Supporting Black-led businesses through access to financial solutions, advice, and the benefit of offers from Bank partners.
Black-Led Business Financing Program
Supporting Black-led businesses through access to financial solutions, advice, and the benefit of offers from Bank partners.
Contact us- Term financing for both start-ups and established Black-Led businesses.
- Access to resources and partnerships to help your business succeed.
- Fixed or variable monthly payments available depending on the financial needs of your business.
- Competitive fixed or floating interest rates.
- Interest only payments for up to 12 months.*
- Optional Scotia Business Loan Protection available.
Program Details
- Financing for new capital investments and/or working capital needs.
- Competitive fixed or floating interest rates.
- Interest only payments for 12 months.*
- Up to 5-year term with amortization up to 10 years.
- Term loan for business for capital investments minimum of $25,000 with a maximum limit of $250,000.
- Term loan for business for working capital – minimum of $25,000 with a maximum limit of $50,000.
Eligibility
Businesses that have a minimum black ownership of 50% or more and annual sales up to $15,000,000 will be eligible to apply for loans under the program.
At Scotiabank, we’re committed to working together with our communities to remove barriers, increase opportunities, and improve representation – we’re stronger together!
ScotiaRISE is Scotiabank’s 10-year $500 million community investment initiative designed to promote economic resilience among disadvantaged groups. Through targeted community investments, we can remove barriers to advancement, increase access to opportunities and create a more inclusive world.
President and CEO Brian Porter participates in the BlackNorth Initiative Summit
Learn how Molara and Vernette, two Scotiabankers, are supporting Black employees throughout the organization and community
Black-Led Business Financing Program Frequently Asked Questions (FAQs)
What is the Black-led Business Financing Program? A: It is a financing program to lend eligible, Black-Led businesses financing for capital investments and/or working capital needs. |
Who can apply for loans under the Black-led Business Financing Program? A: Businesses that have a minimum black ownership of 50% or more and have annual sales up to $15,000,000 will be eligible to apply for loans under the program. |
What financing is available for established Black-led businesses? A: Established eligible businesses are eligible to apply for a term loan for capital investments up to $250,000 and/or a term loan for working capital up to $50,000. |
What financing is available for start up Black-led businesses? A: Start up businesses are eligible to apply for a term loan for capital investments up to $50,000. |
What is the interest rate for a Black-led Business Financing Loan? A: Scotiabank offers competitive lending rates. Speak to your nearest local Scotiabank Small Business Advisor to start your application and understand what rates may be available to you. |
What terms and amortization are available? A: Capital investments can have a term up to 5 years and amortization up to 10 years. Working capital term loans can have up to a 3-year term and a 3-year amortization. |
| How do I apply for the Black-led Business Financing Program? A: Start by meeting with your local Scotiabank Small Business Advisor to start your application. |
Prefer to talk to us
Contact Us
-
Participation in or eligibility for Scotiabank’s Black-led Business Financing Program does not constitute advice or an offer or commitment by Scotiabank to provide any financial products or services. All credit products are subject to approval and conditions. Please speak with a Scotiabank Small Business Advisor for details. Qualifying criteria.
-
*
Principal payments are deferred for the first 12 months of the term loan and during these first 12 months, only interest payments will be payable. After the first 12 months, both interest and principal payments will be payable. This means your term loan will be amortized over a period that is 12 months shorter such that your principal payments will increase.