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 — but Simply Approved Business Loans funds qualified borrowers in both countries.
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
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, Fiscal Data
- SBA 7(a) and 504 Loan Program data— U.S. Small Business Administration