Right for you if:
- You are an existing Small Business or a start-up
- Your gross or projected annual revenue is $10 million or less
- Your business is located in Canada
- You are not in the farming business
- Your business is not a NFP not for profit, a charitable or a religious organization
- Loans are guaranteed by the Government of Canada
- Eligible Purchases:
Purchase of leasehold improvements, equipment (including vehicles for business purposes) and real property (including real property improvements) are eligible for financing under the program
- How much Financing is Available?
Up to 90% of eligible purchases which are subject to the following program maximums:
- Up to $350,000 for leasehold improvements and or equipment financing
- Up to $1,000,000 for real property purchase or improvements
- Loan Amortization:
- 10 years for leaseholds & equipment loans
- 20 years for real property loans
- Interest Rate:
- Variable rate: Scotiabank Prime rate + 3%
- Fixed rate: Residential Mortgage Rate + 3%
A loan registration fee equivalent to 2% of the loan amount is payable to the Government of Canada and is payable at the time of the loan advance. This fee may be financed subject to program loan maximums.
- Optional loan insurance
- Important Points to Note:
- The program does not allow financing for items such as: Inventory, Working capital, Goodwill, Franchise fees, Research & development.
- Any expenses incurred in purchasing otherwise eligible assets 180 days prior to the loan approval date are ineligible for financing
- At least 50% of the real property purchased under the program must be used for business purposes
- 1 What is provided here is a summary of the features of the CSBFA Loan Program. For full details speak to a Scotiabank Small Business Advisor. Read More
- 2 Conditions apply and loan availability is subject to client eligibility and completion of loan application and necessary loan and security documentation suitable to The Bank of Nova Scotia, in its sole discretion.