If you’re a startup in Mississauga, Ontario, Canada, with a less-than-perfect credit score, securing a guaranteed business loan can seem like a daunting task. But don’t worry, it’s not as hopeless as it appears. In reality, there are ways to get the funding you need, even with really bad credit. And if you live further away, we have guides for Toronto and Manitoba!
Top 5 Banks in Mississauga for Guaranteed Small Business Startup Loans in 2025
TD Bank Small Business Loans
- Physical Address: 2555 Hurontario Street, Mississauga, ON L5A 2G1 (Note: This is one of many branches)
- Phone Number: 1-866-222-3456
- Operating Hours: Monday-Wednesday 10:00 AM – 6:00 PM, Thursday-Friday 10:00 AM – 8:00 PM, Saturday 9:30 AM – 4:00 PM, Sunday Closed (Note: Hours may vary by branch)
- Types of Small Business Startup Loans Offered: TD offers the Business Accelerator Loan Program (BALP) supported by a guarantee from the Business Development Bank of Canada (BDC). This program offers loans between $25,000 and $500,000 for operating cash flow needs. They also participate in the Canada Small Business Financing Program (CSBFP) which can provide term loans up to $1,000,000 for purchasing assets. Other general business loans and lines of credit may be available depending on the startup’s situation and credit history.
- Help with Bad Credit: TD’s lending policies require confirmation of acceptable business and personal credit history. While the BALP is partially guaranteed, personal guarantees are usually required, suggesting they may not be the best option for businesses with bad credit. The CSBFP also involves an assessment of creditworthiness.
- Website: https://www.td.com/ca/en/business-banking/small-business/
RBC Royal Bank
- Physical Address: 300 City Centre Drive, Mississauga, ON L5B 3Y5 (Note: This is one of many branches)
- Phone Number: 1-800-769-2511
- Operating Hours: Monday-Wednesday 9:30 AM – 5:00 PM, Thursday 9:30 AM – 8:00 PM, Friday 9:30 AM – 6:00 PM, Saturday 9:30 AM – 4:00 PM (Note: Hours may vary by branch)
- Types of Small Business Startup Loans Offered: RBC participates in the Canada Small Business Financing Program (CSBFL), which can provide term loans up to $1,000,000 for purchasing assets. They also offer various business term loans and lines of credit that could be suitable for startups, depending on their specific needs and qualifications. The Royal Business Operating Line can provide working capital, and they also offer equipment financing.
- Help with Bad Credit: As with most major banks, RBC typically requires a good credit history for business loans. The CSBFL program has its own eligibility criteria, which would likely include a review of creditworthiness.
- Website: https://www.rbcroyalbank.com/business/
Bank of Montreal (BMO)
- Physical Address: 50 Burnhamthorpe Road West, Mississauga, ON L5B 3C2 (Note: This is one of many branches)
- Phone Number: Please check the specific branch for their direct phone number, or use the general inquiry line.
- Operating Hours: Monday-Wednesday 9:30 AM – 5:00 PM, Thursday-Friday 9:30 AM – 8:00 PM, Saturday 9:30 AM – 4:00 PM (Note: Hours may vary significantly by branch)
- Types of Small Business Startup Loans Offered: BMO offers the Canada Small Business Financing Program (CSBFP) and their own Small Business Installment Loans with flexible terms. They also have business lines of credit which can be useful for managing cash flow in a startup phase. They also offer government-backed loans up to $1,000,000 for various business needs.
- Help with Bad Credit: BMO generally assesses creditworthiness as part of their loan application process. It is unlikely they offer startup loans specifically for businesses with bad credit.
- Website: https://www.bmo.com/en-ca/main/business/
Scotiabank
- Physical Address: 25 Main Street West, Mississauga, ON L5B 1B2 (Note: This is one of many branches)
- Phone Number: 1-877-552-5522 (Business Banking)
- Operating Hours: Monday-Wednesday 9:30 AM – 5:00 PM, Thursday-Friday 9:30 AM – 7:00 PM, Saturday 9:30 AM – 4:00 PM (Note: Hours may vary by branch)
- Types of Small Business Startup Loans Offered: Scotiabank participates in the Canadian Small Business Financing Program (CSBFP) Term Loan, which can help startups acquire financing for equipment, leasehold improvements, intangible assets, working capital, and property. They also offer other business term loans and lines of credit, including the CSBFP Credit Line for working capital needs.
- Help with Bad Credit: Scotiabank will typically review the credit history of the business owner(s) as part of their loan assessment. It is unlikely they have specific startup loan programs for bad credit.
- Website: https://www.scotiabank.com/ca/en/small-business.html
CIBC
- Physical Address: 150 City Centre Drive, Mississauga, ON L5B 1M3 (Note: This is one of many branches)
- Phone Number: 1-800-465-2422 (Telephone Banking)
- Operating Hours: Hours vary significantly by branch. Please check the specific branch you are interested in.
- Types of Small Business Startup Loans Offered: CIBC offers the Canada Small Business Financing Program (CSBFP) Term Loan, providing financing for various purposes including real property, equipment, leasehold improvements, intangible assets, and working capital. They also have the Black Entrepreneur Program Loan and other general business financing options.
- Help with Bad Credit: CIBC assesses credit scores and business plans when considering loan applications. It is unlikely they offer specific startup loans for businesses with bad credit.
- Website: https://www.cibc.com/en/business.html
3 Merchant Cash Advance Lenders in Mississauga, Ontario
Acont
- Physical Address: PH212, 349 Rathburn Road West, Mississauga, ON L5B 0G9
- Phone Number: 1-647-691-7444
- Operating Hours: Monday to Friday: 9:00 a.m. (CET) to 6:00 p.m. (EST) (Note: These are service hours, not necessarily for in-person visits as they seem to operate primarily online).
- Types of Small Business Startup Loans Offered: Acont partners with Accion Opportunity Fund to offer business loans up to $250,000. While not explicitly a merchant cash advance, these loans can serve similar purposes for startups needing capital.
- Helpful for Borrowers with Bad Credit Who Need a Guarantee: While Acont doesn’t specifically focus on merchant cash advances, their partner Accion Opportunity Fund may have more flexible criteria than traditional banks. It’s best to inquire directly about their requirements for borrowers with less-than-perfect credit and potential guarantee needs.
Cash 4 You
- Physical Address: 837 Pitt St Suite 3B, Cornwall, ON K6J 3S4, Canada
- Phone Number: 1-877-526-6639 (Customer Service)
- Operating Hours: Hours vary by location. Please use the store locator on their website for specific branch hours.
- Types of Small Business Startup Loans Offered: Cash 4 You primarily offers payday loans and installment loans for personal use. While these are not specifically designed as small business startup loans or merchant cash advances, they might be utilized by some individuals for short-term capital.
- Helpful for Borrowers with Bad Credit Who Need a Guarantee: Cash 4 You states that perfect credit is not needed for their payday loans, and they consider various credit types for installment loans. This suggests they may be more accessible for borrowers with bad credit compared to traditional lenders, though terms and interest rates will vary. They may require a steady source of income and an active bank account. Information on guarantee requirements should be confirmed directly with them.
Money Mart
- Physical Address: 40 Dundas Street E, Mississauga, ON L5A1W2
- Phone Number: 1-888-527-8999 (Toll-Free)
- Operating Hours: Hours vary by location. Some locations may offer 24/7 service. Please use the store locator on their website for specific branch hours.
- Types of Small Business Startup Loans Offered: Money Mart offers personal loans and cash advances (payday loans). They also partner with Driven to offer small business financing solutions, providing access to loans from $10,000 to $300,000.
- Helpful for Borrowers with Bad Credit Who Need a Guarantee: Money Mart offers “Bad Credit Loans” for short-term expenses, suggesting they cater to individuals with less-than-perfect credit. Their eligibility criteria for these loans typically include a regular source of income and an active checking account. For the small business financing offered through their partnership with Driven, a minimum FICO score and other business-related criteria apply, so it’s important to check their specific requirements regarding guarantees for startups with bad credit.
3 Important Considerations Before You Pursue a Merchant Cash Advance Loan for Your Business in Mississauga:
- The financial services offered by Acont (through partners), Cash 4 You, and Money Mart have different structures and may not all be traditional “merchant cash advances.”
- Cash 4 You and Money Mart primarily focus on personal loans and payday loans, which can be used for various purposes but may have different repayment terms and costs compared to revenue-based merchant cash advances.
- Borrowers with bad credit might find these options more accessible than traditional bank loans, but it’s super crucial to carefully review the terms, interest rates, and fees associated with each option to ensure they are suitable for their needs and financial situation!
Understanding Bad Credit and Its Impact on Your Startup Business Loans
Starting a business can be tough, especially when your credit score is holding you back. A bad credit score means a low business credit score, making it harder to get approved for small business loans. Essentially, your personal credit history follows you into your loan application, limiting your financing options.
Government-Backed Loan Options for Startups in Mississauga
As a startup in Mississauga, you’re likely to hit a major roadblock: securing financing, especially when a bad credit score is part of the equation.
But take a deep breath – there’s hope. The Canada Small Business Financing Loan (CSBFL) is a government-backed lifeline that can provide up to $1 million in financing for your startup, with the Government of Canada guaranteeing 85% of that amount. Read the guidelines here.
BONUS: Here is another government option to help you get some guaranteed cash for your startup in Mississauga!
Understanding Alternative Lenders and Fintech Companies for Bad Credit in in Mississauga
Struck out by traditional lenders due to bad credit? There are alternative lenders and fintech companies willing to take a chance on small businesses with imperfect credit histories.
These non-traditional financial players may not offer the same terms as government-backed loans, but they can provide a lifeline when other options fall through.
Let’s face it, traditional lenders can be tough on small businesses with bad credit. That’s where alternative lenders and fintech companies come in – they’re more open to taking on risk.
These non-bank lenders use advanced algorithms and alternative credit scoring models to assess creditworthiness, making them more accessible to businesses that don’t fit the traditional mold.
Eligibility and Application Process for Startup Business Loans
As the excitement of launching your startup wears off, the financial realities set in – you need cash, and quickly.
If your small business operates in Canada and has annual revenues of $10 million or less, you’re in luck. You’re eligible for guaranteed approved startup business loans, which can provide the financial boost you need to keep your venture afloat.
Okay, What Now? Time for You to Get That Mississauga Money! But Carefully.
With these insider tips, you’re now poised to tackle the challenge of securing guaranteed approved startup business loans with bad credit in Mississauga. It’s no cakewalk, but it’s definitely doable. Gather your documents, and get ready to make your case to lenders. The right strategy and mindset can make all the difference, landing you in your new office, coffee in hand.
Editor of Startups #nofilter
