Business Loans in Nova Scotia
Business owners struggling to secure traditional loans in Nova Scotia can access several alternative financing with Greenbox Capital. On this page, learn how our diverse options can help your private business grow, regardless of credit history or industry.
Understanding Business Funding in Nova Scotia
If you’re looking for small business loans in Nova Scotia, you’re not alone. According to Canada’s Finance and Treasury Board, there were nearly 21,000 active businesses in the province in 2023, over 90% of which are considered small or midsize. Each of these firms has its own unique funding requirements — and varying credit histories.
At Greenbox Capital, we offer bespoke loan options to accommodate all kinds of businesses, including merchant cash advances, credit lines, equipment financing, and more. Loan amounts range from $3,000 to $500,000 and can be used to fund expansion plans, cover seasonal shortfalls, or deal with cash flow issues.
While each funding option has its own pros and cons, one thing they all have in common is that they can be accessed in as little as 24 hours.
What Types of Financing are Available to Small Businesses?
Owning a business in Nova Scotia can be both challenging and rewarding. Limited access to short-term loans has been known to stifle growth, while the innovative spirit and infrastructure make the province a promising destination for small businesses.
In this environment, accessing the right small business loans in Nova Scotia can spell the difference between success and failure. This is where Greenbox Capital steps in with a range of financing options.
Small Business Loans
Conventional banks are known to often decline short-term, small-amount business loans due to strict regulations or perceived risks.
Our Nova Scotia small business loans, on the other hand, have relaxed eligibility criteria and more favorable interest rates, and are suited for a wide range of activities. These term loans are ideal for businesses with insufficient credit scores and can help purchase new equipment, fund expansion plans, or bridge gaps in cash flow.
Merchant Cash Advances
This alternative financing option is ideal for businesses looking for quick access to capital and flexible repayment terms. With a merchant cash advance, businesses receive capital upfront in exchange for a percentage of future sales. This means that payments can be adjusted depending on how your business is performing.
At Greenbox Capital, we don’t charge interest on a business cash advance. Instead, we set a “factor rate” following an initial risk assessment based on your company’s revenue. This option is ideal for businesses that can’t put up hard collateral or seasonal businesses looking for a quick injection of capital to deal with slowdowns.
Business Line of Credit
This revolving credit works much like a business credit card, albeit with much more favorable interest rates. With a business line of credit in Nova Scotia, borrowers only access capital as and when they need it and pay interest only on the amount withdrawn.
As a result, Greenbox Capital’s lines of credit have none of the obligations of a fixed-term loan but many of its benefits. Provided businesses don’t exceed the credit limit, they have the flexibility to access capital as and when they see fit. Only a small fee is charged based on a percentage of the amount accessed.
A business line of credit can be used for a wide range of purposes, including stocking up on inventory, fund expansions, or filling cash flow gaps.
Bad Credit Business Loans
Low personal or business credit scores are the single biggest barrier preventing businesses from accessing commercial loans.
Several of Greenbox Capital’s alternative funding options are curated to help navigate this challenge. Our revenue-based financing options are easy to apply for, quick to access, and have flexible approvals. In fact, we’ve helped several businesses with low credit access funds in as little as one business day.
Collateral Loans
Businesses with strong collateral can benefit from loans ranging from $50,000 to $250,000 with no restrictions on how the money is spent. The terms of such loans usually depend on the value and type of collateral, as well as your business’s cash flow and your personal credit and repayment history. Greenbox Capital’s collateral loans have helped companies across industries grow, including but not limited to medical practices, construction companies, and automobile manufacturers.
Equipment Financing
Greenbox Capital’s equipment financing differs slightly from the distinct financial products you may have seen offered by other providers. In this case, we use the term to refer to a wide range of small business loans designed explicitly for acquiring equipment. Our clients can procure all kinds of machinery they need for their organization without the burden of a massive upfront payment.
Who Can Apply for Small Business Loans in Nova Scotia?
Greenbox Capital’s clientele spans industries across the province. You will likely be eligible for our alternative funding if your business falls under any of these categories.
- Accounting Firms
- Attorneys
- Auto Dealers
- Auto Repair Shops
- Beauty Salons
- Cleaning Companies
- Construction Companies
- Convenience Stores
- Daycares
- Dental Practices
- Dry Cleaners
- Gas Stations
- Home Health
- Manufacturing
- Medical Practices
- Pharmacies
- Pool Construction
- Restaurants
- Retail Stores
- Security Services
- Staffing Services
- Veterinarians
What Types of Businesses Do We Support?
Our team understands that many businesses find it hard to access capital — not just because they operate in high-risk industries but because of certain long-standing systemic barriers. We are proud to offer loans that bring more diversity to Canadian entrepreneurship.
- Women-Owned Businesses: A recent report suggests that women-owned businesses across Canada have a much lower survival rate than those operated by men. Many of these issues stem from a lack of funding options. Our alternative loans are designed to change that statistic.
- Minority-Owned Businesses: A study from 2021 found that two-thirds of minority entrepreneurs struggled to secure as little as $10,000 to support their businesses. Our flexible and quick financing options help overcome these setbacks and ensure that minorities have the same chance at success.
- Veteran-Owned Businesses: Veterans must often overcome large gaps in professional experience when starting a business of their own. Our loans help ease the process of securing a loan for former members of the Canadian Armed Forces, offering the flexibility they sorely need to succeed.
How to Get a Business Loan in Nova Scotia
Whether you’re running a small business in Halifax or any other part of Nova Scotia, you can secure funding by following these steps:
- 1
Assess:
Identify why you need funding — for expansion, equipment, or working capital — to find the best fit.
- 2
Explore:
Review Greenbox Capital’s offerings to choose an option that aligns best with your needs.
- 3
Submit
Submit an application with all relevant documents, including three months of bank statements.
- 4
Select:
A funding advisor will contact you within an hour to discuss your application and help you discover your options.
- 5
Receive:
Once approved, funds can be disbursed within 24 hours. A repayment schedule will then be set to suit your cash flow.
Advantages of Business Funding with Greenbox Capital
Businesses from East Hants to West Hants, Halifax to Cape Breton have benefitted from our quick and low-cost funding options. Here are some advantages you can leverage when you apply for a business loan with Greenbox Capital:
- Relaxed Eligibility: Conventional lenders often look for excellent credit scores and impressive revenue streams before approving loans. At Greenbox Capital, we don’t rely solely on credit history. Instead, we consider many different criteria to help business owners of all backgrounds succeed.
- Quick Approvals: We understand that delayed access to funding is a major barrier to growth for small businesses in Nova Scotia. For this reason, we ensure that our loans are usually approved within a few hours, and that funds are often disbursed within 24 hours.
- Flexible Payments: Our Nova Scotia business loans are designed to have more repayment flexibility, which helps struggling entrepreneurs balance cash flow issues and deal with seasonal slowdowns. In fact, many of our loans come with weekly payouts, with discounts offered for early payoffs.
- Diverse options: It doesn’t matter whether your business is looking to secure capital to fund expansion plans, buy new equipment, or invest in tax-saving measures; you’ll find an option that’s suited to your purpose.
Success Stories from Nova Scotia Businesses
Don’t just take our word for it, though. Check out some examples of how our business loans in Nova Scotia have been put to use.
| Company/ Location | Loan Type | Amount Funded | Loan Duration | Loan Benefits |
|---|---|---|---|---|
| Beauty Salon, Halifax | Merchant cash advance | $25,000 | 10 months | Purchased new styling equipment and increased marketing budget. |
| Dentist Office, Cape Breton | Business line of credit | $13,500 | 9 months | Covered ongoing operational costs and added new treatment rooms. |
| Medical Practice, East Hants | Equipment Financing | $50,000 | 12 months | Acquired medical equipment to enhance patient care and streamline services |
| Restaurant, Lunenburg | Merchant cash advance | $10,000 | 8 months | Covered shortfall from emergency repairs to manage payroll |
Frequently Asked Questions about Nova Scotia Business Loans
How Do I Get Small Business Funding in Halifax?
To secure business financing in Halifax, submit an application on the Greenbox Capital website. Our funding advisors will guide you through the various options at your disposal and help you find one that’s tailored to your business’s needs.
Can I Get a Loan for My Business in Nova Scotia?
Yes. Greenbox Capital offers funding for small businesses across Nova Scotia, including lines of credit, equipment financing, cash advances, and collateral loans. Our options are flexible and accessible for businesses with poor credit.
Can I Get a Bad Credit Business Loan in Cape Breton?
Yes. We offer various financing solutions to entrepreneurs across Cape Breton, including business cash advances, equipment loans, and more. Our easy application process and quick approvals help businesses with poor credit secure funding in a day.
How Do I Request a Business Loan in Halifax?
To secure a business loan in Halifax, submit an application on our website along with relevant documents, including three months’ bank statements. A funding advisor will contact you within a couple of hours to discuss your options.
How Fast Can I Get a Business Loan in Nova Scotia?
With Greenbox Capital, you can receive a small business loan in Nova Scotia in as little as one business day following approval. Our streamlined and comprehensive process ensures fast turnarounds so you can focus on growing your business without delay.
Where To Get Small Business Loans In Nova Scotia
- Halifax
- Cape Breton
- Lunenburg
- East Hants
- West Hants
- Truro
- Chester
- Amherst
- New Glasgow
- Bridgewater
- Yarmouth
- Kentville
- Antigonish
- Stellarton
- Wolfville
- Westville
- Port Hawkesbury
- Pictou
- Berwick
- Trenton
- Lunenburg
- Digby
- Middleton
- Shelburne
- Stewiacke
- Oxford
