Q: Can I apply for a loan of more than $100,000?

Yes. We offer a variety of business financing solutions .

Question 1

How much can I ask for?

Accepted Answer

You can ask for up to $100,000 for a BDC small business loan. The amount approved will be based on our analysis of your request.

Question 2

How do you calculate the interest rate and is it the same rate for all clients?

Accepted Answer

We calculate the interest rate on our small business loan as follows:

Current floating base rate + variance based on your personal and business information = interest rate

As a result, the interest rate varies by client.

Question 3

How long is the repayment period?

Accepted Answer

Loans are repaid over 60 months. For the first 6 months, only the interest portion of the loan is due, as principal payments are postponed. Starting on the 7^th month, the loan is repaid in 60 monthly payments.

Question 4

Are there any fees for applying for a loan?

Accepted Answer

There is no fee to apply for a BDC small business loan. If your request is approved and you accept the loan offer, standard BDC administration fees and an annual loan management fee of $150 will apply. If any amendments must be made in connection to the loan, a transaction fee of $150 per amendment will also apply.

Question 5

Can I apply for a loan of more than $100,000?

Accepted Answer

Yes. We offer a variety of business financing solutions.

Question 6

How long does it take to get a loan?

Accepted Answer

This depends on a number of factors, including how many loan requests we receive and how quickly you provide us all the necessary information. Rest assured that we will process your loan request as quickly as possible.

Question 7

Am I guaranteed to be approved for this loan?

Accepted Answer

No. Applicants must first meet BDC’s eligibility criteria to apply for a loan. The submitted loan request must then pass BDC’s due diligence review to receive a loan offer. The online loan application form walks you through these steps.

BDC's main eligibility criteria are:

Canadian-based business that has operating revenues for at least 24 months 
Company’s shareholders must have reached the age of maturity and have a good credit history

Question 8

I was declined a BDC loan in the past. How long do I have to wait before I can reapply for a loan?

Accepted Answer

We always inform you if your financing request has been declined or if we require additional information. Unfortunately, it is impossible for us to give a precise estimation of the time required before submitting a new application.

Question 9

One of the company shareholders does not live in Canada. Can I still apply for a loan?

Accepted Answer

Yes. However, if the shareholder owns 25% of more of the company’s shares, you won’t be eligible to apply for a loan online.

Before filling out the online loan application form, please call us for assistance at 1-800-974-0005 (ET), weekdays from 7:30 a.m. to 8 p.m.

Question 10

One of the company shareholders or directors has a criminal record. Can I still apply for a loan?

Accepted Answer

Yes. During our verification process, we will be able to determine if the criminal record impacts the company’s eligibility for a loan. Note that this process is anonymous; we do not notify the other shareholders if a criminal record impacts the loan decision.

Question 11

Is the loan application a one-step process?

Accepted Answer

No. At various points of the application process you will need to log into your Client Space account to:

Upload or provide certain business or personal information
Provide consents from your business partners, if any
Accept the loan offer and sign all related documents, if the business qualifies for the loan

Question 12

What type of information will I need to complete the online loan application form?

Accepted Answer

You will need to have the following information on hand:

Business information:

Complete and up-to-date business information as listed in your business registry (having a copy of your up-to-date business registry may be helpful)
Names, email addresses, home address and mobile phone numbers for the company’s president, members of the board of directors, and shareholders
Business void cheque

Personal information:

1 piece of government-issued photo ID

The online application form specifies the type of information that will be requested in each section. It also lets you save your work at various points in case you need to obtain certain details and return later to complete the form.

Question 13

I’m not computer literate. What should I do?

Accepted Answer

Get help from a trusted individual and take your time. You don’t need to complete the online loan application form in one sitting. At various points, the form lets you save your answers so that you can return later, if needed.

Our team is also here to help at 1-800-974-0005, weekdays from 7:30 a.m. to 8 p.m. (ET).

Question 14

I’m not fluent in English or French. What should I do?

Accepted Answer

All BDC communications are in English or French. However, you can designate someone to communicate with us on your behalf by granting him/her limited, intermediate or unlimited* access your loan request. Only the company’s majority shareholder can grant this access, as follows:

By phone

Majority shareholder must call us at 1-800-974-0005, weekdays from 7:30 a.m. to 8:00 p.m. (ET).

*Note: Unlimited access can only be granted by phone.

OR

Via Client Space (for businesses that currently have an active BDC loan)**

Majority shareholder must log into their Client Space account and:
- Click on the company name
- Under the business information tab, click on User access settings
- Click on “add user” and enter the person’s full name, business phone, email address and the level of access being granted

The designated individual will receive an automatic email containing an activation code to create their own Client Space access. After doing so, he or she will be able to access the loan information 24/7 by logging into Client Space.

**Note: If you are already in the process of applying for a BDC loan, the majority stakeholder must call us to grant access.

Question 15

Does anyone need to provide their consent to apply for a loan?

Accepted Answer

Yes. The following individuals must provide their consent:

Individuals who have to guarantee the loan:

All shareholders owning 25% or more of the business

One person from the Board of Directors as a signatory of the loan agreement:

In Quebec: President of the Board of Directors
Rest of Canada: a member of the Board of Directors, designated by BDC

Question 16

Do I need to create a BDC Client Space account to apply for a loan online?

Accepted Answer

Yes. A Client Space account is required to complete the online loan request process. If your loan is approved and accepted, you will be able to manage the loan directly from your Client Space account 24/7.

Creating a Client Space account is easy. The application form walks you step-by-step through the process.

Question 17

Do I need a cell phone to apply for a loan online?

Accepted Answer

Yes. Our secure online loan application process uses two-factor authentication to keep your business and personal information safe. This requires us to send you a verification code by text message. Note that two people from the same company can’t use the same mobile phone number or email address to create their Client Space accounts.

Question 18

Do I need a copy of my business registry to apply for a loan?

Accepted Answer

Not necessarily, although you do need to enter the same information that’s listed in your business registry. If you don’t remember this information, having a copy of your business registry on hand will be helpful.

Question 19

Who gets a credit check when I apply for the loan?

Accepted Answer

All owners of 25% or more of the business
Members of the board of directors

Question 20

Do I need a copy of my personal credit report to apply for a loan?

Accepted Answer

No. However, it may be useful to have it on hand to consult your complete credit information.

Note that your credit file is managed by a third-party company. BDC will not be able to provide any support regarding any questions and answers that will be asked to identify you during the loan application process.

Question 21

Where can I get my credit report?

Accepted Answer

You can get your credit report on the TransUnion website.

Question 22

The information in my credit report is inaccurate. What should I do?

Accepted Answer

Contact TransUnion immediately to correct the error. Your credit report must be up to date to complete the digital ID verification section of the loan request.

Question 23

What is Client Space?

Accepted Answer

Client Space is the online platform we use to provide BDC clients personalized and secure 24/7 access to their account. Access is protected by a unique username and password.

In Client Space, you can:

Apply for a BDC loan and track its progress
Manage your BDC loans
Share access with others to facilitate administrative tasks, and control who can see what

You must have a Client Space account to apply for a loan online. Creating an account is easy; the application form will walk you step-by-step through the process.

Question 24

I already have a Client Space account, but I don’t remember my password. What should I do?

Accepted Answer

If you have registered your cell phone number in Client Space, you only have to:

If you haven’t registered your cell phone number, please call us at 1-800-974-0005, weekdays from 7:30 a.m. to 8 p.m. (ET).

Question 25

Do the other business directors and shareholders need to create a Client Space account to apply for the loan?

Accepted Answer

Yes. Later in the loan application process, we will send these individuals an email asking them to create their own individual Client Space account to consent to the loan request.

Note: These individuals should regularly check their spam folder as sometimes these emails are inadvertently directed to this folder.

Question 26

Will the company’s directors and shareholders be able to see my personal information and tasks in their Client Space accounts?

Accepted Answer

No. They can only view the company’s information. Exactly how much information they see depends on the access level you grant them while completing the online loan application form.

Question 27

Can two people from the same company use the same mobile phone number or email address to create their own Client Space accounts?

Accepted Answer

No. To complete the loan request, the required individuals will need to log into their own dedicated Client Space.

For security purposes, we use two-factor authentication for creating new Client Space accounts. This means that each individual must have a separate email address and mobile phone number able to receive text messages.

Question 28

When creating my Client Space account, I received 2 activation codes on my mobile phone. What should I do?

Accepted Answer

Use the more recent one.

Question 29

Where can I find my tasks in Client Space?

Accepted Answer

To find your tasks in Client Space:

Question 30

Where can I see the status of my loan request in Client Space?

Accepted Answer

To view the status of your loan request in Client Space:

Question 31

The address lookup tool in the loan application form isn’t working. What should I do?

Accepted Answer

If the tool is unable to find an address, call us at 1-800-974-0005, weekdays from 7:30 a.m. to 8 p.m. (ET) for assistance.

Question 32

What is a business registry?

Accepted Answer

A business registry is an official record detailing the company’s legal and ownership structure. The first step in starting a company is registering the business with the applicable provincial or territorial government.

Question 33

Where can I find my business registry?

Accepted Answer

You can obtain or order your business registry on:

Alberta: Service Alberta

British Columbia: BC Registry Services or Online Services

Prince Edward Island: Corporate Registry

Manitoba: Companies Office online services

New Brunswick: Corporate Registry

Newfoundland and Labrador: Registry of Companies - Companies and Deeds Online

Northwest Territories: Corporate Registries

Nova Scotia: Nova Scotia's online services for business

Nunavut: Corporate Registries

Ontario: Ontario Business Registry

Quebec: Enterprise Register

Saskatchewan: Saskatchewan Corporate Registry

Yukon: Yukon Corporate Online Registry

Question 34

My business registry is not up to date. What should I do?

Accepted Answer

Update your business registry before applying for a BDC loan. Otherwise, your loan request may be delayed or refused.

Question 35

The company has many shareholders. Do I have to enter all of their names?

Accepted Answer

Yes. We need to know the company’s full ownership structure to process your request. We require the information that appears in your business registry.

Question 36

How do I enter a shareholder’s percentage of ownership in the company if it’s not a round number?

Accepted Answer

Round the percentage up to the nearest whole number.

Question 37

How do I upload a company cheque specimen?

Accepted Answer

When prompted by the online application form to upload a company cheque specimen, simply click on the “Upload” button and select the company cheque specimen you have on file.

The uploaded cheque specimen must be in PDF, JPEG or DOC format.

You can obtain a company cheque specimen directly from your bank.

If you need assistance, you can reach us at 1-800-974-0005 (ET), weekdays from 7:30 a.m. to 8 p.m or write us.

Question 38

What if I don’t have a company cheque specimen?

Accepted Answer

When prompted by the online application form to upload a company cheque specimen, simply click on the “Upload” button and upload a completed Pre-Authorized Payment (PAP) form instead.

The uploaded form must be in PDF, JPEG or DOC format.

You can obtain a PAP form directly from your bank.

If you need assistance, you can reach us at 1-800-974-0005 (ET), weekdays from 7:30 a.m. to 8 p.m or write us.

Pitstop

Saif Hashmi

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