Canadian Small Business Financing Program – Term Loan1
A government program to help existing businesses or start-ups acquire the necessary financing to purchase equipment, leaseholds improvements, intangible assets, working capital costs, and property.
Product benefits
- Registration fee can be included in the term loan
- Competitive fixed and variable rates available
- Financing available up to $1,000,0002
- Helping in the first year with cash crunches by not paying the principal payments for 11 months
- Government guarantee up to 85%
Product eligibility
- You are an existing small business or start-up (Not for Profit, charitable, and religious organizations included)
- Your business is located in Canada
- Your gross or projected annual revenue is $10 million or less
- You are not in the farming business
Program overview
Eligible purchases:
Purchase of leasehold improvements, equipment (including vehicles for business purposes), real property (including real property improvements), intangible assets, and working capital 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 maximums2:
- Up to $500,000 for leasehold improvements and or equipment financing
- Up to $150,000 for intangible assets and working capital costs within the $500,000 leasehold and equipment limit
- Up to $1,000,000 for real property purchase or improvements
Loan amortization2:
- Up to 15 years for leaseholds & equipment loans
- Up to 20 years for real property loans
Fees:
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.
Protect the business you’ve worked so hard to build.
Scotia Business Loan Protection can protect your business by covering your regular payments or paying your outstanding amount on your Line of Credit, Loan, or Credit Card if you or any key employee is unable to work due to a disability or suddenly passes away. Choose the coverage that is right for you and your business.
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