Business Borrowing Solutions
What are you looking for?
- Operating Line of Credit
- Term Loans
- Commercial Mortgages
- Letters of Credit
- Overdraft Protection
- Small Business Improvement Loans
- Credit Cards
Operating Line of Credit
An Operating Line of Credit from Prospera is a great tool for financing new equipment, increasing inventory or simply being ready for unexpected expenses.
Features and benefits:
- Expand your business without dipping into your personal savings
- Be prepared for seasonal fluctuations in cash flow
- Competitive interest rates
- Only pay interest on the funds you use
- Safeguard your business with a protection plan
We make it easy to apply for a Business Line of Credit of up to $50,000 online!
Need more?
Set-up an appointment with a Prospera Business Account Manager to discuss your options. Our professional team of friendly, knowledgeable account managers will work directly with you to provide a solution that fits your unique business.
Term Loans
Whether you are purchasing a new vehicle, piece of equipment, or need a cash injection to grow your business, a term loan can help finance your company’s long term growth.
Apply for a term loan now⇢
Commercial Mortgages
Whether you are looking for a commercial mortgage to finance the purchase, renovation or refurbishing of properties, we have a solution for your business.
We can help with basic or sophisticated commercial mortgage needs, including:
- Multi-family residential properties
- Subdivision developments
- Retirement homes
- Industrial complexes
- Manufacturing premises
Commercial mortgages are available with fixed or floating (variable) interest rates, as well as flexible terms, amortizations and repayment options.
Letters of Credit
A letter of credit is a great assurance of repayment to a third party to allow you to build or expand your business. A promise from Prospera, on your behalf, that funds are available and payment of a specified amount will be made to the beneficiary.
Examples include:
- Dealing with a local municipality who requires a guarantee for site services
- A supplier who needs a guarantee of payment before shipping a product
This solution allows you to maintain cash flow and working capital by eliminating the need to make advance payments or deposits.
Overdraft Protection
We understand the difficulties of running a local business – things get busy! Which is why we are proud to offer Overdraft Protection on all of our Business Chequing accounts.
Overdraft protection is the perfect solution to:
- Avoid NSF fees
- Cover short-term gaps in cash flow
- Maintain supplier relations knowing your payments will clear
$5 monthly fee charged if the overdraft is used, no fee is charged during a month where the overdraft was not used. See our rates page for current overdraft interest rates.
Small Business Improvement Loans
Prospera is proud to participate in the Canada Small Business Financing Assistance program.
This program is designed to provide business term loans for:
- The purchase – or improvement of – fixed assets
- Leasehold improvements
- New or expanded premises
Business owners do not necessarily have to provide personal assets as security and personal guarantees may be limited.
Learn more on canada.ca ⇢
Credit Cards
Limitless rewards for running your business.
Features and benefits:
- Get maximum cash back
- Earn rewards with our versatile program
- Manage business transactions
- Earn up to 2% cash back
Learn more ⇢
Apply online ⇢
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