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

Loan Execution

Loan Approval

You can get fund through your own lawyer

You can choose repayment frequency and repayment amount