Terms and conditions
The Small Business Loan is offered according to the following terms:
The loan may be approved up to $100,000.00. The amount granted will be confirmed once an analysis is performed and the loan approved.
The Small Business Loan is offered at the current floating base rate of 4.55%* to which an interest percentage is added based on your personal and business information to make up the final interest rate.
*The floating base rate varies according to market changes. When this happens, the annual interest rate will automatically increase or decrease to reflect that change.
The loans are repaid over 60 months. A capital postponement is offered for the first 6 months, and the initial six payments are interest only. Commencing on the 7th month, the loan is repaid in 60 monthly payments, and all payments are due on the 10th day of the month.
No application fee apply in relation to the loan application. Annual Loan management fees in the amount of $150, transaction fees in the amount of $150 per amendment required in regards to the Loan and standard BDC administration fees apply.
All other terms and conditions of the loans are defined in a loan agreement which is sent to the Business when the loan is approved.