CIBC Small Business Loans
Designed to help your small business purchase fixed assets or help finance your company’s long-term growth, CIBC Small Business Loans are available in any amount over $10,000 1 , with loan rates that are competitive and convenient.
- Loans can be used to finance up to 100% of asset acquisition costs; this will free up your company’s working capital, which can then be used as an additional investment in your business to increase profitability.
- Your loan can be amortized over a period of time to suit your cash flow, resulting in manageable payments. We will work with you to tailor the principal repayment schedule to meet your cash flow needs. 2
- Once we receive your completed application and supporting documentation, you’ll usually get a credit decision by the next business day. 3
- Once the loan is approved and set up, funds are available when you need them.
- Select a variable or fixed-rate loan or a combination of a loan and a line of credit. You can also choose a secured or unsecured option, with funds in either Canadian or U.S. dollars. 4 A variable rate loan can be repaid at any time without penalty.
Is it for you?
CIBC Small Business Loans could be for you if you:
- Need money to purchase equipment or fixed assets, or make improvements to capital assets
- Want protection against short-term interest rate fluctuations
- Want to make repayments in line with your business’ seasonal cash flows
Information you need to know
- You may qualify for a lower interest rate on your CIBC Small Business Loan by securing it with a principal residence, cash or cash equivalent or hypothec
- The loan can be amortized over a maximum of 15 years 5
- Setup and Review fees may apply based on the total credit limit
- Option of either competitive fixed or variable interest rates
- Repayment options for fixed rates include:
- Blended principal and interest
- Principal plus interest with principal payable monthly or quarterly
- Prepayment of variable interest rate loans without prepayment penalties
- Loan repayment set to match your cash flow needs, based on the useful life of the asset financed
Tools and Resources
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Interested in a CIBC Business loan or line of credit?
Visit the nearest CIBC Branch or contact your CIBC business advisor.
1-800-465-2422 toll free
Loans and Lines of Credit
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1 All loan, line of credit and Small Business Overdraft applicants must meet CIBC lending criteria and are subject to credit approval. Rates and limits will be determined based on an assessment of application. Some conditions and restrictions apply. The interest rate on variable rate loans, lines of credit and Canadian dollar Small Business Overdraft will change whenever CIBC’s Prime Rate changes. Personal guarantees may be required from all principals who have ownership in the business. A General Security Agreement may be required from the business.
2 Subject to CIBC approval.
3 Provided we have received a complete application and supporting documentation.
4 Depending on your credit rating, some options may not be available and/or some conditions may apply.
5 For 5-year term loans only. Terms of 1 to 4 years must have equal amortization.