A Canada Small Business Financing
Line of Credit Is Commonly Used For:
- New businesses looking for finance working capital costs necessary to cover day-to day operating expenses of a business
- Established businesses looking to cover gaps in working capital flow
Loan Is Guaranteed
85% of the loan is guaranteed by the Federal government.
Previous Purchases Are Eligible
Working capital expenses incurred within the past 365 days prior to the date of the loan approval are eligible for financing
High Authorized Limit
Maximum authorized limit $150,000
RBC Prime + 5 %
5 years, which can be renewed for another 5 years
The credit line is automatically paid down with available funds in your everyday operating account.
Access additional funds for your business deposit account at any time – through ATMs, Online Banking for Business and through the RBC Mobile1 App or in branch.
Two-way revolve between the Canada Small Business Financing Line of Credit and your RBC operating account means you never have to worry about funds being available or paying the principle of your credit line.
What Else Do You Need to Know?
The automatic transfer between the Royal Business OperatingLine and operating account is operated through a Revolving Funds Arrangement. Revolving Funds Arrangement is an arrangement between the client and the Bank that whenever the account is overdrawn, the Bank will revolve the loan up to the available credit limit to cover the overdraft (and Minimum Retained Balance) in agreed upon revolvement multiples. For the OperatingLine Plus option, the Bank will also, whenever there is a credit balance in the Everyday Operating Account, apply all of that balance to the Royal Bank OperatingLine (depending on the revolving increments and Minimum Retained Balance).
Document preparation fee: $175
Application fee: $100
Renewal fee $0 (if stand-alone CSBF Line of Credit)
Tiered Monthly Management fee: $25 to $75 based on authorized amount
Registration Fee: One-time Federal Government registration fee of 2% of the authorized amount (which may be included in the amount borrowed)
1.25% Administration Fee is included as part of your interest rate
You May Also Be Interested In:
Automated Payroll by ADP
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Improve your cash flow with Moneris. Accept debit and credit card payments any way your customers want to pay, in-store, online or on mobile.
Everyday Operating Accounts
Stay on top of the day-to-day financial needs of your business.
The calculations and amortization schedule produced are: (i) based on the accuracy and completeness of the data you have entered, (ii) based on assumptions that are believed to be reasonable, and (iii) for estimation purposes only and should not be relied upon for specific financial or other advice. When you make your credit application, interest rates may have changed or may be different due to information contained in your application.
Royal Bank of Canada does not make any express or implied warranties or representations with respect to any information or calculations in connection with this business loan calculator. Royal Bank of Canada will not be liable for any losses or damages arising from any errors or omissions in any information or calculations, or any action or decision made by you in reliance on any information or calculations.