Business loans in British Columbia
Vancouver, Surrey, Victoria, Kelowna and the Interior: BC businesses in hospitality, construction, transport and services use the same core funding products as the rest of Canada.
No fee and no credit pull to start. Most applicants hear from us the same business day, often within minutes.
Local economy
How British Columbia businesses earn
British Columbia's economy follows its geography. Vancouver is a Pacific gateway with a large port, a film and television production industry, technology firms and a busy tourism trade. The Fraser Valley is dairy, poultry and berry country, and the Okanagan is known for orchards, wineries and summer visitors. Forestry and wood products still anchor many interior and coastal towns, the northeast produces natural gas, and mining runs through the Kootenays and the north. Real estate and construction are a constant presence across the Lower Mainland and Vancouver Island, where housing demand keeps trades and suppliers stretched.
Tax accounts lenders check
British Columbia charges the federal GST at 5% (CRA) plus a separate Provincial Sales Tax (PST) at a general rate of 7%, administered by the BC Ministry of Finance. Lenders may look for both GST and PST remittances, and payroll source deductions, in good standing.
What fits
Common funding choices in British Columbia
- Working capital for seasonal businesses, especially tourism and hospitality.
- Equipment financing for construction, forestry-related trades, trucks and kitchens.
- Lines of credit for contractors that pay for materials before they are paid.
- Term loans for build-outs and expansion.
Industries we hear from
- Construction (all trades): Lower Mainland builders juggle holdbacks and long payment cycles. A line of credit covers payroll and materials between draws, and equipment financing handles excavators and lifts.
- Agriculture: Fraser Valley and Okanagan growers spend heavily before harvest. Equipment financing for tractors and sprayers, or a seasonal line of credit, lets payments follow the crop rather than the calendar.
- Hotels & motels: Resort-town lodging in Whistler, the Okanagan and on the Island runs on peak seasons. Working capital or equipment financing for renovations can be timed around those busy months.
Paperwork
Local paperwork
- Business registered with BC Registries (or federally incorporated)
- WorkSafeBC coverage if your industry requires it: some construction lenders ask for a clearance letter
- GST (CRA) and PST (BC) accounts in good standing
Public help
Free public help in British Columbia
- BC government small business resources: the provincial hub for starting, growing and financing a small business.
- PacifiCan: the federal development agency for British Columbia.
- CSBFP: federal loans offered through participating lenders.
No affiliation implied.
FAQ
British Columbia business funding questions
Do lenders ask about WorkSafeBC?
Construction and trades businesses are sometimes asked for a WorkSafeBC clearance letter showing their account is in good standing. General contractors often need it from you anyway before paying invoices, so keeping it current helps with both.
We collect PST as well as GST. Does that come up?
It can. BC businesses remit PST to the province and GST to the CRA. Lenders reviewing your bank statements may look for regular remittances, and arrears on either can slow a file. Mention any payment arrangement up front.
I run a tourism business on Vancouver Island. Is seasonality a problem?
Not by itself. Lenders read the most recent six months of business bank statements, so a quiet winter shows clearly. Applying when those months reflect your real pattern, and explaining the season, gives them a fair picture.
Where do I confirm my company registration?
BC companies are registered through BC Registries. Lenders want to see that the business is active and in good standing, and that the bank account used for deposits is in the company's legal name. Keeping the registration address and bank details consistent avoids questions later.
Apply in two minutes, talk to a person, then pick an offer or walk away. Minimums across our network*: 1 year, $20,000 monthly deposits, 500 credit. How it works. *Not guaranteed.
Canadian law
The federal 35% interest rate cap
Since January 1, 2025, Canada's Criminal Code sets the criminal interest rate at an annual percentage rate above 35% on the credit advanced (section 347). "Interest" there includes fees, commissions and penalties tied to the loan, not only the stated rate.
Some business loans are exempt under the Criminal Interest Rate Regulations (SOR/2024-114), only when the borrower is not an individual and the money is for a business or commercial purpose:
- More than $500,000 advanced: the section 347 cap does not apply.
- More than $10,000 and up to $500,000: exempt only if the APR is 48% or less.
- $10,000 or less: the 35% cap applies.
Ask any lender for the APR in writing before you sign. Sources: Criminal Code, s. 347 and SOR/2024-114 (Justice Canada). General information, not legal advice.
British Columbia: see what you qualify for
One application, several lenders, no cost to you.