Live market data
Pulled from official U.S. government APIs. Click a card to view the source.
TL;DR
US businesses qualify with 3 months of bank statements (4 in NY and CA), an EIN, and SSN. Canadian businesses need 6 months of bank statements, a CRA Business Number, and SIN. Currency, partner banks, and remittance schedules differ — Simply Approved Business Loans is an independent marketing and referral service that connects qualified borrowers in both countries with participating funding providers.
USA requirements
- •3 months bank statements (4 in NY/CA)
- •1-page application
- •EIN + SSN
- •Funding in USD via ACH or wire
- •Repayment via daily/weekly ACH
Canada requirements
- •6 months bank statements
- •1-page application
- •CRA Business Number + SIN
- •Funding in CAD via EFT
- •Repayment via PAD (Pre-Authorized Debit)
Underwriting differences
Canadian underwriting weights stability higher than US — provincial sales tax compliance, GST/HST filings, and longer time-in-business expectations are common. US underwriters move faster on revenue alone.
Province-by-province there are nuances: Ontario and BC see the highest approval rates due to volume of lender activity; Quebec requires French-language disclosures on certain products.
Pros of funding in Canada
- •Lower default rates result in better long-term pricing
- •PAD repayment is more predictable than US ACH
- •Stable CAD funding without FX risk for CAD-billing businesses
Pros of funding in USA
- •Faster approval (24 hours vs 48–72 hours)
- •More lender competition = better pricing on shorter terms
- •Wider product menu, including SBA government-backed loans
Run the numbers
Business Term Loan Calculator
Standard amortization: fixed APR, fixed weekly payment. Same formula banks and SBA lenders use.
Methodology
Standard amortization formula: P × r / (1 − (1 + r)−n), where r is the monthly rate (APR / 12) and n is the term in months. APR is the annual percentage rate as defined in the federal Truth in Lending Act (12 CFR § 1026.22). Actual lender quotes may include origination fees that increase APR.
Related questions
Most don't. Canadian businesses need Canadian lenders. We have partners on both sides of the border.
Related guides
How to Qualify for a Business Loan in 1970 (Full Requirements)
The exact requirements lenders check, every document you need, common reasons for decline, and how to position your file for a same-day approval.
Documents Needed for a Business Loan (1970 Complete List)
The exact paperwork lenders ask for — and what you can skip — by product type.
Sources & references
- Bank Prime Loan Rate (DPRIME)— FRED · Federal Reserve Bank of St. Louis
- Daily Treasury Par Yield Curve Rates— U.S. Department of the Treasury
- SBA 7(a) and 504 Loan Program data— U.S. Small Business Administration