Situation

Business funding with business number requirements: how it is read and what helps.

A business number, such as the CRA business number, identifies your business for taxes and often appears on funding paperwork.

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How this is read

A business number, such as the CRA business number, identifies your business for taxes and often appears on funding paperwork.

Many Canadian businesses have a business number with accounts for GST/HST, payroll or corporate tax. Funders may ask for it to match the application to a real, registered business.

What helps

The nine-digit business number on file
GST/HST registration where applicable
Consistent names across documents
A registered business name

What hurts

Mismatched names
Missing registrations
Unfiled returns that raise questions

A sensible plan

Have the business number and any provincial registration available. If you are a sole proprietor without a number, say so and show how the business operates.

Illustrative arithmetic

A home-renovation business depositing about $44,000 a month asks for $18,000 for tools and a vehicle. At a 1.25 factor the payback is $22,500, a cost of $4,500. Over roughly 6 months that is about $179 per business day, or close to 9% of monthly deposits.

Total payback: $22,500.
Cost: $4,500.
Payment: about $179 per business day, close to 9% of monthly deposits.

Every figure on this page is illustrative arithmetic in Canadian dollars. It is not an offer, a quote or a promise of approval.

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.

Common questions

Do I need a business number?

It is commonly requested but not always required, especially for sole proprietors.

What if I do not have one?

Tell us. Review can proceed with the documents you have.

Is it the same as a GST number?

The GST/HST account is attached to the business number.

Keep reading

Underwriting situationsCredit, NSFs, time in business and more Funding requirementsTypical starting points for Canadian files Documents you needWhat to have ready before you apply Bad credit business fundingHow files with weaker credit are read GlossaryPlain-language definitions

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

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