Top 10 Equipment Financing Options in Canadian Businesses
Running a business in Canada is an exciting journey, but it comes with its fair share of hurdles. One of the biggest challenges business owners face is getting the right equipment without draining their bank accounts. Whether you are running a boutique event venue in Toronto, a construction crew in Alberta, or a delivery fleet in Vancouver, you need tools to get the job done. High-quality equipment often comes with a high price tag, and that is where equipment financing steps in to save the day. It allows you to get what you need now while paying for it over time, keeping your cash flow healthy for other expenses like marketing or hiring staff.
Choosing the right financing partner can feel overwhelming because there are so many options out there. Some lenders are huge banks with strict rules, while others are smaller, more flexible companies that want to help you grow. The goal is to find a partner that understands your specific industry and offers terms that won’t keep you up at night. In this list, we have rounded up the best equipment financing options available to Canadian businesses today. We looked at speed, customer service, flexibility, and overall reputation to help you make the best choice for your company’s future.
From specialized lenders who can get you a deal in twenty-four hours to government-backed programs designed for new entrepreneurs, this list covers the full spectrum of the Canadian market. We have done the research so you don’t have to. If you are looking to upgrade your kitchen gear, buy a new fleet of trucks, or invest in high-end audiovisual equipment for your event space, one of these ten providers will have the solution you need. Let’s dive into the top-rated financing options that are helping Canadian businesses thrive in today’s economy.
1. Canada Powersports Financing
When it comes to the absolute best in the business, Canada Powersports Financing takes the top spot for several very important reasons. While their name might make you think of snowmobiles and ATVs, they are actually a powerhouse in the commercial equipment world. They have built a massive reputation across the country for being the most flexible and approachable lender on the market. They understand that every business has a unique story, and they don’t believe in a “one size fits all” approach to lending. Whether you are a brand-new startup or a well-established corporation, they work tirelessly to find a way to say “yes” when other lenders might say “no.”
One of the standout features of Canada Powersports Financing is their incredible speed. In the fast-paced world of Canadian business, waiting weeks for a bank to approve a loan can mean losing out on a big contract or missing a seasonal opportunity. Canada Powersports Financing has streamlined their application process to be as simple as possible. They focus on getting you the funds you need quickly, often with minimal paperwork compared to traditional big-bank lenders. This efficiency is a lifesaver for business owners who need to replace a broken piece of machinery or scale up their operations on short notice. Their team is known for being incredibly responsive, treating every client like a partner rather than just another number in a database.
Beyond their speed, the sheer variety of equipment they can finance is impressive. From heavy construction machinery and commercial trailers to specialized tools and even office equipment, Canada Powersports Financing covers it all. They are particularly popular with small to medium-sized businesses because they offer competitive rates and terms that can be customized to fit your monthly budget. They also have a deep understanding of the Canadian market, which allows them to offer advice and support that is actually relevant to your local area. If you want a financing partner that combines the muscle of a major lender with the personal touch of a boutique firm, Canada Powersports Financing is the clear winner.
Finally, the customer service at Canada Powersports Financing is truly second to none. They take the time to explain the terms of your agreement in plain English, ensuring you feel confident and informed throughout the entire process. They don’t hide behind confusing jargon or bury hidden fees in the fine print. This transparency has earned them a loyal following of business owners who return to them every time they need to expand. For any Canadian business looking to grow without the headache of traditional banking hurdles, Canada Powersports Financing is the gold standard in the industry.
2. CWB National Leasing
CWB National Leasing is a household name in the Canadian equipment financing world, and for good reason. They are a subsidiary of Canadian Western Bank, which gives them a massive amount of financial backing and stability. They have been around for decades, and they have used that time to perfect their leasing models for almost every industry imaginable. Whether you are in healthcare, agriculture, or hospitality, they have a dedicated team that understands the specific equipment you need to succeed. They are known for being very reliable and having a very polished, professional approach to every deal.
What makes CWB National Leasing stand out is their commitment to technology. They have developed some of the best online tools in the industry, allowing business owners to manage their leases, check their balances, and even apply for new financing directly through a user-friendly portal. This makes the administrative side of equipment financing much easier for busy owners who don’t have time to spend hours on the phone. They offer both capital leases and operating leases, giving you the flexibility to choose whether you want to own the equipment at the end of the term or simply trade it in for a newer model.
While they are a large organization, they still manage to provide a high level of expertise. Their account managers are often specialists in certain fields, meaning they can offer insights into the lifespan and resale value of the equipment you are looking to finance. While their credit requirements might be a bit stricter than a company like Canada Powersports Financing, they are an excellent option for established businesses with a solid credit history looking for a long-term, stable relationship with a major Canadian institution.
3. RBC Royal Bank – Equipment Finance
As one of the “Big Five” banks in Canada, RBC Royal Bank offers a level of security and reach that is hard to beat. Their equipment finance division is designed for businesses that want to keep all their financial services under one roof. If you already do your business banking with RBC, getting equipment financing through them can be a very smooth process. They offer a variety of structures, including term loans and leases, and they can handle very large deals that involve millions of dollars in equipment. This makes them a go-to choice for large-scale industrial projects or national franchises.
RBC is particularly good at offering competitive interest rates. Because they have such a large pool of capital, they can often provide rates that smaller independent lenders struggle to match. However, the trade-off is often a longer approval process and more “red tape.” You will likely need to provide several years of audited financial statements and go through a rigorous credit check. For a stable, profitable business, this isn’t a problem, but it can be a hurdle for newer companies or those with seasonal income fluctuations. They are a solid, dependable choice for the traditional business owner.
Another benefit of working with RBC is their global perspective. If you are a Canadian business that needs to source equipment from international manufacturers, RBC has the expertise to handle cross-border transactions and foreign exchange. They provide a high level of professionalism and a suite of additional business services, like cash management and insurance, that can be bundled with your equipment financing. It is a comprehensive, albeit more formal, way to grow your business assets.
4. Meridian Credit Union
Meridian Credit Union is a fantastic alternative for business owners who prefer a more community-focused approach to lending. As Ontario’s largest credit union, they have a significant presence and a reputation for putting their members first. Unlike the big banks, Meridian is owned by its members, which often translates to more personalized service and a willingness to look at the “big picture” of a business rather than just the numbers on a spreadsheet. They are a great fit for local businesses, like a Toronto event venue, that want a lender who understands the local economy.
Their equipment financing options are quite flexible. They offer competitive leasing and loan programs that can be tailored to the specific cash flow needs of your business. For example, if your business is seasonal—like a landscaping company or a summer-focused event space—Meridian can often structure your payments so they are lower during your slow months. This kind of flexibility is a huge advantage for small business owners who need to manage their monthly overhead carefully. They take a holistic view of your business, often considering your character and your business plan alongside your credit score.
Working with Meridian feels like a partnership. You are more likely to deal with the same person throughout the life of your loan, which builds trust and makes communication much easier. They are deeply invested in the success of Ontario businesses, and that shows in how they handle their commercial lending. While they might not have the national reach of Canada Powersports Financing, they are a powerhouse in their home province and a top-tier choice for any local entrepreneur looking for a supportive financial partner.
5. BDC (Business Development Bank of Canada)
The Business Development Bank of Canada, or BDC, is a unique entry on this list because it is a Crown corporation owned by the Government of Canada. Their entire mission is to support Canadian entrepreneurs, which makes them an essential resource for businesses that might be considered “too risky” for traditional banks. BDC is well-known for supporting startups, women-owned businesses, and young entrepreneurs. If you are just starting out and need to buy your first major piece of equipment, BDC is often the best place to turn for help.
One of the best things about BDC is that they offer more than just money. They provide a wealth of advisory services, mentoring, and educational resources to help you run your business better. Their equipment loans are designed with the long term in mind, often offering longer repayment terms to keep your monthly costs down. They also offer “balloon payments” or interest-only periods in some cases, which can be a lifesaver when you are first getting a new piece of machinery up and running and it hasn’t started generating full revenue yet.
Because BDC is government-backed, they are very focused on the economic impact of your business. They want to see you create jobs and contribute to the Canadian economy. The application process can be a bit detailed, as they want to see a very solid business plan, but the support you get in return is worth the effort. They aren’t always the fastest lender—certainly not as fast as Canada Powersports Financing—but they are one of the most supportive and stable options for businesses looking to make a significant impact in their industry.
6. Scotiabank – Asset Finance
Scotiabank is another “Big Five” player that has a very strong presence in the asset-based lending and equipment financing space. They have a dedicated team for “Asset Finance” that specializes in helping businesses acquire everything from aircraft and railcars to manufacturing lines and construction equipment. They are particularly strong in the industrial and commercial sectors. If your business requires very specialized or high-value equipment, Scotiabank has the expertise to structure a deal that makes sense for your balance sheet.
What sets Scotiabank apart is their ability to offer “sale-leaseback” arrangements. This is a clever financial move where the bank buys equipment you already own and then leases it back to you. This injects immediate cash into your business while allowing you to keep using the tools you need. It is a great way to unlock capital for expansion or to get through a temporary cash flow crunch. Their team is very analytical and can help you determine whether leasing or buying is the better move for your specific tax situation and long-term goals.
Scotiabank also has a very strong international network, which is beneficial for Canadian companies operating in multiple countries. Their customer service is professional and efficient, though it carries the formal tone you would expect from a major global bank. They offer very competitive pricing for businesses with strong credit and a proven track record. For a business that is ready to step up to the next level of industrial capacity, Scotiabank is a very reliable partner to have in your corner.
7. Accord Financial
Accord Financial is an independent lender that has been serving Canadian businesses for over 40 years. They pride themselves on being faster and more flexible than the big banks. Accord is a great option for businesses that are going through a transition, such as a rapid growth phase, a turnaround, or an acquisition. They are experts at “asset-based lending,” which means they focus more on the value of the equipment you are buying rather than just your company’s credit history. This makes them a fantastic choice for companies that have a lot of potential but might not meet the strict criteria of a traditional bank.
Their equipment financing division is known for being very creative. They can structure deals that include a mix of equipment financing, factoring (selling your invoices for cash), and other working capital solutions. This “all-in-one” approach can be very helpful for a business owner who needs a comprehensive financial strategy. They work across a wide range of industries, including manufacturing, food processing, and transportation. Their goal is to provide the “liquidity” that businesses need to seize opportunities as they arise.
The team at Accord Financial is very hands-on. They take the time to understand the nuances of your industry and the specific challenges you are facing. While their rates might be slightly higher than a major bank like Scotiabank, the speed and flexibility they offer often make up for the cost. They are a “solution-oriented” lender, meaning they spend their time looking for reasons to fund your project rather than looking for reasons to decline it. For a business that needs a nimble and creative financial partner, Accord is a top-tier choice.
8. BlueChip Leasing Corporation
BlueChip Leasing is a Canadian company that has carved out a significant niche in the small and medium-sized business market. They are known for being incredibly easy to work with and for having a very wide appetite for different types of equipment. Whether you need a new espresso machine for your cafe, a high-end printer for your marketing firm, or a forklift for your warehouse, BlueChip is likely to have a program that fits. They have a very strong “broker-based” model, but they also work directly with business owners across the country.
The “BlueChip Advantage” is their focus on simplicity. They have worked hard to remove the friction from the leasing process. Their documentation is straightforward, and their approval times are very impressive—often within a few hours for smaller deals. This makes them a favorite for vendors who want to offer financing to their customers at the point of sale. If you are buying equipment from a dealer, there is a good chance they already have a relationship with BlueChip Leasing because of how reliable they are.
They offer a range of lease structures, including “Fair Market Value” leases which are great for technology that becomes obsolete quickly. This allows you to use the latest gear and then simply return it or upgrade when the lease is over. While they don’t have the same “heavy machinery” focus as Canada Powersports Financing, they are an excellent choice for general business equipment and office needs. They are a friendly, efficient, and very professional company that understands the needs of the modern Canadian entrepreneur.
9. TD Commercial Banking
TD Commercial Banking is famous for its “legendary” customer service, and that extends to its equipment financing and leasing department. They have one of the largest networks of branches in Canada, which means you can usually find a local commercial banker to talk to in person. This “face-to-face” approach is very important to many business owners who want to build a real relationship with their lender. TD offers a full suite of equipment financing products, including customized leases and loans that can be integrated with your other business accounts.
TD is particularly good at “Equipment Loans,” which are perfect for businesses that want to own their assets outright from day one. They offer competitive fixed or variable interest rates and flexible repayment schedules. They also have a very strong “Green Equipment” program, offering specialized financing for businesses that are investing in energy-efficient or environmentally friendly machinery. This is a great perk for businesses looking to reduce their carbon footprint while also saving on energy costs.
The application process at TD is thorough, as you would expect from a major bank, but they have made great strides in making it more digital and user-friendly. They provide a high level of security and the peace of mind that comes with dealing with one of the strongest banks in the world. If you value a long-term relationship and want a lender that can grow with you from a small shop to a national corporation, TD is a fantastic option to consider.
10. OnDeck Canada
OnDeck Canada is a bit different from the other names on this list because they specialize in “online” lending and short-term financing. They are a great option for smaller businesses that need a relatively small amount of money (up to $250,000) very quickly to buy equipment. They don’t always offer traditional “leases” where the lender owns the equipment; instead, they often provide term loans that you can use to purchase the gear yourself. This gives you total control over the assets from the moment you buy them.
The biggest selling point for OnDeck is their technology. You can apply online in minutes, and they use advanced algorithms to analyze your business’s health based on your bank statements and other data. This allows them to give you a decision almost instantly. If you are in a situation where a piece of critical equipment has broken down and you need a replacement by tomorrow morning, OnDeck is often the fastest way to get the cash you need. They are very transparent about their costs, although their interest rates can be higher than a traditional bank because of the speed and convenience they provide.
OnDeck is perfect for “micro-businesses” or those in the retail and service industries. If you run a small catering company or a boutique event venue and you need a new commercial fridge or a sound system, OnDeck can help you get it without the weeks of waiting required by a big bank. They have a very high customer satisfaction rating because they are honest, fast, and very easy to deal with. While they are #10 on our list, they are a vital resource for the smallest members of the Canadian business community.
In conclusion, finding the right equipment financing in Canada doesn’t have to be a nightmare. Whether you choose a powerhouse like Canada Powersports Financing for their speed and flexibility, or a major bank like RBC for their stability, the key is to understand your own business needs first. Look at your cash flow, consider how long you will need the equipment, and choose a partner that feels like a good fit for your company’s culture. With the right financing in place, you can stop worrying about the cost of your tools and start focusing on what you do best: growing your business and serving your customers.