Business loans in Newfoundland and Labrador
St. John's, Mount Pearl, Corner Brook and Labrador: businesses here deal with distance, weather and seasonal work, and use the same core funding products as the rest of Canada.
A referral service, free for owners. We usually call the same business day, often within minutes of your application.
Local pages in Newfoundland and Labrador
- St. John's
- Conception Bay South, Mount Pearl, Paradise, Corner Brook, Grand Falls-Windsor and Happy Valley-Goose Bay, and everywhere else
Local economy
The Newfoundland and Labrador business landscape
Newfoundland and Labrador's economy is shaped by the North Atlantic. The fishery, now centred on shellfish such as snow crab and shrimp, remains vital to outport communities. Offshore oil platforms on the Grand Banks support a supply and service industry based around St. John's. Labrador has major iron ore mines near Labrador City and Wabush, nickel at Voisey's Bay, and large hydroelectric developments on the Churchill River. Tourism draws visitors to Gros Morne, icebergs and whale watching each summer, and St. John's is the commercial, government and university centre for the province.
Sales tax: what lenders see
Newfoundland and Labrador uses the Harmonized Sales Tax (HST) at 15%, administered by the CRA. Lenders often look for HST remittances and payroll source deductions in good standing.
What fits
Products that match how Newfoundland and Labrador works
- Invoice factoring for service firms billing offshore and mining operators.
- Equipment financing for boats, trucks and heavy equipment.
- Lines of credit for fishing and tourism businesses between seasons.
By industry
- Hotels & motels: Inns and lodges near Gros Morne and along the coast earn most of their revenue in a short summer. Working capital or renovation financing can be timed to that season.
- Trucking: Carriers hauling freight across the island and to Labrador face long routes and slow-paying customers. Invoice factoring releases cash, and equipment financing covers tractors and trailers.
- Construction (all trades): St. John's contractors serving residential, commercial and industrial clients wait on progress payments. A line of credit smooths those gaps, with equipment financing for heavy machinery.
Paperwork
Local paperwork
- Business registered with the provincial Registry of Companies (or federally incorporated)
- WorkplaceNL coverage if your industry requires it
- HST account in good standing with the CRA
Public help
Government and non-profit support in Newfoundland and Labrador
- Industry, Energy and Technology (Government of Newfoundland and Labrador): the provincial department responsible for business programs and economic development.
- WorkplaceNL: the provincial workers' compensation body where employers register and obtain clearances.
- CSBFP: the federal loan program run through banks and credit unions.
No affiliation implied.
FAQ
Newfoundland and Labrador business funding questions
Does it matter if my business is outside St. John's?
No. Businesses in Corner Brook, Gander, Labrador City and the outports can apply the same way. Lenders focus on business bank deposits, time in business and credit rather than location. Have a separate business bank account and the most recent six months of statements ready.
Do lenders check HST here?
Newfoundland and Labrador uses the Harmonized Sales Tax, remitted to the CRA. Lenders may look for regular HST and payroll remittances in your bank statements. Any CRA arrears or payment arrangements are best raised early.
We service the offshore and mining sectors. Are our long invoice terms a problem?
They are common in those industries. Invoice factoring and lines of credit are often used where large clients pay on long terms. Lenders will want to see the invoices, the customers and six months of bank statements.
Will a lender ask for WorkplaceNL clearance?
Contractors are sometimes asked for proof their WorkplaceNL account is in good standing. Larger customers often require the same clearance before paying, so keeping it current simplifies both. Request a current letter before applying so it is ready.
Apply in two minutes, talk to a person, then pick an offer or walk away. Typical floor* in our network: a year of history, $20K monthly deposits, a 500 score. How it works. *Not guaranteed.
Apply once for Newfoundland and Labrador funding
One application, several lenders, no cost to you.