Borrowing is an essential component of any business. It can be a resource that helps your business generate solid profits, reach your financial goals, and achieve the results you want. We can help you borrow wisely.
Here are some useful tips:
Manage your credit rating.
Contact your local credit bureau periodically and make sure your credit rating is accurate and up-to-date. A good credit rating not only protects your reputation, it could earn you preferred rates on business loans. Follow payment due dates carefully and use our online payment service to automatically process payment when due; or use Scotia Connect® electronic banking for managing payments to suppliers and employees.
Borrow wisely using the right borrowing solutions.
By matching the right loan to the right asset you can keep your costs low. Use our Credit Line for businessTM or ScotiaLine for businessTMVISA* card for inventory and receivable financing. Our Term Loan for business¸ or leasing options can help with longer term capital purchases. By making arrangements ahead of time for a credit limit using Scotia Total Equity® Plan, you can use the equity in your home to establish your total business and personal borrowing power ahead of time. When you need to borrow, loans will be granted up to the limit of your Scotia Total Equity Plan at preferred rates without an additional credit application.
Anticipate future borrowing needs.
Planning ahead can help reduce uncertainty in your business. Create a roadmap that sets out what you want to achieve. You can work with your Small Business Specialist to avoid surprises and give your business the best chance of meeting the goals you have established. These solutions will minimize your borrowing costs to as low as Scotiabank Prime¹ and stimulate your cash flow. The Scotia Business PlanWriterTM will help you to map out the details of your future plans.
Schedule an appointment with your Small Business Specialist annually. They're trained to help you find ways to make your business and personal goals a reality.
¹ Subject to credit approval and security provided.
Borrowing is an essential component of any business. It can be a resource that helps your business generate solid profits, reach your financial goals, and achieve the results you want. We can help you borrow wisely.
