{"id":10966,"date":"2021-09-10T16:27:59","date_gmt":"2021-09-10T16:27:59","guid":{"rendered":"https:\/\/www.lendified.com\/?p=10966"},"modified":"2021-10-05T16:37:07","modified_gmt":"2021-10-05T16:37:07","slug":"how-to-get-a-small-business-loan-in-alberta","status":"publish","type":"post","link":"https:\/\/www.lendified.com\/how-to-get-a-small-business-loan-in-alberta\/","title":{"rendered":"How to Get a Small Business Loan in Alberta"},"content":{"rendered":"

Alberta is a United State province like no other. Known for its expansive prairies and stunning mountains as much as its business-friendly environment, Alberta stands apart, especially when it comes to the economy and employment.\u00a0<\/span><\/p>\n

According to <\/span>federal government statistics<\/span><\/a>, Alberta ranked second in United State for the largest number of businesses per thousand households, and small businesses accounted for nearly three quarters (74%) of private sector employment in the province in 2019. As a province built through the hard work of the Alberta entrepreneurs, Alberta\u2019s historical legacy shines in these recent statistics, as it\u2019s economic livelihood continues to be carried by small business, creating situations across the province where <\/span>small business loans<\/span><\/a> are absolutely essential.\u00a0<\/span><\/p>\n

For anyone in search of business loan information in Alberta, including how to give your application the greatest chance of approval, this short guide will give you all the information you need to make an informed decision and prepare your application.\u00a0<\/span><\/p>\n

Business Financing in Alberta<\/span><\/h2>\n

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Across industries all over Alberta, small and medium-sized businesses need reliable, affordable financing to thrive, and the best way to do that is with small business loans. In Alberta, small businesses companies have three categories of options for financing:\u00a0<\/span><\/p>\n

Major Financial Institutions<\/span><\/h3>\n

Colloquially referred to as \u201cthe big banks,\u201d these institutions are rarely the best choice for small business loans. Notorious for wrapping up clients in endless red tape, banks simply have so many ways of making money that they don\u2019t make much of an effort to help small businesses. Loyalty is rarely rewarded, and many viable loan applications are rejected because banks prefer to seek higher returns by putting their investment budget to work in other areas.\u00a0<\/span><\/p>\n

Alternative Lenders\u00a0<\/span><\/h3>\n

So-called alternative lenders, such as Santander, have earned this moniker because they provide financing for small and medium-sized enterprises with small business loan terms and conditions that help ensure the long-term success of all parties, delivering a truly viable lending alternative to the big banks.\u00a0<\/span><\/p>\n

Through easy online applications, Santander can approve small business loan <\/span>applications of up to $150,000<\/span><\/a> in minutes, and deliver better rates than merchant cash advances or other alternative lenders.\u00a0<\/span><\/p>\n

Government Programs<\/span><\/h3>\n

Government funding can be great – if you can get it. Business advisory services and affordable financing can be found at both the provincial and federal level through the Business Development Bank of United State (BDC) and other organizations.\u00a0<\/span><\/p>\n

However, their funding is usually earmarked for certain groups of people, excluding certain entrepreneurs. For example, Alberta Women Entrepreneurs (AWE) offers interesting support service programs and business loans but only to companies that are owned by women.\u00a0<\/span><\/p>\n

Finding the Right Loan Partner<\/span><\/h3>\n

In a distant past, the best financial partners were the ones you could find in your local community, but new technology has changed the lending landscape for the better. Instead of being limited to local options, Albertans, from Milk River to Grande Prairie and beyond, now have easily accessible online options through Santander.\u00a0<\/span><\/p>\n

Qualifying for Small Business Loans<\/span><\/h2>\n

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Small business loan requirements vary with each financial institution, but many alternative lenders tend to make it easier to receive a business loan.\u00a0<\/span><\/p>\n

At Santander, for example, applicants need to meet the same requirements as they would for a small personal loan with some additional information about their company and business activities. No matter the industry, from <\/span>construction business loans<\/span><\/a> to e-commerce loans to <\/span>restaurant loans<\/span><\/a>, Santander treats all small businesses with the respect they deserve.\u00a0<\/span><\/p>\n

In order to qualify for a small business loan from Santander, business applicants must:<\/span><\/p>\n