Business owners looking to start their own operations or expand their business have various funding options available to them to help support their growth and achieve long-term success. Should your business be in need of financing solutions, consider applying to small business grants in Alberta, or opt for a business loan provided by government programs or third-party organizations. 

There are multiple types of Canadian business loans that business owners and entrepreneurs can secure to help them with their operations. Find out more about small business loans in Alberta, including Calgary business loans, Edmonton business loans, or loans supporting minority businesses. Wherever you live in Alberta, his guide can help you find loan options that will work for your business. 

Brush up on your knowledge on how to qualify for a small business loan before applying to the loans listed below. 

Expansion and Start Up Business Loans Alberta

Business Equipment Financing

What loan is it?

Summit Lending offers loans for business equipment financing. Alberta-based businesses in industries that can apply for Summit Lending’s equipment loan include transport, construction, agricultural, medical, automotive, restaurant, handling, industrial, printing, and oil and gas. 

The loan amount and repayment terms

The total loan amount provided to eligible applicants will depend on the industry the business fits in and what equipment they are looking to secure using the loan. 

Eligibility

To quality for this equipment financing loan, business owners and Alberta entrepreneurs will need to provide supporting documentation when applying, including: 

• Completed application form
• Personal financial statement form (if the loan is over $100,000)
• Copy of Government-issued ID
• A quote or bill of sale for equipment being financed

How to apply

To learn more about these support service programs and start the application process, you will need to contact Summit Lending by telephone, (587) 905-8068, or by email at info@summitlending.ca. 

Alberta Business Loans Financing

What loan is it?

ABL, Alberta Business Loans, offers businesses financing options, including, private lenders, term loans, revolving credit, and lease financing. This company works with small businesses to help them secure funding through their programs or with their network of private lenders. 

The loan amount and repayment terms

Loan sums and repayment terms will differ from business to business. As ABL works with the business owner or entrepreneur to secure funding that works for them, terms will differ case by case. 

Eligibility and how to apply

Book a consultation with one of ABL’s financing experts to learn more about ABL’s financial assistance options and advisory services. 

Community Futures Alberta Business Loans

What loan is it?

The Community Futures Alberta Business Loans are a financing opportunity provided by the Community Futures Network of Alberta. Loans can be used to start a new business, buy an existing business, expand into new markets, open a franchise, invest in technology, or upgrade business facilities. 

The loan amount and repayment terms

Community Futures offers affordable small business loan options of up to $150,000 for small to medium sized enterprises and Alberta entrepreneurs. The company provides flexible loan options with simple interest rates. 

Eligibility and how to apply

With 27 locations across rural Alberta, small businesses can find their local offices to book an appointment with one of their advisors. The advisor will help you choose a loan option that works for your business needs.

Minority Entrepreneur and Business Loans Alberta

Alberta Women Entrepreneurs Loan

What loan is it?

The Alberta Women Entrepreneurs (AWE) Growth Loan offers loans to women-owned businesses located in Alberta looking to start or grow their business. Securing repayable funding from AWE also provides companies with access to personalized advice and resources from the AWE team, as well as discounts on select AWE events. 

The loan amount and repayment terms

Women-owned small businesses can secure up to $150,000 in repayable loans from AWE. Interest rates on loans range from Prime +2% to Prime +4%, with repayment options and terms of five years. In addition, AWE ensures no penalty on early repayment and possesses a loan administration fee of 1% of the loan amount, to a maximum of $500. 

Should your business need more than a $150,000 loan, then , AWE will partner with outside lenders to meet your small business loan needs. 

Eligibility

Applicants must meet the following eligibility criteria: 

• Be a 50.1% women-owned business registered and operating in Alberta
• Reside in Alberta
• Hold a credit score of 650 or higher
• Have contributed or will contribute a minimum of 25% owner’s equity on total project costs
• Contribute 30% security on the loan (amount will differ depending on the loan’s size, risk, and purpose)

How to apply

Applicants that meet these criteria can apply for the AWE Growth Loan. The application process consists of three steps- the pre-application, application, and loan committee review. Once you submit the pre-application, it can take up to five business days to hear back from AWE to determine if you have made it to the application stage. 

Create an account using the AWE online portal to get the princess started. 

Alberta Metis, Non-Status Indigenous and Inuit Loans

What loan is it?

The Alberta Metis, non-status Indigenous and Inuit loan, offered by Apeetogosan (Métis) Development Inc. and Pinnacle Business Services LTD., is available to Métis, Inuit, and Non-Status Indian entrepreneurs. Loans can be used to establish, acquire, or expand businesses located within the province of Alberta. 

The loan amount and repayment terms

Loans can range anywhere from $5,000 to $325,000, depending on what the business needs. Apeetogosan determines its loan terms and interest rates on a case-by-case basis. 

Eligibility

To qualify for this small business loan opportunity, applicants must:

• Be Métis, Inuit or Non-Status Indigenous people
• Reside in Alberta for at least six months
• Be at least 18 years or older
• Provide a business plan that illustrates the capacity for loan repayments
• Possess minimum cash equity of 10% of the total cost of the project

How to apply

To start the loan process, first, fill in the application form. Once complete, send the form and all other required documents, including your Métis card, to Apeetogosan through the mail, by email at office@amdi.co, or by fax (780)-454-5997. 

Western Economic Diversification Loan

What loan is it?

The Western Economic Diversification Loan is a lending service offered by Community Futures Treaty Seven for Treaty Seven members (Plains First Nations people) looking to start or expand their business within Alberta. These businesses should increase long term, full-time employment of Treaty Seven Members. 

The loan amount and repayment terms

The maximum loan amount offered to any one business is $25,000. Businesses must show cash equity of 10% or proof of sweat equity. Repayment terms will be discussed with eligible parties. 

Eligibility

Eligible parties include businesses that are at least 51% owned by Treaty Seven Members and are located in the province of Alberta. Approved businesses can come from any industry, however agriculture loans (ranching and farming) are not provided under this financing opportunity. 

Businesses can be on or off reserves and must provide a viable business plan that illustrates their ability to pay back the loan. Those applying for this loan must also show proof that they were declined by traditional financial institutions. With all necessary documentation shown to the Community Futures, a credit check and ratios analysis must be completed before receiving the loan. 

How to apply

Contact Community Futures Treaty Seven by phone at (403) 251-9242 to get the loan application process started. 

First Nation Entrepreneur Loans

What loan is it?

The First Nations Entrepreneur Loan is a loan program offered to First Nations entrepreneurs in Alberta by the Alberta Indian Investment Corporation (AIIC). Loans can be used to set up a new business, support the business growth of an existing company, or secure working capital.

The loan amount and repayment terms

Financial support comes in the form of an interest-bearing loan with options for fixed or floating interest rates. The loan amount will differ depending on the business needs of the applicant, and AIIC provides flexible repayment terms and competitive rates overall. 

Eligibility

Eligible applicants must be a Status Indian residing in Alberta for at least one year prior to applying. If the business is a partnership or corporation, then 51% of the business must be owned by a Status Indian and its head office must be located in Alberta. 

Applicants must have sufficient collateral security and an acceptable credit rating to secure a loan. They must have a business proposal plan that illustrates their operations will be profitable and will also need to contribute their own equity as a portion of the total financing of the project. 

How to apply

Email AIIC at info@aiicbusiness.org, or call them toll-free at 1.888.308.6789, to learn more about the application process.

Should you wish to apply for any of the loan programs mentioned above then you will need to organize your business finances before applying. Businesses can use accounting software like QuickBooks Online to manage their finances and generate financial reports for Alberta government small business loans applications. Get your Calgary business loan application underway when you sign up for free today!