Business Loans & Lines of Credit

Whether you want to fund growth or boost cash flow, Northern Savings' financing solutions offer the flexibility you need to achieve any goal.

Explore our flexible business lending options

Business Loans

Ideal for those looking to purchase, update, or expand their business.

We can provide you with a business loan that works with your cash flow and budget.

Features & benefits

Variable or fixed rate options
Amortization dependant on economic life of equipment/asset
Terms available up to 5 years
Flexible repayment terms
Quick turnaround time on loan requests

Business Letters of Credit

Ideal for purchases with those you have limited trading experience with.

We can provide you with a letter verifying our responsibility for your debt.

Features & benefits

The maximum aggregate letter of credit is $250,000
Fully secured letters of credit may exceed $250,000
One year maximum term
Quick turn-around times
Competitive rates

Process

You make a deposit with us
We then give you a letter verifying that we'll be responsible for your debt
You send the letter to your potential creditor or third party

Examples

A safekeeping agreement from various forms of government
Letters of Credit for construction bidding processes

Business Lines of Credit

Ideal for those looking for a solution to help maintain working capital.

We can provide you with a line of credit that can help your business bridge the gap between receivables and payables.

Features & benefits

Only pay interest on the funds you use
Attached to your chequing account
Revolving credit
Variable rates based on Prime + premium

Ready to apply?

Get the financing you need fast, with your loan approved locally.

Apply now

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CEBA Repayment

Did your business receive the Canada Emergency Business Account (CEBA) loan? Then next on your list is a repayment plan.

What is CEBA?

CEBA provided financial support to Canadian small businesses during a time of unprecedented economic challenge brought on by the COVID-19 pandemic. The Government of Canada, alongside its partners EDC and Canada’s financial institutions offered CEBA loans.

The CEBA program provided interest-free loans of up to $60,000 to small businesses and not-for-profits.

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Repaying CEBA

The CEBA loan forgiveness deadline was January 18, 2024 for all eligible borrowers in good standing.

If your CEBA loan was not paid off by January 18:

The full loan amount will be owed and interest will commence on January 19
Your loan will be converted to a 3-year term loan at 5% interest rate
You must repay the full balance no later than December 31, 2026

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Questions?

Learn more about CEBA and payment deadlines by visiting the Government of Canada's CEBA information page
or call the CEBA Call Centre at 1.888.324.4201

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