Grow, Expand, Improve – With Long-Term Financing for Your Business
Whether you’re looking to acquire new equipment, expand your inventory or open in new locations, a term loan can help you achieve the big goals you have for your business.
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A Term Loan Is Commonly Used For:
- Purchasing or renovating business property
- Purchasing, installing or modernizing business equipment or other capital assets
- Refinancing existing debt to streamline your cash flow and management of payments
Fixed Rate Loans
- Stabilize your cash flow with predictable and consistent payments
- Maintain your loan carrying cost when interest rates rise so that you always know what your costs are and can manage your finances accordingly.
- Accelerate your pay down with an annual 10% prepayment privilege at no charge
- Starting at $10,000
Variable Rate Loans
- Benefit from lower interest rates immediately if the prime rate changes
- Protect your cash flow and convert to a fixed rate term loan if the prime rate rises
- Prepayments, either partial or in full, can be made anytime without penalty
- Starting at $5,000
What Else Do You Need to Know?
These loans are typically secured for a term up to 7 years but not exceeding the useful life of what is being financed.
Maximum amortization of up to 25 years when financing real estate depending on the type of property.
Business Loan Insurance Plan** is available on most RBC business loans and helps ensure the financial obligations of your business should you meet with any uncertainty. (certain conditions may apply†)
Available in Canadian funds only.
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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.