Saskatchewan has the second-highest number of small businesses per capita in Canada. The province has 122 small businesses per 1,000 residents. As of 2021, Saskatchewan had 143,413 small business establishments, making up 98.9% of all business enterprises in the province.

Saskatchewan-based businesses also enjoy low tax and utility rates. The infrastructure costs are also low which allows businesses to start and expand without many hurdles. 

So, if you’re a small business or an aspiring entrepreneur on the lookout for loans and funding opportunities in Saskatchewan, read on. This article lists the top ten options for attaining a business loan in Saskatchewan. 

Our top 10 picks for business loans in Saskatchewan have all the pros and cons listed for you to make a better financial decision for your business. 

1. Traditional Financial Institutions 

Traditional financial institutions are open to providing financing to small businesses. The banks are established lenders ensuring reliability and often provide loans at a lower cost compared to alternative lenders. If your business has a good operating history, you can get a business loan swiftly from the banks.

RBC –  RBC is a good option for small business owners. Small businesses can borrow up to $1,000,000 and apply for the Canadian Small Business Financing Program (CSBFP).

TD – TD offers a range of financing solutions for small businesses. The credit solutions cater to both the short and long-term needs of small businesses.

Scotiabank – Small businesses can get up to $1,000,000 in loan amounts. Solutions include asset-backed loans, equity loans, and collateral-free loans.

BDC – Businesses can get up to $100,000 in loan amounts from the Business Development Bank of Canada. BDC’s loan application process is free and the application can be submitted online.

National Bank of Canada – The NBC is best for businesses looking for long-term financing. The bank offers solutions like term loans and pre-authorized credit facilities.

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 options for small business loans in Saskatchewan. The company has numerous positive reviews on both Google and Trustpilot. Merchant Growth is the best pick for businesses that want their loan application to get processed quickly and avail access to financing.

However, the criteria to qualify for a loan through Merchant Growth is quite strict. Businesses less than 6 months old and with revenues less than $10,000 monthly do not qualify for financing. According to the Government of Saskatchewan, about 50% of Saskatchewan’s businesses had less than $100,000 in revenues in 2021. This means that 50% of businesses based in Saskatchewan need to look for alternate options for loans and investments since they would not be able to qualify for a loan from Merchant Growth. 

But if a business does qualify, Marchant Growth’s quick processing and exceptional customer service are a big positive. Through the platform, businesses can get up to $800,000 in loan amounts. To learn more about the company, 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 is quick and easy, and an algorithm matches the loan applicant with credit products. However, Journey Capital’s requirements are similar to those of merchant growth. While Merchant Growth requires at least $10,000 in monthly revenue, Journey Capital requires a little less. Businesses applying through Journey Capital should have been operating for at least 6 months and have $100,000 in annual revenues. 

Again, this eliminates around 50% of the businesses in Saskatchewan, but it is a great option for businesses doing well. Businesses should also have a 600-credit score minimum.

One drawback is that a hard credit check is done when the loan seeker selects one of the credit products. We did a full comparison of Merchant Growth and Journey Capital here.

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+

Loans Canada is a loan-search platform intended for businesses with bad credit ratings. The good part is that businesses of all sizes can apply for loans through LoansCanada. Businesses can also opt for LoansCanada to build credit and then apply for loans through formal institutions like banks. 

Through Loans Canada, businesses can borrow up to $500,000. Even though this amount is less than what Merchant Growth offers, LoansCanada is a great pick for businesses and sole proprietorships that are looking to expand. To learn more about this lender, read our full review here.

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 Funding is a top-rated business funding platform to search for loans. Business owners can apply for loans online since the process is all-digital. 

Through Swoop Funding, businesses can get grants, equity loans, equipment leasing, equipment financing, and commercial mortgages. Approvals take less than 60 days.

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)

Similar to Merchant Growth, Driven also requires businesses to have $120,000 in annual revenues to qualify for a loan. Businesses have to pay back the loan amount within 3-18 months. Only exceptional cases qualify for a 24-month loan payback period. 

Businesses that qualify can reap the advantage of early payments without penalties. However, some customers have raised concerns about the company’s customer service.

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 new loan broker. The loan eligibility criteria are similar to Driven.ca and Merchant Growth. Businesses applying for loans through MicroCapital should have at least $120,000 in annual revenues. 

However, businesses that qualify can enjoy a hassle-free experience and priority customer service. They can also apply for different types of loans. The loan options include business emergency loans, business equipment financing, and general small business loans.  

8. TCU Financial Group

Official Name: TCU Financial Group

Website: https://www.tcufinancialgroup.com/en/business/financing

Locations: Saskatoon and Regina

Phone Number: 1-877-828-4343

Email: tcu@tcu.sk.ca

TCU Financial Group is a Saskatchewan Credit Union that is aimed at helping local businesses. Whether it is to help manage day-to-day bills or purchase new equipment or assets, the credit union can help. However, a drawback is that the credit union does not have ready-to-pick solutions. Everything is tailored to businesses, so contacting the representative is the only way to apply for a loan. So, the loan won’t process quickly like other all-digital loan platforms. 

Although Google and Trustpilot reviews are not available, the reviews on Facebook show that TCU is known for its friendly and knowledgeable staff. 

9. AG-West Bio

Official Name: AG-West Bio

Website: https://www.agwest.sk.ca/

Headquarters: Saskatoon, Saskatchewan, Canada

Phone Number: 306-975-1939

Email: info@agwest.sk.ca

Google Reviews: 5/5 stars (Limited reviews)

Almost 27% of small businesses belong to the agriculture sector in Saskatchewan. AG-West Bio is a company that offers agricultural loans to early-stage companies.

It is aimed at businesses that want to commercialize new technology to boost their business, thus creating new jobs for the province. Through this fund, businesses can get up to $300,000 in debt, equity, or a combination of these. However, a drawback is that the selection is very competitive and very few businesses are selected each year. Plus, the process from application to approval is time-consuming and it might take several months to reach a final decision.

10. Affinity Credit Union

Official Name: Affinity Credit Union

Website: https://www.affinitycu.ca/

Headquarters: Saskatoon, Saskatchewan, Canada

Phone Number: +1-866-863-6237  

Email: questions@affinitycu.ca

Trustpilot: 2.1/5 stars (Limited reviews)

Affinity is a Credit Union that offers loans up to $50,000 for small businesses. This loan is for businesses that operate, or are about to operate, in Saskatchewan. Businesses that have sales of less than $1 million and employ less than 50 people can apply for the loan. However, loan approvals are subject to the board’s decision. According to Trustpilot’s limited reviews, many people don’t get approved for loans for unstated reasons.

Final Thoughts

When choosing a loan for your small business in Saskatchewan, it’s essential to consider factors like loan amount, terms, eligibility criteria, and your business’s current financial position. Traditional banks like RBC, TD, and Scotiabank offer reliability and lower rates, which can be advantageous for established businesses. On the other hand, newer online platforms like Merchant Growth, Journey Capital, and Swoop Funding provide quicker access to funds, though they often come with specific revenue requirements. Weighing these options carefully will help you find the right fit to support and grow your business.