Alberta’s low tax rates make it one of the most favourable places for small businesses. Small businesses are crucial for the province and contribute 30% to Alberta’s economy. According to the Government of Canada, there are over 150,000 small businesses in Alberta and they employ one-third of all private sector employees in the province.

Small businesses typically struggle to gain easy access to financing to grow their business. The lack of timely financing can result in the failure of small businesses. Hence, in this article, we will look at Alberta’s top 10 small business loan options so that you can keep running your small business smoothly.

1. Traditional Financial Institutions

Banks are established financial institutions, making them one of the safest options for businesses looking for business loans. 

The advantage of applying for loans at a bank rather than an alternative platform is the possibility of getting a lower interest rate. Here are the top 5 small business loans that Canadian banks offer for businesses based in Alberta and other Canadian provinces:

ATB Financial – ATB provides financing for small businesses up to $1.15 million.

Scotiabank – Small businesses can get up to $1,000,000 in loan amounts.

TD – TD offers specialized banking solutions for small businesses. It also offers different options for short-term, and medium to long-term needs. For long-term needs, businesses have the option to go for business loans, business mortgages, business accelerator loan programs, and more.

RBC – Small businesses can borrow up to $1,000,000 and apply for the Canadian Small Business Financing Program (CSBFP).

BDC – The Business Development Bank of Canada offers small businesses up to $100k in loans.

2. Merchant Growth

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+ 

A number of small businesses in Alberta have benefited from Merchant Growth’s business loans. Where banks take a few months to process loans, Merchant Growth is a platform from which businesses can get access to quick cash. This is especially useful for business emergencies. 

However, Marchant Growth is not for small businesses that are just starting out (less than 6 months old) and have less than $10,000 in monthly revenues. Small businesses with a credit score below 600 also do not qualify. These criteria are stricter than those of other alternative loan platforms.

However, if your small business meets the company’s criteria, merchant growth is a great choice for easy financing. The majorly positive Google and Trustpilot highlight the company’s quality customer service, resulting in high customer satisfaction. To learn more about this lender, read the full review here.

3. Journey Capital

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 serves small and medium enterprises with a focus on providing flexible, customized loan packages. The profile creation takes a few minutes after which the platform’s algorithm matches the profile with applicable credit products. However, the business must be at least 6 months old, have a 600 credit score, and have at least $100k annual revenue.

One drawback is that once the loan seeker chooses a credit product from Journey Capital, they will conduct a hard pull credit to verify their creditworthiness which might adversely affect their credit score. However, businesses that have a strong credit score can enjoy lower interest rates on loans. Journey Capital is very similar to Merchant Growth. We encourage you to read the full comparison to understand which one would suit you more.

4. 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 is a platform similar to Journey Capital but with more stringent criteria for loans. Where Journey Capital requires $100,000 in annual revenues, Driven requires at least $120,000. 

Like Journey Capital, Driven is also an all-digital platform. From application to loan processing and approvals, all is done online. 

Driven.ca accepts early payments without imposing severe penalties. Driven’s payback period is commonly just 3-18 months (could be extended to 24 months, depending on the eligibility).

5. 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+

Loans Canada is a platform best suited for businesses with bad credit history. Not only does this platform connect business owners with the right lenders, but it also allows them to build credit through different options. 

Through Loans Canada, businesses can borrow as much as $500,000 and pay according to a flexible schedule. The reviews show that LoansCanada offers a seamless, hassle-free experience of lender matching. To learn more about this lender, read the full review here.

6. 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 Funding is a great platform for businesses that are looking for loans and other funding opportunities. The reason is that Swoop Funding has a range of financial support options for small businesses including:

• Equity
• Grants
• Equipment leasing
• Equipment Financing 
• Commercial mortgages
• SR&ED tax credits 

To learn more about Swoop Funding’s services, read our full comparative review here.

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 is a relatively new loan broker platform, as evidenced by its limited reviews on Trustpilot. However, the limited reviews state that the application process is hassle-free. Plus, there are a number of loan types available including small business loans, business emergency loans, and business equipment financing. 

Like other loan platforms, MicroCapital also requires applying businesses to have been incorporated for at least 6 months and reflect $120,000 in annual revenue.

8. Alberta Business Loans

Official Name: Alberta Business Loans Inc.

Website: https://albertabusinessloans.com/

Headquarters: Edmonton, Alberta, Canada

Email: info@albertabusinessloans.com 

Google Reviews: 4.7/5 stars (10+ reviews)

Alberta Business Loans is an Alberta-based commercial finance consulting firm. It connects business owners with banks, alternative lenders, and private lenders based on the business’s funding needs and current financial standing. 

ABL arranges business loans in a way that ensures them a competitive rate, favorable terms, and an optimized loan value. 

9. Alberta Women Entrepreneurs

Official Name: Alberta Women Entrepreneurs 

Website: https://www.awebusiness.com/

Headquarters: Edmonton, Alberta, Canada

Phone: 1-800-713-3558

Email: info@awebusiness.com

Alberta Women Entrepreneurs is a non-profit organization that helps female entrepreneurs based in Alberta get help in financing, education, and connections. 

Female entrepreneurs can get help from AWE by joining the AWE network. Once the business is a part of the network, it can connect with AWE to get access to grants or apply for loans.

10. Greenbox Capital

Official Name: Greenbox Capital 

Website: https://www.greenboxcapital.ca/alberta-business-loan/

Phone: 1 (855) 442-3423

Email: info@greenboxcapital.com

Google Reviews: 4.1/5 (140+ reviews)

Trustpilot: 4.7/5 (550+ reviews)

Greenbox Capital is a financial support company that helps Alberta-based businesses by offering them merchant cash advances, small business loans, collateral loans, business lines of credit, and invoice factoring.

To apply for a loan, businesses need to submit 3 months of bank statements and other supporting documents. Businesses can also use a loan calculator on the website by entering their credit score and years in business and seeing how much financing they can get. 

The best part about Greenbox Capital is that the turnaround is quick compared to traditional financial institutions. Plus, professional funding advisors help businesses select the best financing option for their circumstances, making the process smooth. 

Final Thoughts: Which One to Choose?

If you are a small business owner, you would understand the difficulty small businesses face while trying to get financing to grow their business. This list provides a list of financing options available to financing options based in Alberta. Each option has its own pros and cons, and you can make an informed decision now while keeping in mind the unique circumstances and requirements of your small business.

Contact Us to Grow Your Alberta Business

If you want your business in Calgary, Edmonton, Medicine Hat, Red Deer, Lethbridge or elsewhere in Alberta to grow and thrive, getting financing is only half the battle. The other half is actually growing your business through marketing strategies. At Little Dragon, we have experience with helping Calgary businesses increase revenue through SEO, Web Design, Google Ads and more. We also have solid experience providing digital marketing in Edmonton and other regions.