Business Line of Credit
This line of credit is for you if:
- you need to bridge the gap between accounts receivable and accounts payable.
- you need to make a hiring or purchasing decision now that will pay off in the future.
A business line of credit from Island Savings gives you access to your funds whenever you need it to keep your business running smoothly. It provides you with the capital you need to make large purchases, or to bridge the gap between your receivables and payables.
Key Features & Benefits
- Line of credit amounts of $5,000 to $10,000,000
- Covers daily operating expenses or other expenses
- Can help to reduce interest costs
- Interest only payments
- Access additional funds anytime so you can take advantage of business opportunities as they arise
- Make payments at anytime with no prepayment penalty
- Secured and unsecured lines of credit are available
A business line of credit is attached to your business chequing account (of course, we’re fans of the Unlimited Chequing for Business® account) and lets you decide when and how much you need to borrow. And, to keep things simple, you only pay interest on the amount you actually use.
Other services you may be interested in:
When you take out a business loan or mortgage, Island Savings Insurance Services can help you protect your family and business with adequate insurance coverage:
- Loan, Life and Disability Insurance
- Group Mortgage Life Insurance
- Mortgage Critical Illness Insurance
This coverage is available at a low monthly cost and may be tax deductible. Plus, for your convenience, premiums can be automatically deducted from your business account.
Ready to apply? Applying for a business line of credit with us is easy!
If you'd like to apply for a business line of credit, simply contact us and we'll handle the rest.
If you're more comfortable coming in to see us, we'd be happy to set you up with an operating line of credit.
If you’d like to call us, please contact any of our business banking advisors.