Small businesses make up a huge chunk of Manitoba’s economy. According to the Manitoba Bureau of Statistics, 97.9% of businesses in Manitoba are classified as small businesses.

Small businesses generally have a short operating history and a tight cash flow. As a result, they often have difficulty investing in their business and tend to focus more on day-to-day operations. This is probably one of the major reasons many small businesses shut down within the first five years of their operations. 

However, if entrepreneurs plan their finances wisely, they could scale their businesses to greater heights. One way to keep the business on its feet is to take out a business loan from a financial institution.

In this article, we list the top 10 small business loans for small businesses in Manitoba. All the options provide a good way for businesses in Manitoba to keep their businesses running and invest in their growth.

10 Best Small Business Loans in Manitoba

Below are our top 10 picks for the best small business loans in Manitoba.

1. Top Five Banks

Applying for small business loans through banks is the safest bet for businesses. These loans usually have lower interest rates compared to alternative lenders.

Getting loans from banks and paying the dues on time can also help build creditworthiness for the business, making it easier to get financial support the next time the need arises. 

Here are the top 5 small business loans by Canadian banks for businesses based in Manitoba and other provinces:

CIBC – Loan amount starts at $10,000 (available as lump sum). The loan term could be up to 15 years. Business owners can save on interest by paying back sooner than due without any prepayment charges.

TD – Loan amount starts at $1,000 (no max.). The loan term is one to five years. Businesses can pay 10% of the principal loan amount as prepayments annually without any penalties.

BMO – Loan amounts could be up to $1,000,000 with options for floating and fixed interest rates and flexible repayment options.

RBC – Loan amounts could be up to $1,000,000. The loans offer a blend of flexible and floating repayment options.

Scotiabank – Loan amounts could be up to $1,000,000. Scotiabank offers competitive fixed or floating interest rates.

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+

Merchant Growth is one of the top names for small business loans in Canada, proven by its ratings on Google reviews and Trustpilot. Through Merchant Growth, small businesses can get loans up to $800,000. There are three types of loans that Merchant Growth offers:

• Term Financing – $5,000 to $800,000 loan amount to be paid back over 6-24 months.
• eCommerce Financing – $5,000 to $800,000 loan amount with payment plans tailored to the business’s specific needs. 
• Line of Credit – $7,500 to $125,000 loan amount with a flexible payback period aligned to the business needs. 

While Merchant Growth is a great pick, businesses just starting out (less than 6 months old) and a monthly revenue of less than $10,000 do not qualify for the loan. These qualifications are more strict than those of other platforms.

But even though they have strict loan approval criteria, there are a lot of positive reviews for the company by customers. The Google and Trustpilot reviews reflect Merchant Growth’s quick and hassle-free loan attainment process. In the reviews, users also mention that Merchant Growth’s customer representatives answer all the questions patiently and guide the process for a seamless experience. To learn more about this lender, read this Merchant Growth review.

3. Swoop Funding

Official Name: Swoop Funding

Website: https://swoopfunding.com/

Phone Number: 647 946 3001

Email: canada@swoopfunding.com

Google Reviews: 4.9/5 stars (8 reviews)

Trustpilot: 5/5 stars (370+ reviews)

Reddit: Generally positive (see this thread)

Swoop Funding is a loan broker that matches loan seekers with the most relevant solutions across loans, equity investment, and grants. Business owners in Manitoba can also integrate their accounts with Swoop to get a bespoke savings and expenditure report and cut costs where necessary to qualify for funding. 

Its almost-perfect reviews on Google and Trustpilot show the level of service that Swoop offers for loan seekers and businesses seeking financing. 

Swoop Funding has another advantage. It offers different kinds of loans for businesses through its digital platform. This includes funding via:

• Loans
• Grants
• Equity
• Commercial Mortgages
• Equipment Financing 
• Equipment Leasing

All these options make it a platform worth considering for businesses in Manitoba seeking financing opportunities apart from traditional loans. 

4. 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 (formerly OnDeck Canada) provides a simple credit-finding platform. Within 10 minutes, loan seekers can create their profile and get the top three credit products to choose from. However, the business must be at least 6 months old, have a 600 credit score, and have at least $100k annual revenue. 

Journey Capital promises a 0% risk on credit scores as it does not do a hard initial credit check. However, it does conduct a hard pull once the business accepts one of the credit products which can be a dealbreaker for some businesses. 

However, an advantage for creditworthy businesses in Manitoba is that they can get lower rates. Another advantage is Journey Capital’s expert team of lending advisers that can guide any business through the process. Journey Capital is very similar to Merchant Growth, so we encourage you to compare their offers and get different quotes to ensure you are getting the best deal.

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 through which businesses can seek the best loan options. This platform is best for businesses with a bad credit score. Through this platform, businesses can borrow as much as $500,000 and enjoy a flexible repayment schedule.

LoansCanada’s reviews show that it delivers a seamless loan application process. Its advanced algorithm and a huge network of lenders allow it to match loan seekers with lenders quickly. 

6. 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 business loan broker based. The loans on the platform have varying interest rates, between 8% and 29%. The application process requires the loan seeker to enter all the business details. 

MicroCapital’s loan amount ranges from 5,000$ to $800,000, which can be approved in less than 24 hours.

The limited Trustpilot reviews show that MicroCapital.ca offers a hassle-free experience for customers.

7. 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 (formerly Thinking Capital) offers quick and flexible small business loans for businesses that have been incorporated for at least 6 months, have at least a 600 credit score, and report $120,000 in annual revenues. Businesses that qualify can get loans through an all-digital application process.

One advantage is that loans through Driven.ca can be paid back earlier without severe penalties. Businesses in Manitoba and other states can also get competitive short-term rates for business loans. Although loans need to be paid back between 3-18 months, the period could be increased to 24 months depending on the business’s eligibility. 

While Driven.ca has a good rating on Trustpilot, some reviews show the company lacks quality customer service. In some cases, loans were declined because of the owner’s personal credit score. So, this is a good pick for businesses that are doing well and not recommended for those with a bad credit score (even personal).

8. Cambrian Credit Union

Official Name: Cambrian Credit Union

Website: https://www.cambrian.mb.ca/business/loan

Headquarters: Winnipeg, Manitoba, Canada

Phone Number: 1-888-695-8900

Email: ccuinfo@cambrian.mb.ca

Trustpilot: 4.9/5 stars (620+ reviews)

BBB Rating: A+

Cambrian is a credit union that aims to give quick approvals (or rejections) to businesses seeking business loans. 

Cambrian business advisors in Manitoba are assigned to Manitoba-based businesses to provide the best-localized advice. However, unlike other platforms, the loan application process is not digital. The first step is meeting with a Cambrian Business Advisor in person or via video calling or phone. 

So, the experience might not be as seamless and quick as all-digital loan platforms. Still, it is a great pick for Manitoba-based businesses that are seeking advice from local professionals. 

9. Smarter.Loans

Official Name: Smarter Loans

Website: https://smarter.loans/business-loans/manitoba/

Phone Number: +1 866-774-9867

Email: info@smarter.loans

Google reviews: 4.5/5 stars (135+ reviews)

Smarter.Loans is a loan search company that matches loan seekers to a range of different types of loans. 

Businesses based in Manitoba can search for relevant leads from the Smarter.Loans platform.

The positive Google ratings show that Smarter.Loans offer great customer service. However, the loan application might not be as seamless as offered by other lenders. 

10. Community Futures Manitoba

Official Name: Community Futures Manitoba

Website: https://cfmanitoba.ca/loans-and-advice/loan-information

Phone Number: +1-888-303-2232

Email: info@cfmanitoba.ca

Community Futures Manitoba is a platform that offers loans for startups and expansions. They are more specifically targeted towards businesses that want to expand in rural communities. 

The loan solutions are tailored to the needs of the business, but the loan amount could be a maximum of $150,000. There are no repayment penalties. However, since the loan processing is not digital like LoansCanada or Driven, there is an application and administration fee. Businesses in Manitoba will also have to visit the office for detailed guidance on the loan application process and proceeding activities. 

Set Your Manitoba Business Up For Success

Remember, getting a favourable loan with good rates and terms is only half the battle. If you want your business to grow and thrive, whether you’re located in Winnipeg or elsewhere in Manitoba, consider investing in search engine optimization services, a proper website, business cards and other marketing materials that will help you get exposure for your business and generate revenue. Consider also getting a small business insurance policy to cover your business against liabilities and lawsuits. Contact us today to see how we can help your business in Winnipeg, Brandon or elsewhere in Manitoba spend their newly acquired loan in a way that will generate clients.