Canada's banking system has been recognized as the soundest in the world for eight years in a row (World Economic Forum, 2014).
The country's "Big Five" banks are operationally headquartered in Toronto. In all, there are 44 bank subsidiaries located in Toronto, providing businesses a variety of options when seeking out capital.
Toronto's main chartered banks offer a variety of methods for businesses of all sizes to access capital. Domestic banks, which account for 46.7% of Canada's new loans market, continued to lend aggressively in the second half of 2013, increasing loan disbursals to businesses by 7.3%. This followed a 7.9% increase in disbursals in the first half of 2012 (Biannual Survey of Suppliers of Business Financing).
In 2013, 30% of small and medium enterprises applied for new or additional financing, with 85% of all applicants across Canada receiving approval.
- Small Business - annual sales of less than $1 million, less than 10 employees.
- Commercial - annual sales of more than $1 million, 10 or more employees.
- Small Business - access to credit cards, lines of credit, business loans and leases and mortgages.
- Small Business - Business Line of Credit, Interest Only Term Loan, Small Business Financing.
- Financial Services - Operating Credit, Term Loans, Asset Based Lending (commercial financing based on accounts receivable and inventory used as collateral to provide companies with working capital.