In December of 2018, StatCan determined that banks authorized a whopping $238 billion in loans to small and medium enterprises. That’s a lot of money loaned out to businesses! However, this number also suggests that many financial institutions across Canada are happy to provide small business loans to companies of all types. If you’re a small or medium business owner looking to secure a loan, then this is good news for you!
Here’s how to qualify for a small business loan and the typical business loan terms business owners need to watch out for when completing the loan application process.