Borrow
Up to $75,000
Best part
Get funding based on your idea, not your credit history.
Qualify as a startup, pre-revenue, based on the strength of your experience and your idea, instead of only your credit score.
Get advice from our small business team and connect with third-party support that can help you plan your business.
Borrow funds as a term loan or line of credit — whatever is best for you — with no application fee or monthly operating fee.
First-year businesses | Second and third-year businesses | |
---|---|---|
Loan size | Up to $50,000 | Up to $75,000 |
Loan type | Term loan or combination of term loan and operating line of credit | Term loan or combination of term loan and operating line of credit |
Interest charged | Vancity Prime± plus 3%† | Vancity Prime± plus 3%† |
Repayment period | 5 years | 5 years |
A term loan is repaid over a specific period of time by making payments on both the principal and interest. A line of credit (also known as an operating loan) requires the loan-holder to repay only the interest on the outstanding loan balance each month. A line of credit is limited to a maximum of 25% of the total approved amount. Administrative fees are waived under the startup loan program for all term loans and for the first year on your line of credit.
How will you use your startup loan? Here are a few ideas to get you started:
You plan to operate the business in Metro Vancouver, the Fraser Valley Regional District, Greater Victoria, or the Sea-to-Sky Corridor
You or another individual agree to sign a personal guarantee. Your guarantor must be a Canadian citizen or Permanent Resident.
You meet one of the following criteria:
We want your business to be successful and have a positive impact on our community. If this loan sounds right for you, we’ll work with you to understand your business potential and explore financial solutions to meet your needs.
A business plan helps us understand your goals and how you’ll achieve them. To get started, read our Start Smart guide. You’ll also need to prepare other documents in our checklist.
Send an email to microfinance@vancity.com with details about your business and what you're looking for.
We’ll book an appointment with you to talk through the details. Be sure to fill out the startup loan application and owner and shareholder details documents in advance.
Browse by location, language, and other details— and pick your preferred account manager.
Browse our directoryLet us do the introductions. Choose a time that works for you, and a Microloan team member will call you to answer your questions.
Book a phone appointmentExplore Agriculture Loans
Explore credit cards
Explore Cash Management
Set up online business banking
Explore Merchant Services
Explore night deposits
Vancity supports businesses working hard to drive positive change in their communities. Soul Bite began as a group of volunteers who wanted to take action on hunger and food waste. For years, they used their own time and money to collect unsold food from grocery stores and redistribute it to people living with low income. With Vancity’s help they were able to expand their charity into a social enterprise that now generates funds to support their mission. You can find their award-winning vegan food in stores in Vancouver and the Lower Mainland.
View legal details
† The annual percentage rate (APR) is compounded monthly, not in advance, APR assumes no fees or charges apply. If additional fees and/or charges apply, the total Cost of Credit and APR would increase. This product, its features and advertised interest rates may change at any time and may be withdrawn by Vancity at any time for any reason without prior notice to the member.
± The Vancity Prime rate represents a variable rate of interest announced by Vancity from time to time as its Prime Lending Rate. Rate subject to change without notice.