Business loans in Quebec
At Greenbox Capital, we make it easier for Quebec entrepreneurs to secure the working capital needed to grow, thrive, and stay competitive in Quebec’s fast-changing economy. In this guide, you’ll discover the best loan options for your business, how simple our process is, and how you can access funds in 24 hours.
How To Get a Business Loan in Quebec with Greenbox Capital
If you’re starting a business in Quebec, you already know how challenging it can be to secure funding. Entrepreneurs in this province face unique hurdles such as high interest rates, inflation, retaining talent, managing green transitions, and systemic barriers like language and discrimination.
At Greenbox Capital, we make business financing more accessible for small and medium-sized businesses in Quebec. Our flexible application process considers these unique challenges and can provide funding in as little as 24 hours.
How Do You Finance a Small Business in Quebec?
Whether you have a new business idea or you’ve already started generating sales, the question is how to keep the momentum going. Here are some of the most common ways small businesses in Quebec can access funding:
- Government-backed Programs – In Quebec, you can apply for the Fonds de développment économique, which is a program aimed at stimulating the economic growth of small to medium businesses in the region.
- Grants – The Quebec government offers grants for small businesses that align with specific economic growth objectives. Applications usually require a detailed business plan, and if your small business falls under a specific category, such as new technology innovation, or international development, you may have the leading edge.
- Angel Investors – If you believe you’ve developed the next big breakthrough, pitching your idea to groups like Anges Quebec could connect you with private investors who provide both significant funding and valuable mentorship.
- Business Loans: Not all entrepreneurs qualify for grants, or can get the trust of an angel investor, yet their business still deserves to grow and succeed. Greenbox Capital offers alternative business loans of up to $500,000.
What Types of Financing are Available to Small Businesses in Quebec?
In Quebec’s evolving market, pressures such as the demand for greener innovations and a shifting workforce create unique challenges. In many cases, a Quebec business loan can provide the support needed to maintain a competitive edge.
Whether it’s $3,000 to upgrade equipment or $500,000 to overhaul a business strategy, Greenbox Capital is there to provide the working capital you need.
Here are some examples of small business loans in Quebec that are a great start for any business owner:
Small Business Loans: These commercial loans can help cover expenses such as purchasing equipment, covering unexpected day-to-day operational costs, or renovating property. Equipment financing in Quebec is included in all of Greenbox Capital’s loans for small businesses, so you are free to utilize the capital provided by Greenbox for both business and equipment financing needs.
Merchant Cash Advances: MCA’s are great for covering emergency expenses. With an MCA, business owners receive a business cash advance and pay it back through a percentage of their future credit card sales.
Business Line of Credit: Similar to a credit card, you can draw out the funds you need up to the set limit, and pay it back, paying interest only on the amount you use.
Bad Credit Business Loans: Did you know Quebec is home to 2,750 tech start-ups, with Quebec City being the 7th biggest start-up ecosystem in Canada? Greenbox Capital recognizes the need for small businesses like start-ups to access capital without needing to prove good credit. At Greenbox Capital, we believe you are more than your credit score and look at factors such as annual revenue, financial projections, and activity on bank statements. Having a low credit score does not undermine the value of your business. That’s why we offer alternative financing options designed especially for low-credit businesses that provide the capital necessary for business owners in all financial situations to build and sustain for the future.
Top Small Business Industries in Quebec
Greenbox Capital supports businesses from diverse industries across Quebec. Some of the top industries driving GDP and employment in Quebec include:
- Manufacturing and Industry: Aerospace (especially in Montréal), metallurgy, forestry, and paper production.
- Agriculture and Food Processing: Dairy farms, meat production, grain cultivation, maple syrup, brewing, and winemaking.
- Tourism and Hospitality: The historic centre of Québec City, natural parks, and ski resorts such as Mont-Tremblant.
- Healthcare and Social Services: Private clinics and pharmaceutical companies.
- Retail and Service Sector: Restaurants, franchises, and small retail businesses.
Types of Small Businesses Eligible for Loans in Quebec
Greenbox Capital is proud to support businesses of all sizes and from diverse industries across Quebec, including:
- Women-owned businesses: Women entrepreneurs in Quebec report having limited access to investors and capital for their small businesses. Our application process takes into account the barriers women face on a day-to day basis. We approve loans based on a broad spectrum of factors, not just financial status.
- Minority-owned businesses: According to City News Montreal, black entrepreneurs say ‘only 4 percent of Black-owned businesses survive over 5 years in Montreal.’ Even when they get a loan, minority groups are often given higher interest rates and shorter terms. Greenbox Capital wants to break those barriers and make the process easier for minority entrepreneurs.
- Veteran-owned businesses: Many veterans find it difficult to secure capital and apply for a business loan because of functional gaps early on in financial literacy and mentorship. Greenbox Capital understands the challenges veterans face and assess their application by considering more than just credit score.
- Brokers: Greenbox Capital’s ISO relationship managers bridge the gap between brokers and underwriters, making it easier to secure stronger deals.
How to Get a Small Business Loan in Quebec
- 1
Submit Your Application
After choosing your loan, submit 3 months of bank statements and relevant documents showing consistent revenue over the period. For faster approval, link your bank account to a data-sharing service like Plaid.
- 2
Select Your Loan
A funding advisor will contact you within one hour to discuss the details of your loan and finalize the application.
- 3
Receive Small Business Loan
Once your loan is approved by an advisor, your funds can be deposited in 24 hours.
- 4
Set Up Repayment
Payments are drawn from your business’ weekly credit/debit sales, which fluctuate depending on your sales volume.
Requirements of Business Financing in Quebec
| Minimum Revenue | $10,000 / month |
| Length in Business | 5 months or more |
| Ownership % | Minimum of 51% Ownership |
| Business Activity | At least 2 transactions per month |
| Bank Balance | Positive average bank balance |
| Overdrafts & NSFs | Fewer than 25 overdrafts/NSFs in 3 months, and less than 20 negative balance day |
| Entity Types | All entity types, including sole proprietorships and non-profits |
Business Loan Support Across Quebec and Surrounding Areas
Greenbox is proud to provide Quebec small business loans to small and medium businesses in locations all across Quebec and in Quebec’s major cities like Montreal, Quebec City, Longueuil, Gatineau, Laval, as well as Quebec’s mid-sized cities such as Sherbrooke, Trois-Rivières, Saguenay, Lévis, Terrebonne, Drummondville, Granby, and even regional centres like Saint-Jean-sur-Richelieu, Shawinigan, Rimouski, Victoriaville, Saint-Jérôme, Sept-Îles, Rouyn-Noranda and Chicoutimi.
Benefits of Business Funding in Quebec with Greenbox Capital
- Quick Turnaround – Our team works hard to pay you as soon as possible. If you submit your application with all relevant documents and link your account to a service like Plaid for faster data sharing, you could receive your funds in 24 hours or less.
- Flexible Loan Options – We offer an umbrella of loaning options from merchant cash advances in Quebec, business lines of credit, and bad credit business loans. No matter your current situation, you can pretty much guarantee that there is a loan that will suit your needs.
- Inclusive Lending Approach – We assess more than just credit. Factors like financial projections, annual revenue, and business activity are taken into account.
- Support for Growth and Expansion – The capital from loans can be used for many different purposes without restriction. It’s your capital to spend, and you decide what to spend it on, whether it’s for equipment upgrades, renovations, stocking inventory, hiring, marketing, or improving strategy.
Cases: Successful Business Loans in Quebec
Here are some cases of Quebec businesses that are seeing results from working with our experts:
| Company Type | Loan Type | Funded | Loan Terms | Loan Benefits |
|---|---|---|---|---|
| Restaurant Business - Montreal | Merchant Cash Advance | $50,000 | 12 months | Property renovations to accommodate more sit-down clients. |
| Day Care Business - Chicoutimi | Business Line of Credit | $11,4000 | 8 months | Emergency cash needed for unexpected repairs and purchasing new equipment for kids with special needs. |
| Doctor Office - Laval | Business Line of Credit | $60,000 | 10 months | Improved facilities and equipment to accommodate more patients with diverse health needs. |
| Dental Business - Quebec City | Merchant Cash Advance | $24,000 | 12 months | Purchased upgraded equipment to offer cosmetic services and reach a wider client base. |
FAQ about Quebec Business Loans
How to apply for small business funding in Quebec?
Submit your application online. Choose a loan that best suits your business’ needs. Submit 3 months of bank statements and relevant documents. Next, a Greenbox Capital funding advisor will call you to assess and approve your loan in possibly 24 hours.
How to get a business line of credit in Quebec?
Submit relevant documents, then a funding advisor will contact you with details and credit limit. Once approved, you may be able to start drawing funds in 24 hours.
Can I get a bad credit business loan in Montreal, Quebec?
Yes, if you have proof of consistent revenue through bank statements or relevant documents, you could be approved for a bad credit business loan in 24 hours.
How can I get a quick and easy business loan in Montreal?
If you apply with all the relevant documents, your funds could appear in your account in 24 hours.
How does a merchant cash advance work in Quebec?
A merchant cash advance provides a lump sum of capital that is repaid through a percentage of your future credit or debit card sales, offering flexible repayment terms.
Are there business loans for women entrepreneurs in Quebec?
Yes. Greenbox Capital supports women-owned businesses with funding options that consider more than just credit score, helping women entrepreneurs access the capital they need to grow.
Apply for a Business Loan in Quebec Online
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