Business Loans in Manitoba
Discover the best alternative business loans in Manitoba for your SME and kickstart your growth journey.
Securing a business loan in Manitoba without hefty interest rates or complex underwriting is a game-changer for any Small and Medium-sized Enterprise (SME). With the right funding, you can achieve various goals — from purchasing new equipment to investing in marketing or scaling your operations. However, the real challenge lies in finding the right small business loan in Manitoba.
Your best option is to explore alternative small business funding solutions tailored specifically to SMEs. Let’s dive deeper into these options in today’s article.
How Do You Finance a Small Business in Manitoba?
Whether you’re starting a business for the first time or the tenth, it’s important to note that banks are often reluctant to lend to ventures without an established credit history. For first-time entrepreneurs, a lack of experience can also make you a higher-risk investment for traditional lenders.
Meeting the strict loan approval criteria set by traditional banks can be challenging, especially when it comes to providing loan-appropriate collateral.
The high interest rates associated with bank loans can also make them an expensive option for small businesses.
In summary, securing funding for small businesses in Manitoba comes with significant challenges, which is why obtaining a traditional loan may not always be feasible.
So, how do you finance a small business in Manitoba if the most common options aren’t accessible to you?
Fortunately, there are other ways to finance your small business.
Online loans, Non-Banking Financial Institutions (NBFCs), government-backed financing programs, and crowd-based funding sources — such as crowdfunding or peer-to-peer lending — are often more accessible alternatives.
As a small business owner, you can finance your venture with:
Small Business Loans
If you need capital to grow your SME, you’ll likely apply for a short-term business loan for a smaller amount. However, traditional financing institutions often deny loans for small businesses due to their strict requirements.
Instead of relying on banks, consider an alternative lender like Greenbox Capital.
We offer small business loans ranging from $3,000 to $500,000. These loans use a factor rate applied to the principal loan amount, which is determined based on a risk evaluation. Better cash flow means a lower factor rate. Unlike traditional bank loans, you won’t need to pay a high interest rate.
Alternative financing is highly versatile, offering various loan types depending on your financial needs.
Equipment loans
Business loans can be used for equipment financing in Manitoba. These funds allow you to purchase machinery and other equipment to optimize and streamline your company’s operational processes.
Covering Working Capital Costs
Online small business funding can help your company navigate financial challenges. If you’re low on credit and need immediate cash to handle seasonal sales, a loan can provide the working capital needed to bridge the gap.
Merchant Cash Advances
Merchant Cash Advances (MCAs) provide a lump sum of funding, which is repaid through a fixed percentage of future credit card sales. Payments adjust automatically based on your sales, so you pay more during high-revenue months and less during slower periods. Unlike traditional loans, our MCAs come with flexible payment options and no fixed term.
If you’re an SME with a low credit score and no collateral, and you need fast funding, MCAs are designed for you. With our services, your MCA can be deposited in your account within just a few hours.
MCAs are also a great option for businesses that process high volumes of credit and debit card transactions or require smaller loan amounts.
Business Line of Credit
A business line of credit provides access to funding without the constraints of a fixed-term loan. You can withdraw as much as you need, as often as necessary, as long as you stay within your credit limit. This flexibility makes a business line of credit an excellent alternative financing option for SMEs.
Collateral Loans
Collateral loans allow you to secure funding against any commercial real estate you own. Because they are secured, collateral loans often let you borrow more than other options like MCAs, equipment loans, or business lines of credit.
We offer up to $250,000 in collateral loans, with several benefits:
- Funds can be used for any business-related purpose without restrictions.
- You don’t need to use your primary residence as collateral; commercial real estate is sufficient.
Bad Credit Business Loans
Also known as low-credit small business funding, these loans are designed for businesses with low credit scores. However, bad credit business loans often have higher interest rates compared to other types of lending.
Bad credit business loans can take various forms, including Merchant Cash Advances, collateral loans, P2P funding, and grants. Choose the option that best suits your needs, considering the associated costs of each type.
Industries Eligible for Business Funding in Manitoba
We specialize in serving high-risk SMEs. Find the list of industries that can apply for a loan below:
- Accounting Firms
- Auto Repair Shops
- Auto Dealers
- Beauty Salons
- Cleaning Businesses
- Construction Companies
- Convenience Stores
- Daycares
- Dry Cleaners
- Dental Practitioners
- Gas Stations
- Home Healthcare Agencies
- Lawyers
- Manufacturing
- Medical Practitioners
- Pharmacies
- Pool Construction Companies
- Restaurants
- Retail Stores
- Security Services
- Staffing Services
- Veterinarians
Business Types That Can Apply for Business Loans in Manitoba
In addition to supporting high-risk industries, our SME loans are tailored to serve the following types of small businesses:
- Low Credit Businesses: Businesses with low credit scores can still qualify for a Manitoba business loan based on their cash flow, current status, and growth potential.
- Minority-Owned Businesses: Minority-owned businesses can benefit from flexible, fast, and hassle-free approvals.
- Women-Owned Businesses: Women-owned businesses can secure up to $500,000 in funding to support their growth.
- Veteran-Owned Business: Veteran-owned businesses can receive online small business loan approvals within 24 hours.
- Brokers: Brokers can partner with us to earn commissions on sales and stand out from the competition through our supported by our dedicated service to fast approvals and flexible funding options.
How to Get A Business Loan in Manitoba
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
Raise a Request
Submit your bank statements for the past three months along with your application to initiate the process.
- 2
Finalize Your Funding
A dedicated funding advisor will contact you to discuss your business requirements. Based on factors like your cash flow, credit history, and industry, they will recommend the best loan option for your needs.
- 3
Secure Your Repayment
Link the credit or debit cards used for your business transactions to enable automatic deduction of the factor rate from your bank account.
Once your request is approved, funding will be deposited into your account within 24 hours.
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.
Minimum Requirements for Business Funding in Manitoba
| Minimum Revenue | $10,000 / month |
| Length in Business | 5 months or more |
| Ownership % | Minimum of 51% Ownership |
| Personal Credit | US FICO 400+ |
Benefits of Small Business Loans in Manitoba with Greenbox Capital
We are an online alternative financing option for SME owners in Manitoba. Whether your business is in Winnipeg, Brandon, Steinbach, Springfield, Winkler, or Thompson, you can get access to small business loans and business cash advance options tailored to your needs:
- Small loans with no fixed terms
- Approvals within 24 hours
- Affordable factor rates compared to high-interest bank loans
- Loan options available regardless of your credit score
- A dedicated funding advisor for personalized guidance
Get started on growing your small business with Greenbox Capital today!
Case Studies of Business Funding across Manitoba
| Company/ Location | Loan Type | Funded | Loan Term | Loan Benefits |
|---|---|---|---|---|
| Medical Facility, Winnipeg | Small Business Equipment Financing | $45,000 | 12 months | The business used the loan amount to purchase brand new Electrocardiogram (ECG) Machines and defibrillators. |
| Restaurant Business, Brandon | Merchant Cash Advance | $30,000 | 6 months | The business used the loan amount to maintain cash flow during lean months. |
| Digital Marketing Agency, Steinbach | Invoice Factoring | $65,000 | 12 months | The agency used the loan amount to fund its operational costs for 3 months. |
| Dental Practices, Springfield | Business Line of Credit | $40,000 | 9 months | The business used the loan amount to stock up on new dentist chairs for the facility. |
FAQ about Manitoba Small Business Loans
How to get small business funding in Manitoba?
You can opt for alternative funding by availing of online loans from us.
Can I get a loan for my business in Winnipeg?
Yes, you can. Fill out your application on our website or get in touch with the team to explore your options.
Can I get a bad credit business loan in Brandon?
That depends. We offer loans to SMEs based on their cash flow and potential, even for low-credit holders. If you tick the right boxes, you may be eligible for one.
How do I request a business loan in Steinbach?
Click here to apply for a business loan in Steinbach with us today.
How fast can I get a business loan in Manitoba?
While banks and other institutions can take days to process a loan request, you get your funding within 24 hours of applying on our website.
Where to Get Business Funding in Manitoba
- Brandon
- Steinbach
- Springfield
- Winkler
- Thompson
- Taché
- Portage la Prairie
- St. Andrews
- St. Clements
- Selkirk
- Dauphin
- Morden
- Flin Flon
- The Pas
- Stonewall
- Neepawa
- Altona
- Niverville
- Swan River
- Oakbank
- Morris
- Beausejour
- Ste Anne
- Gillam
