Business Loans Up to $1M+

Finding the right funding can be hard for small and mid-sized businesses. A business loan up to $1 million or more can give your company the boost it needs to expand, buy new equipment, or smooth out cash flow. At Mehmi Financial Group, we make it simple for Canadian businesses to access these large loans quickly and with fewer restrictions.

In this post, you’ll learn:

• What a loan up to $1 million means for your business
• Why these larger loans matter
• How to qualify and apply
• Helpful tips to get approved
• Common questions about loans of this size

What Are Business Loans Up to $1 Million or More?

A business loan up to $1 million (or higher) is a type of financing that provides a large sum of money to help companies grow or solve cash needs. Unlike smaller loans, these allow you to fund bigger projects, such as:

• Buying new machinery or equipment
• Expanding into a new location
• Hiring additional staff
• Investing in technology improvements
• Covering large inventory purchases

These loans often come from banks, credit unions, or specialized lenders. At Mehmi Financial Group, we work with over 30 lending partners to find the best rates and terms for you.

Why Do These Loans Matter for Canadian Businesses?

1. Fuel for Growth

When you need to scale quickly, a large loan can cover big expenses all at once. This is vital for businesses in industries like manufacturing, transportation, or food services where equipment and payroll costs can add up fast.

2. Flexibility in Use

Unlike some grants or equity deals that limit how you spend, a business loan up to $1 million usually gives you the freedom to allocate funds where you see fit. Whether you want to pay down debt, invest in marketing, or buy raw materials, the choice is yours.

3. Level Cash Flow During Slow Seasons

Many businesses face ups and downs during the year. A large loan can help you buy inventory or cover payroll when sales dip, ensuring you never run out of money during lean periods.

4. Tax Savings Through Deductible Interest

In most cases, interest on business loans is tax-deductible in Canada. This can help lower your overall cost of borrowing. Be sure to ask your accountant about how this applies to your situation.

5. Maintain Full Control of Your Company

When you choose a loan instead of selling equity, you do not give up any ownership. You keep all decision-making power and continue steering your business in the direction you choose.

How to Qualify for a Loan Up to $1 Million

Qualifying for a large loan can feel daunting. Here are key factors lenders review:

1. Credit History

Lenders want to see a strong credit record. If your business or personal credit score is healthy, you stand a better chance of approval.

2. Business Revenue and Cash Flow

Banks usually ask for financial statements to prove your company earns enough to cover loan payments. Consistent revenue and positive cash flow help lenders feel confident in your ability to repay.

3. Time in Business

Most lenders prefer businesses that have been operating for at least one to two years. A proven track record shows stability and lowers risk.

4. Collateral or Security

Some large loans require assets as collateral, such as equipment, inventory, or real estate. This gives the lender a way to recover funds if the loan defaults.

5. Clear Purpose for the Loan

Lenders will ask how you plan to use the funds. Having a well-defined plan—whether it’s buying a forklift, upgrading your production line, or covering seasonal costs—boosts your chances.

Step-by-Step Guide to Applying

1. Gather Basic Documents
   • Business financial statements (income statements, balance sheets)
   • Personal and business credit reports
   • Proof of ownership and business registration
   • Recent bank statements
2. Define Your Loan Purpose
   Explain clearly why you need the loan. For example, “We need $800,000 to purchase new packaging equipment that will increase production by 20%.”
3. Choose the Right Lender
   At Mehmi Financial Group, we work with traditional banks and alternative lenders. If you need more flexibility or faster turnaround, we can match you with the right partner.
4. Submit Your Application
   Complete an application form and share your documents. Our team will review them, clarify any questions, and help you fine-tune your loan request.
5. Review Offers and Terms
   We’ll present you with loan options, showing rates, repayment schedules, and any fees. Compare each offer carefully and ask about any hidden costs.
6. Finalize and Sign
   Once you choose the best loan, sign the agreement. Many lenders can deposit funds in your account within days, so you can act on growth plans quickly.

Tips for a Smooth Approval Process

• Keep Accurate Records: Organized and up-to-date financial statements help speed up approval.
• Improve Credit Before Applying: Even small improvements in your credit score can lower your interest rate.
• Provide a Clear Business Plan: Lenders want to know how the funds will create revenue. A simple plan showing projected cash flows goes a long way.
• Consider Using Collateral Wisely: If you have equipment or vehicles you no longer need, you can use them as security to get better terms.
• Work with a Broker: A broker like Mehmi Financial Group can compare multiple lenders for you, saving time and effort.

Internal Resources

• Learn about our full range of equipment leasing solutions for machinery and vehicles.
• Explore refinancing options to lower payments on existing debt.
• See our FAQ page for answers to common funding questions.
• If you need to contact us directly, our experts are here to help.

Frequently Asked Questions

1. What kinds of business loans up to $1 million or more are available?

There are several types:

• Term Loans: Fixed amount paid over a set period, ideal for major purchases.
• Lines of Credit: Revolving credit you can draw from as needed—great for managing cash flow.
• Equipment Financing: Specifically for buying machinery or vehicles, where the equipment often serves as collateral.
• Working Capital Loans: Short-term funding to cover daily expenses and bills.
• Business Credit Cards with High Limits: Can sometimes reach close to $1 million if your credit is strong, though interest rates may be higher.

2. How much interest can I expect to pay on a loan of at least $1 million?

Interest rates depend on:

• Your Credit Profile: A strong credit score can secure lower rates—often between 5% and 10% for large loans in Canada.
• Type of Loan: Prime rate-based loans may float with market changes, while fixed-rate loans lock in a set rate.
• Loan Term: Longer terms may have slightly higher rates.
• Collateral Provided: Secured loans typically have lower rates than unsecured ones.

It’s best to get personalized quotes from lenders. Our team can help you compare several offers to find the most competitive rate.

3. Is it possible to purchase new equipment with a business loan of at least $1 million?

Absolutely. Many businesses use large loans specifically to buy equipment, such as:

• Forklifts, reach-in refrigerators, or shelving for warehouses.
• Manufacturing machines for food processing or packaging.
• Trucks, trailers, or trailers for transportation companies.

If you need help figuring out which equipment lenders accept and how to structure those payments, check out our equipment leasing options. Some lenders allow you to bundle equipment financing and working capital into a single loan, simplifying payments and documentation.

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If you're not sure where to start, reach out to our team at Mehmi Financial Group. We’ll guide you through the process and help you find the right solution for your business goals.

Whether you want to buy new equipment, expand your team, or smooth out cash gaps, a loan up to $1 million (or more) can set your business on a path to success.

You Might Also Like:

• Equipment Line of Credit

Feel free to explore our blog for more tips and guides on growing your business.