Business Loan
Business Loan
Purpose
- Purchase of business (business, equipment, inventory)
- Fund for operation of business
- Renovation or expansion of business
Collateral type : Commercial Rental Property, Office, Hotel/Motel, Strip Mall, Land
Amount limit : Depends on cash flow, credit rating, business experience
Interest rate : Variable Interest
Amortization period : Up to 15 years
Small Business Loan
Requirement for Government Guarantee : Yearly sale of less than 5 million dollars
Amount of Government Guarantee : Up to 85% of loan amount
For use
- Purchase of business (business, equipment, inventory)
- Purchase of commercial property
- Renovation or expansion of business
Amount limit : Finance up to 90% of cost, maximum $500,000
Interest rate : Variable Interest
Amortization period : Up to 10 years
Overdraft & Line of Credits
For use : Commercial fund
Feature : You can utilize fund by borrowing and repaying within approved credit limit amount.
Amount limit : Please inquire branch
Interest rate : Please refer to interest rate in loan product table (link)
Term : 1 year (5 years if secured by property)
Letter of Gurantee
For the operation of business such as convenience and gas station, letter of guarantee is issued to replace security deposit that is submitted to related parties.
Letter of guarantee for other transactions
Apply for Business Loans
Required Documents
Personal Identification
- Driver’s Licence
- Passport or SIN Card
- Business Registration
- Article of Incorporation
Income Verification
- Documentary Evidence of Income
(Financial Statements T1 General, Notice of Assessment)
Required Documents for Loan Process
- Sales Contract Documents
- Business Plan (Projection)
- Written Estimate of Expenses
- Lease Agreement
- Equipment List
- Rent Roll
*Required docents shall be different depending on the products you are applying for, so, please contact our branches for detail information.
Loan Process (Analysis of repayment capability and appraisal value)
Corporate Credit Rating
Appraisal of Collateral
Analysis of Business contents
Environmental Evaluation (When Required)
Site Inspection