Every kind of lender, what each one suits, and what they will ask you for.
53 banks, credit unions, Crown lenders, government-backed programs and private lenders, each with what it is actually good for, in plain English. Knowing which door to knock on is most of the work. Last checked 22 SEP 2026.
Which kind of lender fits what you need
Rough guidance, not a rule. Cost is shown relative to the others on this page, because real pricing depends on your business, your security and the day. The pattern holds: the faster and easier the money, the more it costs.
| Where you go | What it suits | What they want to see | How long it takes | Cost |
|---|---|---|---|---|
| Bank or credit union, term loan | Equipment, property, an acquisition, refinancing | Two to three years of statements, cash flow covering payments about 1.25 times over, security, and usually a personal guarantee | Weeks to a couple of months | Lowest |
| Bank or credit union, operating line | The gap between paying for work and being paid for it | Receivables and inventory to lend against, and regular reporting on both | Weeks | Low: interest only on what you draw |
| Government-backed loan, through your own bank | Equipment, leasehold improvements, property, and start-ups with no history | The same file the bank wants. The guarantee covers the bank's risk, not yours | Weeks | Low, plus a registration fee |
| BDC | Growth, buying a business, equipment, working capital, and files a bank finds too thin | A plan, and cash flow that supports it. Often lends alongside your bank rather than instead of it | Weeks to a couple of months | Above a bank, below private credit |
| Equipment lender or lessor | One machine, vehicle, or a fit-out | The invoice and your credit history. The asset is the security | Days to weeks | Moderate |
| Receivables finance or factoring | Cash now against invoices already issued | Customers who pay reliably. They check your customers as much as they check you | Days | High, priced per invoice |
| Online or alternative lender | Small amounts, quickly, over a short term | Bank statements and card sales | Days | Highest. Work out the true yearly cost |
| Private credit or mezzanine | Deals a bank will not fully fund | Real profit, a real plan, and a clear way out | Weeks to months | High, usually with fees and sometimes a share |
| Equity investor | Growth that no amount of cash flow could repay | A business that could be worth several times what it is worth now | Months | You give up ownership rather than make payments |
Where would you like to look?
Where do I start with a bank?
Canada's large banks do most of the commercial lending in the country. They are the cheapest money a business can borrow, and the hardest to get: they want a track record, cash flow that comfortably covers the payments, and security. Start with the bank you already hold your accounts with, then take the same file to one other. A prepared file is worth more in the rate than any amount of negotiating.
The large banks
- RBC Royal Bank Royal Bank of Canada
Canada's largest bank by assets, with business banking from a single-owner account through to full commercial and corporate lending. Deep branch coverage across British Columbia.
- TD Canada Trust Toronto-Dominion Bank
Small business and commercial banking, term lending, operating lines and equipment finance. Long branch hours, and a large small-business lending operation.
- Scotiabank Bank of Nova Scotia
Small business and commercial banking. Its subsidiary Roynat Capital handles mid-market term and mezzanine lending, which is useful when a request outgrows ordinary branch limits.
- BMO Bank of Montreal Bank of Montreal
Business banking, commercial lending and equipment finance, with a large agriculture and franchise practice.
- CIBC Canadian Imperial Bank of Commerce
Business banking and commercial lending, including agriculture and professional practice financing for doctors, dentists and similar.
- National Bank of Canada National Bank of Canada
The sixth of Canada's large banks, historically strongest in Quebec. It completed its acquisition of Canadian Western Bank on 3 February 2025, which considerably widened its commercial presence in Western Canada, along with the equipment leasing business that came with it.
Who regulates them, and where complaints go
- Office of the Superintendent of Financial Institutions (OSFI) Government of Canada
The federal regulator for banks and federal credit unions. Its published list of federally regulated financial institutions is the way to check whether a lender is what it says it is.
- BC Financial Services Authority (BCFSA) Province of British Columbia
Regulates BC credit unions, mortgage brokers and insurers. Its registries confirm whether a mortgage broker or lender you have been introduced to is registered in this province.
- Financial Consumer Agency of Canada Government of Canada
Where a complaint about a federally regulated bank goes once the bank's own complaints process is exhausted. It also publishes plain-language guidance on what banks may and may not do.
- Canada Deposit Insurance Corporation (CDIC) Government of Canada
Insures eligible deposits at federal banks and federal credit unions. Deposits at BC credit unions are covered separately and without limit by the Credit Union Deposit Insurance Corporation of British Columbia.
Would a credit union be a better fit?
Credit unions are owned by their members rather than by shareholders, and BC has one of the strongest credit union sectors in Canada. For an owner-led business they are often worth the first call: the person deciding is usually closer to you, the file is more likely to be judged on the whole picture than on a score, and most participate in the same government-backed programs the banks do. Sizes vary enormously, so match the size of the request to the size of the institution.
The largest in British Columbia
- Vancity Vancouver City Savings Credit Union
One of Canada's largest community credit unions, based in Vancouver. Business banking, commercial lending and commercial mortgages, with a long-standing focus on co-operatives, non-profits, social enterprises and environmental projects.
- Coast Capital Savings Coast Capital Savings Federal Credit Union
A federally regulated credit union based in Surrey, and one of the largest credit unions in the country. Business accounts, term lending, operating lines and commercial mortgages.
- Beem Credit Union Beem Credit Union
Formed on 1 January 2024 by the merger of Gulf & Fraser and Interior Savings, joined by BlueShore Financial in 2025. It now trades under the BlueShore Financial, GFCU Savings, Gulf & Fraser, Interior Savings and North Peace Savings names across the Lower Mainland, Fraser Valley, Thompson, Okanagan and the north, with commercial lending and leasing alongside everyday business banking.
- Tru Cooperative Bank Tru Cooperative Bank, formerly First West Credit Union
First West Credit Union became a federally regulated credit union on 1 April 2026 and now operates as Tru Cooperative Bank. It continues to trade as Envision Financial, Island Savings, Valley First and Enderby & District Financial, with commercial lending across the Fraser Valley, Vancouver Island and the Okanagan.
- Prospera Credit Union Prospera Credit Union
A Fraser Valley and Lower Mainland credit union with a substantial commercial book, formed by the merger of Prospera and Westminster Savings. Business banking, commercial lending, commercial mortgages and equipment finance.
Regional and community credit unions
- Community Savings Credit Union Community Savings Credit Union
A Lower Mainland credit union with deep roots in the labour movement, working with unions, their members and unionized employers.
- Kootenay Savings Credit Union Kootenay Savings Credit Union
Serves the West Kootenay and Boundary. For a business outside the Lower Mainland, a local credit union is often the only lender whose decision-maker has actually seen the town.
- Integris Credit Union Integris Credit Union
Prince George and the northern interior. Business accounts, commercial lending and agricultural lending.
- SASCU Salmon Arm Savings and Credit Union
Shuswap and North Okanagan. Business banking and commercial lending for local businesses.
- Sunshine Coast Credit Union Sunshine Coast Credit Union
Sechelt, Gibsons and the Sunshine Coast, with business accounts and commercial lending for local operators.
- Khalsa Credit Union Khalsa Credit Union
A Lower Mainland credit union founded to serve the Punjabi Sikh community, with business accounts and commercial lending.
- Find every credit union in BC BC Financial Services Authority
BC has credit unions in most communities, and this page is the regulator's own starting point for the sector. If your town has one, it belongs on your list.
What will the government help fund?
These are not grants: the money is repaid. What they change is risk. Some are federal banks that lend directly and accept more risk than a commercial bank; others guarantee part of a loan so your own bank can lend more than it otherwise would. Most owners never ask about them, and most banks will not raise them unprompted.
Federal banks that lend directly
- BDC Business Development Bank of Canada
A federal Crown corporation and Canada's bank for entrepreneurs. It lends for equipment, property, technology, working capital, buying a business and growth, and it takes on files a commercial bank finds too thin. It commonly lends alongside your own bank rather than replacing it, and it prices above a bank to reflect the risk.
- BDC Capital Business Development Bank of Canada
BDC's investment arm: growth and transition capital for acquisitions, buying out a shareholder and succession, plus venture capital for technology businesses. This is where a deal goes when the cash flow supports more than the security does.
- Farm Credit Canada Farm Credit Canada (FCC)
The federal lender for agriculture and the food business: farms, equipment, land, processors and agribusiness suppliers. The largest agricultural lender in the country, and it understands seasonality in a way a branch lender usually does not.
Guarantees that make your own bank lend more
- Canada Small Business Financing Program Innovation, Science and Economic Development Canada
A federal guarantee that shares the risk with your bank or credit union, so it can lend to a small business it would otherwise decline. You apply at your own financial institution, not to the government. Businesses with gross yearly revenue of $10 million or less are eligible; farming is covered by a separate program. The published maximum is $1.15 million per borrower: up to $1 million in term loans, of which no more than $500,000 may go to equipment and leasehold improvements and no more than $150,000 of that to intangible assets and working capital, plus a line of credit of up to $150,000.
- Canadian Agricultural Loans Act Program Agriculture and Agri-Food Canada
The farming equivalent of the small business financing guarantee. Your own lender makes the loan; the federal government guarantees part of it. Also used by agricultural co-operatives.
- EDC Export Guarantee Program Export Development Canada
EDC guarantees part of a loan from your own bank so it can advance more working capital against export sales, foreign inventory or equipment. EDC also insures receivables from foreign customers, which often does more for your borrowing base than the loan itself.
Regional, community and targeted lenders
- Community Futures British Columbia Community Futures
A network of local non-profit offices across rural and small-town BC, funded federally. They lend to small businesses that banks will not, usually in modest amounts, and the loan comes with free business advice. If you are outside a city, start here as well as at the bank.
- PacifiCan Pacific Economic Development Canada
The federal regional development agency for British Columbia. It funds business growth, innovation and community economic development through programs that are sometimes repayable and sometimes not.
- WeBC Women's Enterprise Centre of British Columbia
Business loans, mentoring and advice for women-owned businesses in BC, from a non-profit funded through the federal government. The advice is free whether or not you borrow.
- Futurpreneur Futurpreneur Canada
Start-up financing and two years of mentoring for entrepreneurs aged 18 to 39, usually delivered alongside a BDC loan. One of very few places a new business with no track record can borrow at a sensible rate.
- Indigenous financial institutions National Aboriginal Capital Corporations Association (NACCA)
A national network of Indigenous-owned lenders providing developmental loans and business support to First Nations, Inuit and Métis entrepreneurs. NACCA's directory lists the institutions serving British Columbia.
- All Nations Trust Company All Nations Trust Company (ANTCO)
A BC Indigenous financial institution based in Kamloops, lending to Indigenous entrepreneurs and communities across the province.
How do I finance a machine or a vehicle?
Equipment lending is the easiest commercial credit to get, because the asset itself is the security and its value is easy to check. It is usually faster than a bank loan and does not consume your operating line. Manufacturers and dealers almost all run their own finance arms, which can be sharper on rate for their own equipment than any lender, and slower to be flexible when something goes wrong.
Equipment lessors
- National Bank equipment finance National Bank of Canada, formerly CWB National Leasing
CWB National Leasing was one of the largest equipment lessors in Canada, financing everything from farm and construction equipment to office fit-outs. It came to National Bank with its 2025 acquisition of Canadian Western Bank, and the equipment finance business now sits inside the bank.
- Meridian OneCap Credit Corp Meridian OneCap
A commercial equipment lessor operating nationally from Vancouver, working largely through equipment vendors and dealers.
Fleet and vehicles
- Element Fleet Management Element Fleet Management
Fleet leasing and management for businesses running vehicles at scale. Worth a look once a fleet is large enough that maintenance, fuel and resale matter as much as the payment.
I am waiting to be paid and I need the cash now.
When the problem is timing rather than profit, the answer is usually an operating line from a bank or credit union. When that is not available or not enough, these lenders advance cash against invoices, inventory or card sales. They are quicker and less demanding than a bank, and they cost considerably more, so they suit a gap you can name and close rather than a permanent shortfall. The platforms you already sell through, such as Shopify, Square and Stripe, also lend against your sales on them, repaid automatically as a share of each day's takings.
Invoice and receivables finance
- FundThrough FundThrough
Advances cash against invoices you have already issued, invoice by invoice rather than as a whole book. Integrates with common accounting software, which makes it fast.
- Accord Financial Accord Financial Corp.
A long-established Canadian commercial finance company: factoring, asset-based lending against receivables and inventory, and equipment finance. Used where a business has assets but not the statements a bank wants.
- Liquid Capital Liquid Capital Corp.
A network of independently owned offices across Canada offering factoring, purchase order finance and asset-based lending, usually to smaller businesses than the national firms take on.
Sales-based and platform finance
- Merchant Growth Merchant Growth
A Vancouver-based small business lender offering working capital repaid as a fixed daily or weekly amount, or as a share of card sales. Fast, and priced accordingly.
- Shopify Capital Shopify
Funding offered to Shopify merchants based on their store's sales, repaid as a share of daily revenue. Convenient, and only available to merchants the platform already has data on.
I need money quickly and the bank is too slow.
Online lenders decide in days on bank statements and card sales rather than on financial statements. That speed is real and sometimes worth paying for. The cost is the catch: offers are often quoted as a flat fee or a daily payment rather than a yearly rate, which makes them look far cheaper than they are. Work out the true yearly cost before signing anything, and never take a second one to pay the first.
Online lenders
- Lending Loop Lending Loop
A Canadian peer-to-peer lending platform: term loans to small businesses funded by individual and institutional investors, quoted as a yearly interest rate, which makes them easier to compare than most alternatives.
- Journey Capital Journey Capital, formerly OnDeck Canada
Short-term loans and lines of credit for small businesses, decided quickly on bank data rather than on financial statements. Suited to a short gap you can name, not to a structural one.
Before you sign
- Work out the real cost firstLegatis Executive Partners
Short-term offers are usually quoted as a flat fee, a factor rate, or a daily payment. Our free planner converts two offers into the same yearly cost, including fees, and tells you which one is actually cheaper and by how much.
What if the deal is bigger than the bank will go?
Private lenders sit between bank debt and selling shares. They charge more than a bank and expect a clear plan and a way out; in exchange they will fund things a bank will not, such as an acquisition, a buyout of a partner, or growth that outruns the security available. Equity investors do not need repaying at all, which is why they cost the most of anything on this page: a share of what you built, permanently.
Private credit and mezzanine
- Roynat Capital Roynat Capital, a Scotiabank company
Mid-market term and mezzanine lending for growth, acquisitions and succession, structured against cash flow rather than only against security. A common second layer above a senior bank loan.
- Fulcrum Capital Partners Fulcrum Capital Partners
A Canadian private equity and mezzanine firm investing in established mid-market businesses, including management buyouts and succession deals.
Equity
- InBC Investment Corp. Province of British Columbia
The Province's strategic investment fund, taking equity and equity-like positions in BC companies that can scale while keeping their operations here.
- CVCA member directory Canadian Venture Capital and Private Equity Association
The industry association for Canadian private equity and venture capital. Its membership is the practical way to find out which firms invest in businesses of your size and kind, before anyone approaches you.
- Small business venture capital tax credit Province of British Columbia
A BC tax credit for investors who put money into qualifying small businesses. Registering your company under the program can make raising equity locally considerably easier.
I want to buy or refinance the building.
Commercial mortgages follow the property rather than the business: the lender looks at the building, its leases and its value first, and at you second. Owning the premises through a separate company, and paying rent to it, is a common structure and has real tax and succession consequences, so take advice before the offer, not after.
Commercial mortgages
- First National Financial First National Financial LP
One of Canada's largest non-bank commercial mortgage lenders, including insured multi-unit residential lending. Often used where a bank's appetite for a property does not match the borrower's.
- CMHC multi-unit financing Canada Mortgage and Housing Corporation
Mortgage loan insurance for multi-unit residential property, which is what makes long amortizations and higher loan-to-value possible on apartment buildings. Applied for through an approved lender.
Private mortgage lenders
- Check any private lender is registered BC Financial Services Authority
Private mortgage lenders and mortgage investment corporations lend on commercial property when a bank will not, quickly and at a much higher cost. Mortgage brokers in BC must be registered, and the regulator's public registry is where you confirm it before paying anyone a fee.
What every commercial lender asks for
The list barely changes between lenders. Having it ready on the first meeting shortens the process and improves the terms, because it tells the credit analyst the business is run properly.
- Financial statementsTwo to three years, prepared by an accountant. Notice to reader is usually enough for smaller requests; larger ones attract a review engagement.
- Interim figuresYear-to-date, no more than 90 days old, with the comparable period last year.
- A forecastTwelve to twenty-four months of cash flow, with the assumptions written down beside it.
- Aged receivables and payablesWho owes you, who you owe, and how late everything is.
- A debt scheduleEvery loan and lease: lender, original amount, balance, rate, payment and maturity.
- What the money is forThe purchase, the quote, the lease, the contract. In writing.
- How it gets repaidThe cash flow that services it, and what happens if sales fall short.
- SecurityWhat the lender can take: equipment, receivables, inventory, property, and almost always a personal guarantee.
- Personal informationNet worth statements and personal credit for each owner of any size.
- Corporate recordsArticles, the shareholder register, the shareholder agreement, and the leases.
Our free business planner works out the measures a credit analyst calculates from these documents, and grades how your file will look before you hand it over.
We are not a lender, and the lenders here do not pay us.
This page is general information, not advice or a recommendation. We have no referral arrangement with the institutions listed, and inclusion is not an endorsement. Products, ownership, brands and eligibility change; confirm the details with the lender before you rely on them.
Where we arrange a loan, we act for you, and any fee a lender pays us is disclosed in writing in our Fee Letter before you commit to anything. See how we work.
A lender missing, or a link that no longer works? Email admin@lepstrategy.com.
Not sure which of these fits your situation? Ask us. We will tell you where we would start, even when it is not with us.