{"id":866485,"date":"2020-07-06T13:48:47","date_gmt":"2020-07-06T17:48:47","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=866485"},"modified":"2025-02-12T02:11:23","modified_gmt":"2025-02-12T07:11:23","slug":"scotiabank-business-loan-review","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/business-loans\/scotiabank-business-loan-review","title":{"rendered":"Scotia business loans review"},"content":{"rendered":"<h3>What is Scotiabank?<\/h3><p>Scotiabank is one of Canada&#8217;s Big Five, so it&#8217;s one of the five largest banks in the country. Its history can be traced back to the founding of the Bank of Nova Scotia in 1832. As of October 2024, its assets total approximately $1.4 trillion.<\/p><p>Scotiabank has over 900 branches across the country and a nationwide network of almost 3,600 ABMs. It offers a full range of personal and business banking services. Additionally, Scotiabank trades on the Toronto Stock Exchange and New York Stock Exchange.<\/p><h3>What are the types of Scotia business loans?<\/h3><p>Small business owners can choose from the following types of Scotia business loans.<\/p><h4>Scotia Term Loan for Business<\/h4><p>The Scotia Term Loan for Business provides funds for purchasing fixed business assets. You can choose a fixed or variable interest rate and use the loan to finance purchases made in the last six months from the loan application date.<\/p><p>Loan amortization depends on the life of the asset you purchase, and you can begin the application process by contacting Scotiabank to arrange an appointment.<\/p><h4>Canada Small Business Financing Program (CSBFP) loans<\/h4><p>The Canada Small Business Financing Program (CSBFP) is designed to make it easier for small businesses to access funding. CSBFP term loans are 85% backed by the federal government and provide funds to:<\/p><ul><li>Purchase leasehold improvements or improve leased property<\/li><li>Purchase or improve new or used equipment<\/li><li>Pay for intangible assets and working capital costs<\/li><\/ul><p><a href=\"https:\/\/www.finder.com\/ca\/business-loans\/business-loan-interest-rates\">Business loan rates<\/a> can be fixed or floating and are tied to Scotiabank&#8217;s prime rate. You&#8217;ll usually have to personally guarantee a portion of the amount you borrow, but the fact that loans are government-backed means you may be able to qualify for a larger loan amount than you would normally.<article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Dive deeper: <\/span><a href=\"https:\/\/www.finder.com\/ca\/business-loans\/canada-small-business-financing-program-loans\" style=\"text-decoration:underline; font-size:0.9em;\">Canada Small Business Financing Program guide<\/a>\n<\/div>\n<\/article><h4>Scotia Flex for Business<\/h4><p>The Flex for Business program allows you to use the equity in your home or commercial property to access credit to buy assets and manage cash flow. Under the program, you can hold multiple products under a single credit limit, including a Scotia Term Loan for Business, Credit Line for Business and a business credit card. You'll need to have been in business for at least two years to qualify for funding.<\/p><h3>Pros of Scotia business loans<\/h3><ul class=\"list-1\"><li><strong>Competitive rates.<\/strong> As a major bank, Scotiabank is able to offer competitive rates on Scotia business loans.<\/li><li><strong>Fixed or variable interest rates.<\/strong> You have the flexibility of choosing the type of interest rate that makes the most sense for your business budget.<\/li><li><strong>Convenient service.<\/strong> You can go into one of hundreds of Scotiabank branches across the country to speak to an adviser directly about your loan.<\/li><li><strong>Big Five Bank.<\/strong> You get the security and peace of mind of dealing with an established financial institution.<\/li><li><strong>Other financing options.<\/strong> You may be able to qualify for other forms of financing, such as a line of credit or overdraft protection, if you&#8217;re not sure about a business loan. Plus, if you want to manage all your business banking with a single financial institution, Scotiabank&#8217;s wide range of business banking services means you can do exactly that.<\/li><\/ul><h3>Cons<\/h3><ul class=\"list-12\"><li><strong>Interest rates aren&#8217;t listed online.<\/strong> You won&#8217;t find out the type of interest rate you&#8217;ll get until you fill out your online application or speak to an adviser.<\/li><li><strong>Bad credit not accepted.<\/strong> You likely won&#8217;t be accepted if you have bad credit, unless you can get a guarantor or you secure your loan with a personal asset.<\/li><li><strong>Strict eligibility criteria.<\/strong> You&#8217;ll typically need to meet fairly stringent criteria to qualify for a Scotia business loan.<\/li><li><strong>Can&#8217;t submit an online application.<\/strong> You&#8217;ll need to make an appointment with a Scotiabank business advisor to begin the application process.<\/li><\/ul><h3>What are the interest rates for Scotia business loans?<\/h3><p>Scotia business loan interest rates for the Term Loan for Business are not listed online. However, as you&#8217;re dealing with a major bank, you can expect a competitive fixed or variable rate for your business financing\u2014provided you have good to excellent credit.<\/p><p>If you take out a term loan under the Canada Small Business Financing Program, the program rules dictate the maximum rate available:<\/p>Floating rate: The lender's prime rate plus 3%.<br \/>Fixed rate: The lender's single family residential mortgage rate plus 3%.<h3>How to qualify<\/h3><p>You&#8217;ll need to meet certain requirements to be eligible for a Scotia business loan, although there are no specific criteria listed on the Scotiabank website. For example, you&#8217;ll likely need to have a good credit score. You may also need to show that you can afford the loan and have the necessary revenue coming in to make your monthly payments.<\/p><p>You&#8217;ll also typically have to meet additional criteria based on how much you want to borrow as well as the type of asset you&#8217;re looking to purchase. Speak with a Scotiabank adviser to find out more about what you&#8217;ll need to qualify.<\/p><h3>How to apply<\/h3><p>If you want to apply for a Scotia business loan, you&#8217;ll need to book an appointment with a Scotiabank business adviser to discuss your borrowing needs.<\/p><p>The exact documentation you need to provide will vary depending on your business structure, but you may need to supply:<\/p><ul><li>Proof of ID<\/li><li>Trade name registration<\/li><li>Business financial statements<\/li><li>Latest income tax notice of assessment<\/li><li>Bank account statements<\/li><li>Bill of sale\/purchase agreement for the asset being funded<\/li><\/ul><h3>What to expect once you receive your business loan<\/h3><p>Now that you have your loan, you can use it to purchase the business assets you&#8217;ve outlined in your loan agreement. From there, you&#8217;ll need to start making repayments on your loan for the length of the term you&#8217;ve chosen.<\/p><p>You&#8217;ll typically pay back your money using automatic withdrawals from your bank account. Be sure to factor in your interest rates and additional fees to your total amount to make sure you can budget appropriately for repayments.<\/p><h3>Bottom line<\/h3><p>Scotia business loans offer competitive rates along with the security and convenience of dealing with a Big Five bank. Contact Scotiabank if you&#8217;d like more info about your funding options, but be sure to <a href=\"https:\/\/www.finder.com\/ca\/business-loans\">compare business loans<\/a> from a range of lenders before deciding where to borrow.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">Does Scotiabank offer business loans?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Yes, Scotiabank offers business term loans, Canada Small Business Financing Program loans and other special funding programs for businesses. Business lines of credit are also available.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">Why doesn't Scotiabank post its interest rates on its website?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Much like other Big Five banks, Scotiabank doesn't post its business loan interest rates online because the rates you get will depend on personal variables. These can include what your credit score looks like, how much revenue your business brings in and how much debt you already have.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">What's the difference between a fixed and variable rate loan?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>The main difference between a fixed-rate and variable-rate loan has to do with how predictable your payments will be. Fixed-rate loans have the same interest rate for your entire term, which makes them easy to budget for. Variable-rate loans fluctuate in line with Scotiabank's prime rate, so the amount you'll have to pay will be less stable\u2014but you may be able to save money if the prime rate goes down.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000003\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000003\">\n                <span class=\"luna-accordion__title\">Can I apply for Scotia business loans online?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000003\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>You can't simply submit an online application for a Scotia business loan. You'll first need to make an appointment with a Scotiabank business adviser to discuss your borrowing requirements.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Your guide to the pros, cons, eligibility criteria and application process of Scotiabank\u2019s business loans.<\/p>\n","protected":false},"author":516,"featured_media":1037309,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[5740],"tags":[1669,5942,3951,3953],"asset_tag":[],"class_list":["post-866485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-loans","tag-business-loans-2","tag-scotiabank","tag-small-business-2","tag-small-business-loans-inquiry"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Scotia Business Loans Review | Finder Canada<\/title>\n<meta name=\"description\" content=\"Scotia business loans provide flexible funding for Canadian small businesses. 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