Business Line of Credit
The number one reason to open a business line of credit is to gain access to short-term funding. Most businesses use these funds to support financing for operational expenses like supplies and payroll or for increasing inventory.
When is a business line of credit a good idea? A business line of credit is best if you want a flexible solution to cover short-term cash-flow gaps. If you need a large sum of cash or a long period of time to pay off your debt, a term loan would be a better option. Business credit is separate to personal credit, examples of business credit include everything from bank loans to credit cards, with availability based on your credit history and score.
The details.
Minimum amount.
$1,500
Variable interest rate.
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Highly competitive variable interest rate.
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The rate fluctuates based on the Canadian Northern Bank line of credit base rate.
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Interest applies only to the funds used.
Easy access to funds.
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Access your funds any time:
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by cheque
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at an ATM
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online through CNBCDirect
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Simple repayments.
Flexible repayment options:
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Interest only
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3% of your balance
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Fixed payments