My friend thought she struck gold with a business loan provider in Toronto that promised low rates and instant cash. But surprise, surprise—hidden fees and sky-high interest turned it into a total nightmare!
That’s why it’s super important to get a business loan from legit, trusted providers. Doing so will save you from crazy repayment terms and sketchy fine print.
For those looking to grow their biz without the drama, here are some of the best business loan providers in Toronto that’ll actually have your back.
How much are the interest rates of business loans in Toronto?
Business loan interest rates in Toronto typically range from around 5% to 20%, depending on factors like your credit score, loan type, and lender.
Banks usually offer lower rates, while alternative lenders may charge higher rates for quicker access to cash. Your business’s financial health and the loan term also play a big role in determining the final rate.
How We Chose the Best Business Loan Providers in Toronto
1. Midtown Capital

Midtown Capital is a proudly Canadian-owned and operated company that’s been brokering loans for over 10 years with some of the biggest lenders in the country.
We’re impressed with how fast they work. You can get approved in as little as 24 hours and access up to $300,000, with a whopping 98% approval rate.
When it comes to repayment, they offer term funding. This means that instead of dealing with unpredictable interest rates, you’ll make daily fixed payments over an agreed term—either 1 month or up to 24 months.
As a bonus, they don’t charge interest at all! Instead, they add a flat fee to the amount.
Plus, payments are automatically withdrawn from your bank daily, so there are no stressful monthly bills to worry about.
The downside is that their range of loan types is a bit limited.
Best support for my business time after time
“The best support for my business time after time. They really care to get to know your business and look past your company financials to build relationship with us business owners. Very flexible, personable and are there for their clients. Will always recommend Midtown especially for new businesses growing quickly. Thank you.”
YYZ Logistics, Google Review
Have absolutely only fantastic things to say about Midtown!
“I have absolutely only fantastic things to say about Midtown! Peter has been amazingly helpful, understanding and informative. It has been about 3 months of working with them and I highly recommend reaching out to them if you want to help your business reach the next level.”
Jay Tee, Google Review
2. Driven Financial Corporation

Since 2006, Driven Financial Corporation has helped over 17,000 Canadian businesses not just survive but actually thrive and reach their full potential.
Their all-digital business loan application means you can be on your way to securing funds in just a few minutes—no complicated paperwork or long waits.
If you’re in need of a bigger cash boost, go for their Small Business Loan. You can borrow anywhere from $10,000 to $300,000, and you get to pick a repayment term—up to 24 months.
They even let you choose a repayment schedule—whether that’s daily or weekly payments, or even an early payoff option to save on interest.
On the other hand, if you need a smaller, quicker option, their Express Business Funding lets you get up to $20,000 fast.
Sadly, we heard that their refinancing options are a bit limited.
Helped our small business tremendously
“A great company to work with. Helped our small business tremendously, making financing quick and simple. They are upfront and have no hidden fees. Camille Gagne is amazing to deal with!”
S Harvey, Google Review
Recommended long-term partner for small businesses
“I worked with the Louis-Philippe Urquilla team and got approval quickly. They were efficient and friendly. It is a recommended long-term partner for small businesses.”
mes mes, Google Review
3. TD Canada Trust

As one of the top 10 banks in North America, TD Canada Trust is definitely worth considering for business loans.
Their short-term loans are perfect for covering surprise expenses or filling shortfalls in your TD Business Chequing Account, up to your available credit limit.
For bigger investments, their medium and long-term loans provide financing to purchase equipment, vehicles, or other fixed assets. And their loan amortization periods of up to 30 years can really help businesses spread out costs.
Now, one unique offering is their Agriculture Borrowing Solutions. If you’re in the farming or agri-business sector, they’ve got specialized loan options designed just for you.
They even have some pretty handy online tools such as their loan calculator, which lets you compare loan amounts, interest rates, and terms.
That said, we’ve heard about banking mistakes made by their reps from time to time.
Fantastic service, great coffee
“Fantastic service, great coffee and smiles all around.”
Ben Diplock, Google Review
My banking experience was exceptional
“Very refined and elegant service My banking experience was exceptional. makes you want to relax You can tell that it’s a well managed bank.”
Daryl Weber, Google Review
4. Scotiabank

Scotiabank’s vision is simple—they want to be your most trusted financial partner. And with the variety of loan options they offer, they’re definitely working toward that goal.
One of their main offerings is the Small Business Term Loan, with loan limits up to $1,000,000 and fixed or variable monthly payments.
Another highlight is their fantastic Black-Led Business Financing Program. If your business has at least 50% Black ownership and annual sales of up to $15,000,000, you can apply for financing to cover new capital investments or working capital needs.
The program provides terms of up to 5 years, with amortization available for up to 10 years, making it a great option for long-term growth.
While their loan options are impressive, we’ve heard some feedback about rude tellers at certain branches.
BEST BANK I HAVE EVER BEEN TO
“Staff is very helpfull . Advisors and tellers are smart and polite !! BEST BANK I HAVE EVER BEEN TO.”
Lovleen Kaur Sidhus, Google Review
Never lined up for more than 2-3 minutes
“This is a nice bank! Parking isn’t great but if you’re within walking distance what’s not to love? I have never lined up for more than 2-3 minutes and the office staff and advisors are very knowledgeable.”
paul g, Google Review
5. RBC Royal Bank

RBC Royal Bank has been around for over 150 years, growing across Canada, the U.S., and even select global markets.
A great place to start is their business loan calculator, a super handy tool that lets you play around to figure out what your monthly payments would look like.
For businesses that need quick financial support, they offer Short-Term and Operating Loans—perfect for covering temporary expenses or cash flow gaps. These loans are typically meant to be repaid within a year.
If you’re thinking bigger, their Mid- and Long-Term Business Loans come with flexible terms of up to 7 years, with a max amortization of 25 years.
One thing we really like is their Saturday and evening hours—such a lifesaver if you can’t make it during regular business hours.
However, some people have mentioned that RBC reps can lack product knowledge.
Awesome experience with this RBC branch team
“Awesome experience with this RBC branch team. Isabel Nastevski (Assistant Manager) understood my concerns on the Mortgage Closure day and suggested me the best possible options for me. Manager Victoria Barbaric immediately reached me and involved her team to sort the issues. Lev Garnets(Financial Advisor) is another great person from this team ,who worked for me on tight dead lines. I can say this is the best RBC Team. I personally recommend this Branch as the staff are very knowledgeable and try to provide the best options and they will be with us until the issue resolves.”
Ramana Gandham, Google Review
Friendly, positive, and did their job very professionally
“2 branches visited in same day and 100% difference between them. The teller and financial advisor in this branch were friendly, positive, and did their job very professionally.”
Murat Uslu, Google Review