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Business loans

There’s no single number. Here’s what lenders look for, what the score ranges mean, and how to raise yours.

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3 minute readUpdated October 13, 2026By the NorthAxis Capital team

The short answer

  • There is no single magic number. Each lender sets its own rules.
  • In Canada, personal scores go from 300 to 900. Equifax calls 660 to 724 “good.”
  • A higher score usually means more choices and better rates.
  • Lenders also look at cash flow and time in business, not just your score.

What do credit score ranges mean?

In Canada, personal credit scores go from 300 to 900. Here is how Equifax describes the ranges:

ScoreWhat it means
760 to 900Excellent
725 to 759Very good
660 to 724Good
560 to 659Fair
300 to 559Poor

Banks usually want to see a score in the good range or higher. A higher score can mean a lower rate and more lenders to choose from.

A real exampleFor its Small Business Loan, BDC asks for a personal credit score of 600 or higher. See BDC’s other rules.

Which score do lenders check?

Usually both: your business credit and your personal credit.

  • Newer businesses: your personal score matters most, because the business has little history.
  • Older businesses: the business’s own credit file matters more. How to check it.

It’s not just about the score

Lenders look at the whole picture:

  • Cash flow: can the business make the payments?
  • Time in business: longer usually helps.
  • Sales: are they steady or growing?
  • Security: are there assets to back the loan?

A strong business can make up for a score that is just okay.

How to raise your credit score

  1. Pay every bill on time. This matters most.
  2. Keep card balances low. Try to use well under your limit.
  3. Don’t apply for lots of credit at once. Each application can lower your score a little.
  4. Keep old accounts open if they are in good shape.
  5. Fix mistakes on your report. Errors are more common than you think.
Found an error?Our credit repair team helps owners review their reports and fix wrong items, so the real you shows up.

How to check your score

You can get your personal credit report for free from both Equifax and TransUnion. Checking your own report does not hurt your score.

Ready to see what you qualify for? Apply now and we’ll match you with the right lenders.

FAQ

Quick questions, quick answers.

Calculator and pen on top of financial paperworkStill unsure? Call 437-525-4210
What is a good credit score for a business loan in Canada?

Equifax calls 660 to 724 good and 725 or more very good. Each lender sets its own rules, so there is no single number.

Does checking my credit score lower it?

No. Checking your own report does not hurt your score. A lender’s check when you apply can lower it a little.

Do lenders check personal credit for a business loan?

Usually, yes, especially for newer and smaller businesses. They often check business credit too.

How fast can I raise my credit score?

Fixing a mistake can help within weeks. Building a strong score by paying on time takes months.

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