What is lendflo and how does it work?
lendflo is a Canadian business financing broker. You complete one free application, lendflo matches it with its network of lenders, and you receive offers, usually with a fast decision. The service is free for business owners, because lenders pay lendflo, not you.
Frequently Asked Questions
Small Business Financing Canada
Everything you need to know about SMB financing through lendflo — process, eligibility, rates, available products, and timelines.
Your questions, answered.
We’re here to simplify your business financing journey, so you can feel confident every step of the way.
lendflo is an independent Canadian business financing broker. We connect Canadian SMBs to 50+ lending partners to find the best financing for their profile. We're not a lender — we're your partner for navigating the business financing market.
Yes. lendflo is completely free for borrowers. Partner lenders pay lendflo when a loan is funded. There are no broker fees, no application fees, and no hidden costs for entrepreneurs. The application takes 5 minutes.
lendflo is available in all Canadian provinces and territories — Ontario, Quebec, British Columbia, Alberta, Manitoba, Saskatchewan, Nova Scotia, New Brunswick, PEI, Newfoundland & Labrador, and the territories.
Yes. lendflo provides full service in French and English. All applications, communications, and documents are available in both of Canada's official languages.
To qualify, you generally need: a Canadian-registered business, 6+ months in business, $10,000+/month in revenue, a Canadian business bank account, a 550+ credit score, and to be an owner or director of the business.
Not necessarily. lendflo works with lending partners who accept imperfect credit profiles. Some lenders specialize in businesses with credit below 550. Revenue, business age, and assets can offset a poor credit score.
Businesses with less than 6 months in operation have limited options through lendflo. For early-stage startups, we recommend exploring BDC Young Entrepreneurs, Futurpreneur Canada, or provincial accelerators before commercial financing.
lendflo finances most legal industries in Canada: manufacturing, restaurants, construction, retail, technology, transport, commercial agriculture, professional services, and more. Exceptions include some regulated sectors (cannabis, crypto in some cases) and illegal activities.
Most applications receive a decision shortly after submitting a complete application. Funding is typically available shortly after approval, depending on the lender and chosen product.
For most products, lendflo needs: 3 to 6 months of business bank statements, valid ID, your Canadian business number (BN or NEQ), and for larger amounts, recent financial statements or a business tax return.
Yes. lendflo submits your file to multiple relevant partner lenders simultaneously. This maximizes your approval odds and lets you compare received offers. Only one soft credit inquiry is made on your credit.
Through lendflo, Canadian businesses can borrow from $5,000 to $2 million depending on the product: term loans ($25K–$2M), equipment financing ($10K–$500K), working capital ($5K–$250K), purchase order financing ($10K–$500K). The exact amount depends on your revenue, credit, and assets.
lendflo provides access to: term loans, equipment financing, working capital, purchase order financing, asset-based financing, and business lines of credit. Terms vary by lender and your profile.
Rates vary by lender, product, and borrower profile. lendflo cannot guarantee a specific rate before analyzing your file. In general, rates are competitive with the Canadian alternative lending market. The application is free and non-binding.
Yes. Refinancing often replaces merchant cash advances or several short-term debts with one fixed payment. Through lendflo’s lenders, these requests typically fall between $50K and $300K, depending on revenue, time in business and credit. Before accepting, compare the new loan’s total cost with what you pay today.
Yes. lendflo arranges business financing in every Canadian province and territory, because the application and the advisor call are done online or by phone. Pages for Whitehorse (Yukon) and Yellowknife (Northwest Territories) show the amounts and timelines that apply there.
Yes. According to BDC, its Inclusive Entrepreneurship Loan offers up to $350,000 to businesses at least 51% owned and led by women, Indigenous or Black entrepreneurs. NACCA represents more than 50 Indigenous Financial Institutions lending to First Nations, Métis and Inuit businesses. lendflo does not run these programs; confirm current terms on their pages.
You apply to a bank, credit union or online lender, which sets a limit you can draw on, repay and draw on again, paying interest only on what you use. Lenders look at revenue, time in business and credit. lendflo can show term loan and line of credit offers side by side.
A term loan pays out a lump sum that you repay on a fixed schedule, so payments are predictable. A line of credit is revolving: you draw what you need up to a limit and pay interest only on the balance. Term loans suit one-time purchases such as equipment or expansion; lines of credit suit ongoing swings in cash flow.
It is harder, and lenders vary. Most lenders in lendflo’s network want at least 6 months in business and about $10,000 in monthly revenue, so a business with no revenue yet usually does not qualify there. Futurpreneur Canada says it offers startup financing up to $75,000 for young entrepreneurs in business up to 24 months.
It depends on the lender. Banks typically look for two or more years in business, strong revenue and good credit, and often ask for security. Alternative lenders are more flexible and often approve businesses with 6 months of history. Through lendflo, credit scores from 500 are considered and applying is free, so you can compare offers before you commit.
Often, yes, especially for businesses under three years old, because lenders look at the owner’s personal credit as well as the business’s. Whether a personal guarantee is required depends on the lender and the product. Ask each lender before you sign, and read the offer for any guarantee or security clause.
A business loan broker does not lend its own money. It compares offers from several lenders for you and is usually paid by the lender when a loan funds. lendflo works this way: free for business owners, paid by lenders. Ask any broker how it is paid, and compare total repayment.
lendflo focuses on term loans, equipment financing and working capital rather than commercial mortgages. If you are buying a building or land, ask a bank or credit union about a commercial mortgage. lendflo can still help with the equipment, renovations and working capital around the purchase.
There is no single rate. It depends on the lender, the product, your time in business, revenue and credit. Bank loans usually cost less than alternative financing, which charges more for speed and flexibility. Compare the total cost of borrowing rather than the headline rate, and watch the Bank of Canada’s policy rate, which sets the direction of borrowing costs.
Money you borrow and must repay is generally not business income. According to the Canada Revenue Agency, interest on money borrowed for business purposes is generally deductible, but the principal part of each payment is not. Rules differ for vehicles, personal borrowing and capitalized interest, so confirm your situation with an accountant.
Some programs exist, but most are aimed at a specific purpose, sector, region or type of owner, and many are loans or loan guarantees rather than grants. The Government of Canada’s business grants and financing page lets you search what applies to you. lendflo does not run grant programs; confirm eligibility and deadlines with each program.
The Business Development Bank of Canada (BDC) is a federal Crown corporation that lends to and advises Canadian entrepreneurs; it is not a chartered bank. Approval times depend on the product, so check bdc.ca for current details. lendflo is a broker, not a lender, and can show you other offers to compare.
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Types of business financing in Canada
The main options, and what each one is for.
- Term loan — a lump sum repaid on a fixed schedule, for planned investments.
- Equipment financing — a loan or lease where the equipment is the security.
- Working capital — short-term funding for payroll, inventory and bills, based on revenue.
- Line of credit — a revolving limit where you pay interest only on what you use.
- Revenue-based financing — repayments rise and fall with your monthly revenue.
- Invoice financing — borrowing against unpaid customer invoices.
- Asset-based financing — borrowing against equipment, receivables or inventory.
- Merchant cash advance — a lump sum repaid from card sales plus a fixed fee.
Terms explained
What is a soft credit check?
A soft credit check, or soft inquiry, lets a lender look at your credit file without affecting your credit score. A hard inquiry, usually made when you proceed with a lender’s final application, can lower the score slightly. lendflo’s initial review uses a soft check.
See in the glossaryWhat is a business term loan?
A business term loan is a lump sum that you repay with interest over a fixed period, usually in regular monthly payments. It suits planned, one-time investments such as expansion or hiring. Through lendflo, term loans run from $25,000 to $2,000,000, with repayment terms of up to 60 months.
See in the glossaryWhat is the total cost of borrowing?
The total cost of borrowing is everything you pay on top of the amount you borrow, including interest and fees. The annual percentage rate (APR) expresses that cost as a yearly percentage so offers can be compared. Always compare the total amount repaid, not only the interest rate.
See in the glossary