The BDC Small Business Loan is a popular option for Canadian entrepreneurs seeking up to $350,000 for growth, cash flow or operational needs. Loans under $100,000 are approved quickly, often in less than 10 days, and don’t charge application or prepayment fees. Longer loan terms up to eight years and interest-only payment periods for up to a year are stand-out features. Loan approval is based on credit and business financial health.

How to Apply: Step by Step

1. Check if your business has been operating in Canada for over 24 months with a positive financial history.
2. Fill out the streamlined online application with your business and personal information.
3. Provide identity verification and business documents, as requested.
4. Wait for approval, which can be under 10 days for loans under $100,000.
5. Once approved and finalized, you’ll receive your funds quickly, often within a week.

BDC Small Business Loan Pros

One of the biggest advantages is the flexible repayment terms, including generous interest-only payment options at the loan’s start, which ease cash flow pressures. The online process is fast and straightforward, and there’s no prepayment penalty on smaller loans, which is ideal for growing businesses who may pay off early.

BDC Small Business Loan Cons

Approval still requires two years of profitable operation and a solid credit record, so it’s not ideal for brand new businesses or those struggling financially. For loans over $100,000, more paperwork and time are needed and certain fees may apply.

Verdict: A Top Pick for Established Canadian Businesses

If your company meets BDC’s requirements, this is one of the most accessible and flexible business loans in Canada. Fast decisions, personalized support and long repayment terms can help elevate your business, but newer ventures or those with low revenue might need to look elsewhere.