The Scotiabank Black-led Business Financing Program is a financing program to lend eligible, Black-Led businesses financing for capital investments and/or working capital needs.
Eligibility
- Businesses that have a minimum black ownership of 50% or more and annual sales up to $15,000,000 will be eligible to apply for loans under the program.
- Established eligible businesses are eligible to apply for a term loan for capital investments up to $250,000 and/or a term loan for working capital up to $50,000.
- Start up businesses are eligible to apply for a term loan for capital investments up to $50,000.
Program Details
- Financing for new capital investments and/or working capital needs.
- Competitive fixed or floating interest rates.
- Interest only payments for 12 months.*
- Up to 5-year term with amortization up to 10 years.
- Term loan for business for capital investments minimum of $25,000 with a maximum limit of $250,000.
- Term loan for business for working capital – minimum of $25,000 with a maximum limit of $50,000.
Program Benefits
- Term financing for both start-ups and established Black-Led businesses.
- Access to resources and partnerships to help your business succeed.
- Fixed or variable monthly payments available depending on the financial needs of your business.
- Competitive fixed or floating interest rates.
- Interest only payments for up to 12 months.*
- Optional Scotia Business Loan Protection available.
Loan Amortization
Capital investments can have a term up to 5 years and amortization up to 10 years. Working capital term loans can have up to a 3-year term and a 3-year amortization.
For More Information: Scotiabank Black-led Business Financing Program