Top 7 Banks that Offer the Best Business Loan Schemes

If you are a business owner, you must understand what it is to get constant financial support. Things were straightforward a couple of decades ago, where banks in Canada were open-minded. Now, after the worldwide recession of 2008, the banks are sceptical and scrutinize every business. However, some financial institutions offer various business loan schemes for different sorts of business entities. So, in this article, we will talk about 7 banks in Canada that offers fantastic business loan schemes. Best Business Loan

Term Loans from Royal Bank of Canada

If you are in desperate need of funds to increase production capacity, then Term Loans from Royal Bank of Canada is ideal for you. The scheme is dedicated to business owners who are seeking refinance debt source, realize savings on interest charges for current loans. This scheme is also beneficial for business owners who are planning to buy properties or equipment for their business. You can choose the fixed interest rate starting from $10,000 or the variable annual interest rate starting from $5,000. You can also be better in cash flow as this scheme will let you be consistent on payment amounts.

Credit Line for business from Bank of Nova Scotia

When you want to manage your cash flow, you can apply for the Credit Line scheme from Bank of Nova Scotia. It is one of the simplest ways to borrow money as it allows you to repay at as low as 3% of the monthly balance. Another exciting aspect of this scheme is as it is an Exact dollar borrowing plan, the interest rates are typically low, and stayc reasonable. The interest rates are very competitive compared to other schemes offered by different financial institutions.

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Credit Line for Business from Bank of Montreal

Credit Line for Business from Bank of Montreal is similar to the one that Bank of Nova Scotia offers. However, there are some differences. Bank of Montreal’s scheme is quicker in execution, and it is more flexible as well. You can apply up to $120,000 with this scheme, and the interest rates are comparatively lower as well – 2%. One more exciting thing is they don’t ask for any collateral. However, unlike some schemes, you don’t earn any reward points while you are availing this scheme. In spite of that, this scheme is ideal for start-ups.

Business Home Power Credit from CIBC

With the Business Home Power Loan from CIBC, you can apply for $50,000+ borrowing needs. CIBC asks for your Canadian residential property as collateral, but the chances are you will get the loan approved. The borrowing rates are very competitive compared to other financial institutions. They commit to provide a significant cash flow solution for your everyday business management and also undertakes to deliver flexible repayment structure. You can access your funds easily, and you can also separate your personal funds from the business funds.

Bridge financing from Desjardins Group

Business is full of ups and downs. Therefore, it is normal to face a situation when there will be a temporary crisis in cash flow. The Bridge financing scheme from Desjardins Group is typically built for such an occasion. You can avail short term loans which you can repay within a year. So, be that Construction of buildings, or Equipment or machinery purchase, you will get the necessary funding from Desjardins Group. You can choose variable interest rates, and the rates are quite competitive as well. You can also avail subsidy and tax-credit while opting this scheme. Best Business Loan

Acquisition Financing from National Bank of Canada

The Acquisition Financing scheme from National Bank of Canada is perfect when you are planning for a business takeover. If you avail this scheme, you will get our financial advice whether you are the buyer or the seller of the proposed business that is to be taken over. You will get Term financing in case you want to construct or renovate any business or equipment. Apart from that, you will get full financial assistance in maintaining cash flows and other sources of financing such as down payment and the seller’s balance of sale price. Best Business Loan

Equipment financing and leasing from Canadian Western Bank

With the Equipment financing and leasing scheme, Canadian Western Bank commits that you can avail any equipment you need for your business operations. They offer pre-approved funding and lines of credit backed by Working capital injections. They also commit that they will provide unique financial structured solutions via partner companies. They offer two different solutions – CWB Equipment financing, intended to serve the constructions, forestry, oilfield services and transportation, and CWB National Leasing, designed to assist the supports equipment dealers. Best Business Loan

The Conclusion

So, there is the list of 7 banks in Canada that offers quality business loans. However, we have prepared the list based on different sorts of business needs. You choose according to the kind of financial problem you are facing, and not what these schemes are offering.