TD Bank is one of Canada\u2019s biggest and most reputable banks. It provides small business financing to customers across Canada, with either fixed or floating interest rates. Floating rates are based on TD\u2018s prime rate while fixed rates are set over 1 to 5 years with an amortization schedule of up to 30 years.<\/p>
The downside of TD small business loans is that you\u2019ll only be able to use the money you borrow to finance fixed assets (such as equipment or vehicles). You\u2019ll also need to go into a branch to sign up for a loan since there\u2019s no online application.<\/p>
To be eligible for a TD Small Business Loan, your business must be a sole proprietorship, partnership or corporation that\u2019s based in Canada. You\u2019ll also need to show that you earn enough money to be able to pay your loan back on time.<\/p>
You\u2019ll typically need to put up an asset to secure your loan, though what\u2019s required will need to be discussed in more detail with your TD lending specialist. There could also be additional requirements that you have to fulfill based on the amount you plan to borrow and how you intend to use your funds.<\/p>
TD Small Business Loan function just like any loan you might borrow for personal use. You\u2019ll have to decide if you want a fixed or variable interest rate on your loan and then agree to make repayments on any amount you borrow according to a set schedule.<\/p>
TD Small Business Loan come with terms that can last anywhere from one to five years, and you can only borrow money in Canadian dollars. You can also repay your loan early in some cases, depending on your circumstances.<\/p>
TD Small Business Loan are unique because they\u2019re financed by a big Canadian bank. This means that the level of support and customer service you\u2019ll receive will be difficult to beat. As a big bank, TD is also well-versed in dealing with unique financial situations that require more flexible financing options. This can include offering easy prepayment options and customized loan products that are designed to fit your business needs.<\/p>