Scotiabank — Credit Line for business

• Government-issued identification for authorized signatories (1 photo ID, or 2 IDs from independent sources)
• Business registration/incorporation documents (e.g., Articles of Incorporation, trade name registration, partnership declaration/agreement, or association bylaws/constitution)
• Last 2 years of business year-end financial statements (signed)
• Bank account statements from other financial institutions (last 3 months)
• Last 2 years of income tax Notices of Assessment and tax returns (as applicable to the business type)

• The applicant must apply for a Scotiabank Credit Line for business and obtain credit approval.
• The applicant must be an eligible business type: sole proprietorship, partnership, corporation, or not-for-profit association/organization.
• The applicant must provide required supporting documentation (e.g., bank statements and business/financial documents as applicable to the business type).
• For sole proprietorships or partnerships, the owner(s) must sign a personal guarantee.
• The requested credit line must fall within Scotiabank’s available unsecured limits (up to $1 million), subject to Scotiabank’s credit decision factors.

Who is eligible?

• Sole proprietorships
• Partnerships (including limited partnerships)
• Corporations
• Not-for-profit associations/organizations

Eligible expenses

• General operating expenses
• Working capital needs
• Short-term cash flow needs (to supplement working capital)

• Scotiabank reviews your application and supporting documentation as part of its credit approval process.
• Credit decisions consider factors such as the owner’s income (last two tax years), the business’ financial statements, the forward-looking business plan, and in some cases the owners’ personal credit history.
• After all documentation is submitted, Scotiabank typically provides a response within the week.
• If approved, the credit line is set up as revolving credit, allowing you to borrow up to the approved limit and re-borrow as you repay.
• Approval is subject to credit approval, and conditions may apply.

• Revolving credit allows you to re-borrow funds up to your approved limit as you repay your balance.
• Competitive floating interest rate is tied to Scotiabank’s prime lending rate.
• Activity is recorded on a single monthly statement.
• Optional Comprehensive Insurance is available.