Business Line of Credit

Enjoy convenient, easy-to-access cash with lower minimum payments. You’ll also pay less interest vs a business credit card. Get your safety net with a business line of credit!

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  • Get approved as early as one business day!
Life preserver

Discover the benefits of a line of credit!

  • Enjoy fast cash when you need it
  • Make lower minimum payments
  • Pay less interest than on a credit card
  • Earn cash dividends2

Know you’re always covered

Your approved line of credit is tied to your business chequing account.1 So, when you’re in need of extra funds, it’s immediately available for you. It can be a true safety net. 

Enjoy low minimum payments

A line of credit is a small business loan. That means lower minimum payments. It’s affordable borrowing when you need to.

Discover lower rates

Get lower rates than you’d get on a credit card. And you’ll only pay interest on the money you use. Your interest payments will be lower than with a larger business loan as well.

Earn cash for everyday banking.2

With our Member Rewards program, you’ll earn cash dividends by having your business line of credit with us.2 The more you bank with us, the more you benefit!

 

 

More information

Business Line of Credit Requirements & Details

  • Available for agricultural or business use only 
  • An Ag Line of Credit cannot be applied to a No-Fee Account 
  • Interest earned on daily closing balance and paid at month end
  • Minimum credit limit - $5,000 non-mortgage 
  • Minimum credit limit - $10,000 mortgage 
  • Unlimited prepayment 
  • Interest payable monthly on the last day of the month 
  • Applicable application fees

Enjoy affordable, easy financing

With lending needs covered, you can focus on what’s important – running your successful business. Apply for an ongoing business funds today.

Apply Today

Terms & Conditions

1Account & Fee Information/About Our Interest Calculations
Learn more about our accounts and services. Review our Account and Fee Information (pdf).
Identify the interest rates applicable to your account(s) and how they're calculated. Review our About Our Interest Calculations (pdf) document.

2Member Share & Member Rewards
All Member Reward distributions are not guaranteed and are at the full discretion of Innovation Federal Credit Union's (Innovation) Board of Directors and the Office of the Superintendent of Financial Institutions (OSFI). 
Redemptions of Membership Shares for any reason are not guaranteed and are at the full discretion of Innovation's Board of Directors and the Office of the Superintendent of Financial Institutions (OSFI). 
Membership Shares are capped at $5,000 (personal members) and $10,000 (business members). All balances held in the Member Rewards account exceeding these amounts are fully accessible to members and are not treated as capital to Innovation.
Dividend rates, allocation rates or any other factors impacting distribution of Member Rewards are subject to change without notice.