What documents do I need to apply?

You will usually need the following: Your identification Proof of income Business financial statements, including income, expenses, assets and liabilities Other personal- and business-specific information such as address, licence number (if applicable) and how long you've been in business

How long does a business line of credit last?

There's usually no time limit on a line of credit. Most business lines of credit remain valid as long as you hold the original credit account.

Can I get a line of credit for a startup business?

Yes, it is possible for startups to access lines of credit. However, many lenders will require you to have been in business for a specified period (such as 6 or 12 months) before considering your credit application. There are online lenders who are willing to work with new businesses, but be aware that high interest rates typically apply.

Can I get a secured or unsecured business line of credit?

Yes, both secured and unsecured lines of credit are available to businesses. Some lenders offer either secured or unsecured options, while other lenders offer both. Talk to your lender to find out what they provide, and if they offer secured loans, check what assets they accept as collateral.

Can I increase the limit of my business line of credit?

Yes, unless you've already been approved for the lender's maximum credit limit, you can apply to increase your limit. You will typically need to provide proof that your revenue has increased, and if you have a secured line of credit, you may have to provide additional collateral to secure the increased credit amount.

Where can I get a business line of credit in Ontario, Canada?

You can get a business line of credit in Ontario from major banks like TD, RBC, Scotiabank, BMO, and CIBC, as well as credit unions like Meridian and Alterna Savings. You can also choose an alternative lender like Journey Capital.