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Lender
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BDC's application

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How to apply

Now, what do you need to apply for a loan from BDC? There are certain documents you will have to prepare:

  • Your ID

  • Your bank account information

  • Your business bank account information

  • The financial statements or income tax returns

  • A void cheque from the business bank account

For more significant loan amounts, it is worth preparing financial projections. They can be in the form of a monthly cash flow forecast for the remainder of the current year and the following 12 months.

Like any bank, BDC aims to reduce the risk of lending money to your company. So, in some instances, apart from analyzing the financial strength of your business, they will also look at:

  • The assets you have to secure your loan

  • Your background

  • The background of your management team

  • The industry your business works in

Application details

BDC doesn’t specify the timeframe for a business loan application approval. As stated in their small business loan FAQ, the timeframe will depend on such factors as:

  • The number of loan requests they receive

  • How quickly do you provide them with all the necessary information

In general, they say they process loan requests as quickly as possible.

On their website, BDC specifies the ineligible activities they do not provide loans for:

  • Businesses that are sexually exploitive or inconsistent with generally accepted community standards of conduct and propriety

  • Companies trading in countries proscribed by the federal government

Businesses carrying out such ineligible activities will get a loan refusal.

Requesting a loan from BDC online is pretty simple. First, click the “Apply now” button on the page describing the financing type you are looking for. Or, you can click the “Request a business loan” on the “Contact us page.”

After that, you will need to provide the following information:

  • How long your business has been in operation

  • How much you are looking to borrow

  • Your first name

  • Your last name

  • Your email

  • Your business phone number

  • How did you hear about BDC

  • Your company name

  • Business type

  • Industry

  • Company foundation year

  • Number of employees

  • Annual sales

  • City

  • Postal code

  • Province

  • Country

  • Why do you need these funds

  • Information about your project and how will you use the loan

FAQ

How long does it take to get approved by BDC?

On their website, BDC says they will process your loan request as quickly as possible. Still, factors such as their workload and how quickly you provide all the necessary information will influence the loan processing time.

How trustworthy is BDC?

Being around for over 75 years, the Business Development Bank of Canada has gained the trust of 72,000 entrepreneurs. The sole BDC shareholder is the Government of Canada.

BDC partners with other financial institutions to offer the best financing solution for Canadian entrepreneurs. The company has 123 business centers located across Canada.

Does BDC verify income?

The BDC team carries out a thorough analysis of each loan request. To determine whether you qualify for the requested type of financing, BDC will ask you to provide the financial statements. In some instances, information on your income tax returns will be enough.

Does BDC hurt your credit score?

Your credit score has an impact on the loan conditions a lender will offer to you. The higher your credit score, the lower the interest rate you will get, and the larger the sum you can borrow.

Getting financing from BDC won’t hurt your credit score unless you fail to pay it back on time. Moreover, timely loan repayment is a great way to improve your credit ranking.

Calculate loan payments in BDC

BDC calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

CAD
CAD
USD
10000 $
500000 $
Loan term
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Specify the loan term for the calculation

months
days
6
60

What to pay attention to when applying for a loan from BDC

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes BDC from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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