Credit Line for business

A valuable tool to help manage your cash flow.

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Product Benefits

  • Preferred  borrowing rates
  • A simple way to borrow that provides peace of mind knowing funds will be available 
  • A way to manage your general operating expenses and working capital needs

SPECIAL OFFER


Accelerate your business growth with Scotiabank

Get valuable advice to navigate your business forward and find out how to get a $300 cash bonus1 by opening both a new Select Account for business and a business credit product.

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Account Details


  • Exact dollar borrowing to keep interest expenses down
  • Competitive floating interest rate tied to Scotiabank's prime lending rate
  • Attached to your Business Chequing AccountLimits: up to $1 Million1
  • Term: Revolving credit
  • Competitive Rates2
  • Repayment: Minimum 3% of the monthly balance 

Additional Services


All account activity is recorded on one monthly statement.

Optional Comprehensive Insurance

Frequently Asked Questions


What is a Credit Line for business ?
A Credit Line for business  is a financing option where a lender provides you with access to a pre-determined credit limit. A credit line offers you flexibility and allows you to borrow the funds you need, pay back what you can, and then continue to borrow up to your credit limit. Credit Lines tend to have lower interest rates than credit cards, and are good option to use for dealing with ongoing short-term cash flow needs to supplement your working capital.

What does 'revolving credit' mean?
Revolving credit allows you to keep borrowing money up to a pre-determined credit limit and pay back the money you borrow over time. Every time you pay off some of your balance, you are able to borrow those funds again in the future.

Should I get a small business term loan or credit line?
Choosing a term loan or a credit line is based on your business needs, as each work differently. A small business term loan provides you with a specific borrowing amount in a lump sum and requires you to make equal payments monthly over your term until the loan is paid off. A term loan is ideal for one-time expenses such as purchasing equipment or inventory.

The flexibility of a credit line is better suited for managing gaps in your business' cash flow. To learn more, we recommend you speak with one of our advisors to help determine your credit needs and what solution will work best for your business.

How do I use a Credit Line for business?
The easiest way to access your Credit Line for business is through our online banking service, Scotia OnLine.

What are the repayment terms?
You are required to make minimum monthly payments on your Credit Line for business every month as you would a credit card to keep your account in good standing. Principle repayments can be made at any time.

How does Scotiabank decide if my business qualifies and what my credit limit will be?
We offer unsecured small business Credit Lines for business limits up to $1 million. Credit decisions take into consideration a number of different factors. This can include the owner's income for the last two tax years, the business' financial statements, the forward-looking business plan, and in some cases the owners' personal credit history.

How do I apply for a Scotiabank Credit Line for business?
You can apply for a Scotiabank Credit Line  for business by making an appointment with your local Small Business Advisor. You will need to submit bank statements and other documents depending on whether your business is a sole proprietorshippartnership, corporation, or not for profit association/organization. To learn more, visit here.

What is the interest rate on Scotiabank's Credit Line for business?
Scotiabank’s Line of Credit for business offers variable interest rates connected to Prime. To learn more, visit here.

Do I need to provide a personal guarantee for a Credit Line for business?
If you are a sole proprietorship or a partnership, you will need to a sign a personal guarantee. A personal guarantee is a very common requirement by lenders on business borrowing for start-up companies and will depend on your personal and business credit history and the lender's specific lending criteria.

Do you offer a secured or unsecured Credit Line for business?
Our Credit Line for business is unsecured. However, we do offer secured credit options as well as our unique Scotia Flex for business program.

How soon will I hear whether I'm approved?
Once your application and all documentation are submitted, we typically are able to respond within the week.

Credit Line for business
A valuable tool to help manage your cash flow.
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