BUSINESS LOANS & LINES OF CREDIT

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LENDING FOR BUSINESSES THAT ARE BIG OR SMALL

Manage your cash flow with the right business loan or line of credit.

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IN IT TOGETHER

Your business is unique. As are your needs. Whether you're looking for a loan to get you started or a line of credit to give you more flexibility on your cash flow, our Business Banking Advisors are your partners to help you grow your business at every stage. 

So you're never in it alone.

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BORROWING OPTIONS


Business Loan

Use a term loan to help with the purchase, updating or expansion of fixed assets.

  • Start or purchase a new business
  • Purchase the building your company already occupies
  • Build, renovate or expand your company premises
  • Buy a commercial property for investment purposes
  • Purchase, install, or repair heavy machinery & equipment
  • Purchase office equipment or company vehicles
  • Variable or fixed rate interest terms available
  • Flexible payment options available

Canada Small Business Financing (CSBF) Loan

The Canada Small Business Financing Program is a Government of Canada sponsored lending program. It's designed, in partnership with financial institutions, to help new businesses get started, and established businesses grow.

Here are some of the key details:

  • You can use your loan to finance up to 90% (max $1,000,000) of the cost of improving commercial property or equipment
  • The term of your loan can be up to 10 years
  • Choose a floating or fixed interest rate depending on your cash flow
  • Flexible payment options are available to suit your business needs
  • CSBF loans are available to you if your business has gross annual revenues of $10 million or less
  • You'll need to pay a one-time Federal Government registration fee (which may be included in the amount borrowed)


For more information, feel free to contact one of our business banking advisors, or visit Industry Canada’s Canada Small Business Financing Program

Operating Line of Credit

A business line of credit allows you the flexibility you’ll need to keep things running like a well oiled machine.

  • Starting at $15,000 and up
  • Covers daily operating expenses or other expenses
  • Can help to reduce interest costs

A business line of credit is attached to your business chequing account (of course, we’re fans of the Unlimited Chequing for Business® account) and lets you decide when and how much you need to borrow. Since we like Keeping it Simple® (and you probably do too), you only pay interest on the amount you actually use. 

Letter of Credit

A letter of credit is particularly useful if you own a business which imports or exports—it serves as a guarantee to the seller that it will be paid by the issuer of the letter of credit regardless of whether the buyer ultimately fails to pay.

How it works:

  • Contact your Envision Financial Business Banking Advisor
  • Make a deposit with us (in Canadian dollars)
  • We then give you a letter verifying that we'll be responsible for your debt (up to an approved amount) should you default.
  • Send this letter to your potential creditor, and and you’re good to go!
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CREDIT RATING BASICS

Good credit rating is the most important factor in determining whether you qualify for a loan, mortgage or line of credit. 

Your credit report contains detailed information on your credit history, including identifying information, credit accounts and loans, bankruptcies and late payments and recent inquiries. Prospective lenders can obtain it (with your permission) to determine your creditworthiness.

Why you should know the details of your credit report:​

  • You will gain an understanding of the credit approval process and see the types of credit information companies track.
  • You will see who has checked your credit history.
  • You can learn how to manage your credit report.
  • You can identify any inaccuracies that may exist on your report and take action to have these corrected.

GETTING YOUR CREDIT REPORT

For a fee, you can gain immediate and secure access to your credit report by visiting Equifax Canada or Transunion.

To obtain your credit report at no charge via Canada Post, call Equifax Canada at 1-800-465-7166 or Transunion at 1-800-663-9980.


WE'LL HELP YOU PUT YOUR PEOPLE FIRST

Protect the livelihood of your family, your business partners and your employees from the unexpected.

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WE'RE HERE FOR YOU

Everything is easier with a little help..

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