Scotiabank Business Loan Review for Canadian Businesses Up to $1,000,000

Overview of the Scotiabank business loan in Canada

Scotiabank business loan offers Canadian companies access to financing up to $1,000,000 for fixed assets such as commercial real estate, shop fit-outs and heavy equipment. As one of the Big Five banks, Scotiabank combines a nationwide branch network with online tools that make financing accessible whether you run a storefront in Vancouver or a manufacturing shop near Montreal.

Loan terms typically range from 3 to 10 years, letting businesses match repayments to useful asset life and cash flow. The Scotiabank Business Loan is positioned for owners who need predictable capital and prefer dealing with a lender that understands local markets across provinces and territories.

Eligibility, rates and fees

Eligibility for a Scotiabank business loan usually requires a for-profit Canadian business, good credit history and demonstrable cash flow; specific minimums are evaluated case by case. For larger loans toward the $1,000,000 limit, expect the bank to ask for two years of financial statements, collateral details and a clear plan for the asset being financed.

Interest rates are personalized based on creditworthiness, revenue and collateral, so discuss fixed versus variable options with a Scotiabank advisor to find the best fit. Ask early about potential appraisal fees, legal costs for real estate transactions and any arrangement fees that could affect your effective borrowing cost in CAD.

Features and how to apply

Key features of the Scotiabank Business Loan include high lending limits, flexible repayment schedules and the ability to use funds specifically for fixed-asset purchases up to $1,000,000. Scotiabank also allows online applications for amounts up to $50,000, which is handy for smaller capital needs without an in-person appointment.

For larger facilities you will book an appointment with a Scotiabank advisor to submit supporting documents and discuss collateral and covenants. The typical process involves preparing business financials, ownership ID and a use-of-proceeds memo, then reviewing terms, signing documents and setting up automatic monthly payments.

Pros, cons and local tips

Pros of a Scotiabank business loan include competitive access to substantial capital, a wide branch network across Canada and tailored term lengths that suit asset financing. For businesses investing in property or equipment, Scotiabank business loans can be a reliable way to scale operations with financing up to $1,000,000.

Cons include stricter requirements for big-ticket loans and limited options if you need working capital rather than fixed-asset financing. Compare offers from other Canadian lenders, and consider consulting a local Scotiabank advisor to negotiate rate structure, required collateral and potential early repayment implications before committing.