Interest rates Bank of Canada Current
CPI inflation:2.0% (Apr)
Historical interest rates
Small business loan rates
Banks typically charge somewhere between 5% to 10% depending on the borrower's credit rating, the type and the age of the business. The interest rates on the business loans from alternative sources tend to be higher and wider in range, form 6% to 30% depending on the borrower and bowrower's business. Although the interest rates on loans from alternative sources are significantly higher, however, obtaining the loan from these sources are usually easier and the process time is much shorter, in some cases the approval time is just under 48 hours.