Business funding requirements in Canada: where files typically start.

Requirements vary by funder and by file. These are the typical starting points, and which of them has the most give.

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$20K+Monthly deposits, typical

12 moTime in business, typical

LimitedLow-balance days

500+Scores considered

Typical starting points

Monthly revenueTypically from around $20,000 a month in deposits for Canadian files. The exact line varies by funder and by file.

Time in businessTypically about 12 months. Newer businesses can be reviewed, but the options narrow.

Account healthLimited low-balance or negative days. Funders read the last few months of bank statements for this.

CreditScores from 500 are considered. A score of 600 or higher opens more options and better offers.

DocumentsA signed application and recent business bank statements, typically the last four months.

Existing advancesFiles with an existing advance can be reviewed, including second position.

Each line has a different amount of flexibility. Deposits and account health are the hardest to bend. Time in business and credit score are the softest, because a strong deposit history can offset them.

Which requirement is softest

Of the typical starting points, credit score and time in business have the most give, because a strong deposit history can offset them. Monthly deposits and account health are the least flexible, because they measure the ability to carry a payment. If you are close on one of the soft items, the answer is often yes with a smaller amount or a different structure.

If you are short on a hard item, the most useful step is to build a few months of cleaner statements.

Common questions

Is $20,000 a month a hard minimum?

It is a typical starting point for Canadian files, not a hard rule. Funders vary, and a file just under it with excellent account health is still reviewed.

Do I need to be incorporated?

No. Sole proprietors and partnerships are reviewed, with a business bank account that shows the deposits.

Do I need a business bank account?

Yes. The review is built on business bank statements, so a dedicated account is expected.

Keep reading

Documents you needWhat to have ready before you apply Bad credit business fundingHow files with weaker credit are read Fast business fundingWhat makes funding fast, and what slows it down Funding size explorerWhat a given size means for payments

Educational information only. It is not legal, tax or accounting advice.

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