of credit, or quick cash access.
One drawback is that a hard credit check may be required once you move forward with a credit product. We also did a comparison of Merchant Growth and Journey Capital here if you want a side-by-side look.
4. LoansCanada.ca
Official Name: LoansCanada
Website: https://loanscanada.ca/
Phone Number: 1 (877) 995-6269
Email: info@loanscanada.ca
Google Reviews: 3.9/5 stars (90+ reviews)
BBB Rating: A+
LoansCanada.ca is a lending marketplace that connects business owners with multiple lenders, which can be useful if you want to compare offers rather than rely on a single lender. That wide choice can be helpful, especially if your credit or revenue profile is not ideal.
Still, a broad marketplace also means the quality and pricing of offers can vary significantly, so it is worth reading the details carefully before accepting anything.
5. Swoop Funding
Official Name: Swoop Funding
Website: https://swoopfunding.com/ca/
Phone Number: 647 946 3001
Email: canada@swoopfunding.com
Google Reviews: 4.9/5 stars (8 reviews)
Trustpilot: 5/5 stars (370+ reviews)
Swoop is not a direct lender. It acts as a credit broker that helps businesses compare loans, grants, and other financing products. That can make it useful if you want a broader view of what might be available without applying all over the place yourself.
Like any marketplace-style platform, though, the offers can vary quite a bit, so comparison is helpful but still requires careful reading on your part.
6. Driven.ca
Official Name: Driven
Website: https://www.driven.ca/
Phone Number: 1-866-889-9412
Email: customerservice@driven.ca
Trustpilot: 4.6/5 stars (860+ reviews)
Driven.ca is known for speed and flexibility, which is why it can appeal to businesses with urgent cash flow needs. The tradeoff is that rates can be higher than longer-term or more traditional financing products.
7. MicroCapital.ca
Official Name: MicroCapital
Website: https://www.microcapital.ca/
Phone Number: +1 866-240-3694
Email: bonjour@microcapital.ca
Trustpilot: 4/5 stars (Limited reviews)
MicroCapital.ca focuses on businesses that may not have easy access to traditional lending, but it is not necessarily for brand-new businesses with no traction. It can be worth considering if your company is already generating meaningful revenue and you want another non-bank option to compare.
8. Futurpreneur
Official Name: Futurpreneur
Website: https://futurpreneur.ca/
Phone Number: +1 800 464 2923
Email: info@futurpreneur.ca
Google Reviews: 4.1/5 stars (100+ reviews)
Futurpreneur remains one of the best specialized options for younger entrepreneurs. It focuses on people aged 18 to 39 and combines startup financing with mentorship, which makes it quite different from most lenders on this list.
If you fit the age criteria and are still in the launch stage, this is one of the first places I would look.
9. Greenbox Capital
Official Name: Greenbox Capital
Website: https://www.greenboxcapital.ca/
Phone Number: +1 855-442-3423
Email: info@greenboxcapital.com
Google Reviews: 5/5 stars (Limited reviews)
Trustpilot: 4.7/5 stars (500+ reviews)
Greenbox Capital focuses on short-term loans and merchant cash advances. These products can be helpful if your business has uneven cash flow and needs fast capital, but they should be approached carefully because daily or weekly repayment structures can put pressure on cash flow.
10. The BDC
Official Name: The Business Development Bank of Canada
Website: https://www.bdc.ca/en
Phone Number: +1-877-232-2269
Email: info@bdc.ca
BDC is one of the most important financing resources available to Canadian businesses. It offers a broad range of loans, including working capital, equipment financing, and growth-oriented funding. For many small businesses, it can be a much better option than a private alternative lender if you are eligible.
In other words, if you do not want to rely on the Big Five banks but still want a more established and transparent option, BDC deserves serious consideration.
Set Your Ontario Business Up For Success
Remember, getting a favorable loan with decent rates and terms is only half the battle. If you want your business to grow and thrive, whether you’re located in Toronto, Ottawa, or elsewhere in Ontario, it’s worth thinking about how you’ll use that capital to generate a return. Consider investing in search engine optimization services, a proper website, business cards, and other marketing assets that can help you attract more customers. It may also make sense to protect your business with a small business insurance policy. You can also check out our Alberta and Saskatchewan business loans articles if you are exploring financing options in those provinces.
Need a non-bank loan option in Ontario?
Merchant Growth can be worth checking if your business needs speed or flexibility and a traditional bank is not the right fit. Just make sure you compare the total cost carefully, because bank financing is often cheaper when you can qualify for it.
Saqib is a Canadian business writer that holds a Master’s degree from Wilfrid Laurier University in Ottawa. He brings a strong foundation in business, accounting and finance to his work. He began his career three years ago as an investment analyst at a well-known financial firm, focusing on analyzing publicly-listed companies. Saqib employs fundamental analysis as a core part of his approach and has been featured in publications like Seeking Alpha, InvestorPlace, and Yahoo! Finance.
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