What are CIBC\u2019s business loans?<\/h3>
There are four main types of CIBC business loans:<\/p>
- Business loans<\/li>
- Business lines of credit<\/li>
- Business overdrafts<\/li>
- Canada Small Business Financing Program (CSBFP) loan<\/li><\/ul>
CIBC business loan<\/h4>
A CIBC business loan functions just like any other loan you might borrow for personal use. You\u2019ll have to decide if you want a fixed or variable interest rate on the money you take out and then agree to make repayments on the amount you borrow according to a set schedule.<\/p>
These loans start from $10,000 and can help you finance large business expenses or cash flow requirements. They come with terms that can extend up to 15 years, with secured and unsecured financing options.<\/p>
CIBC business line of credit<\/h4>
Get approved to borrow up to a limit and get flexibility with repayments. Choose between a secured or unsecured business line of credit. Pay interest only on the amount you borrow.<\/p>
CIBC overdraft protection<\/h4>
Get overdraft protection to cover urgent shortfalls. Access a higher limit and lower interest rate when you secure it with cash.<\/p>
CSBFP loan<\/h4>
A CSBFP loan lets you borrow money that\u2019s backed by the Canadian government. You can qualify for up to $1,150,000 to finance business real estate or up to $500,000 for leasehold improvements and equipment.<\/p>
You\u2019ll face a 2% registration fee, plus the lender may charge any fees normally charged for a similar business loan. You\u2019ll have to personally guarantee up to 25% of the amount you borrow and you\u2019ll also only be eligible to apply if your business makes less than $10 million per year.<\/p>
What are the benefits of a CIBC business loan?<\/h3>
- Flexible loan options.<\/strong> You can apply for a small business loan sponsored by the bank or the Canadian government, depending on what you need to borrow money for. You can also a get a business line of credit or overdraft protection.<\/li>
- Large amounts.<\/strong> You can apply for up to $1,150,000, depending on your business needs and what type of loan you want to take out.<\/li>
- Fixed or variable interest rates.<\/strong> You can choose to pay your loan back with a fixed or floating interest rate, depending on your preferences.<\/li>
- Long amortization periods.<\/strong> You could have the option to pay your loan back over a long term (up to 15 years).<\/li><\/ul>
What to watch out for<\/h3>
- No online application.<\/strong> You won\u2019t be able to apply for financing online, so you\u2019ll need to visit a branch to get your application rolling.<\/li>
- No loans for less than $10,000.<\/strong> You won\u2019t be able to borrow less than $10,000 if your business doesn\u2019t need a huge input of cash.<\/li>
- Interest rates aren\u2019t listed online.<\/strong> You won\u2019t know how much you\u2019ll have to pay until you go into CIBC in person to speak to an agent. Learn more about business loan rates.<\/a><\/li>
- Poor customer reviews.<\/strong> There are several negative reviews that customers have left about CIBC\u2019s services online, though these aren\u2019t specific to its business products.<\/li><\/ul>
Compare other business loans<\/h3>
- No loans for less than $10,000.<\/strong> You won\u2019t be able to borrow less than $10,000 if your business doesn\u2019t need a huge input of cash.<\/li>
- Large amounts.<\/strong> You can apply for up to $1,150,000, depending on your business needs and what type of loan you want to take out.<\/li>
- Flexible loan options.<\/strong> You can apply for a small business loan sponsored by the bank or the Canadian government, depending on what you need to borrow money for. You can also a get a business line of credit or overdraft protection.<\/li>