Banking for small business and agriculture




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Most CFIB members are eligible for business banking, which also includes specialized products for agriculture and for professionals. Those with annual revenue over $15 million or borrowing needs over $500,000 should instead inquire about commercial banking.

There are CFIB member benefits on many business banking products, including:

Business accounts

CFIB members receive discounts on the standard monthly fees for the account plans below and a free Cheque Essentials Kit when opening a new account.

+Business account: $6 off the Right Size Account for business
With the flexible and convenient Right Size Account for business, CFIB members never pay for transactions they don’t use!

The $6 minimum monthly fee for the first 5 transactions is waived for CFIB members. Pricing for the remaining pay-as-you-go transactions is based on the following tiered pricing structure:

Tier
(number of transactions)
1-56-3031-6061-100101-150151+
Transaction FeeWaived for
CFIB members
$1.05$1.00$0.95$0.90$0.85

Notes: Refer to Your Guide to Fees and Interest Schedules for transaction and service types that qualify for the tiered pricing structure. Additional deposit contents and sundry service fees apply.

+Business and personal account: 20% off the ScotiaOne Account Plan for business
The ScotiaOne Account Plan for business combines an account for the business as well an account for the business owner’s personal banking. It is for small businesses in any sector of activity, including retail, manufacturing, professionals and agriculture. Fees below already include the 20% discount.

Account Plan OptionsMaximum Transactions/ MonthMaximum Items Deposited/ MonthMaximum Cash Deposited/ MonthFull-Service Monthly FeePersonal Account Transactions
Option A6030$3,000$4050
Option B10050$5,000$64100
Option C15075$10,000$96100

Note: Prices have been rounded for illustration purposes only.

+Business and personal account: 20% off the ScotiaOne Account Plan for agriculture
The ScotiaOne Account for agriculture is similar to the ScotiaOne Account for business, except that a fourth option, exclusively available for agriculture, is added to options A, B and C. The fee of the agriculture option below already includes the 20% discount.

Maximum Transactions/ MonthMaximum Items Deposited/ MonthMaximum Cash Deposited/ MonthFull-Service Monthly FeePersonal Account Transactions
5530$3,000$2050

+Agriculture Switch Incentive
A Includes an incentive amount, to reimburse legal/appraisal costs, of up to 5% of the new funds or global limit to a maximum of $5,000 on the following eligible products:

  • Scotia Farm Mortgage Loan or Non-revolving term loan secured by a collateral MTG over farm real estate
  • Scotia Farm Legacy Mortgage
  • Scotia Flex for agriculture (based on authorized global limit)

+Free Cheque Essentials Kit for CFIB members opening a new account

$125 value package offered to CFIB members who open a new business chequing account.
The kit includes:

  • 200 single checks (marble, 2 per page)
  • 100 personalized deposit slips
  • Luxury Checkbook Stamp of endorsement

+Overlap with other Small Business Programs or Incentives
CFIB members that qualify for the following Scotiabank programs can take advantage of the CFIB Program in addition to these Scotiabank programs. When the benefit of a program or service is of a similar nature, the benefits will not be cumulative; the customer will instead receive the greater discount/benefit. At any time, Scotiabank can agree to allow an overlap with any new or existing Small Business programs. Overlap is specifically allowed for the following programs:

  • Scotia Running Start for business
  • Scotia Running Start for professionals
  • Scotia Start Right for business
  • Get Growing Switch Package
  • Get Growing Switch Package for professionals

Notes:  Not applicable to government guaranteed loans under CSBFA and FIMCLA. Subject to credit approval and security provided. Interest charges apply.



Borrowing

CFIB members receive preferred rates and/or waived application fees on several credit products.

+Waived loan application fees
Scotiabank waives their regular loan application fees for CFIB members on the following business loan products :

  • Credit Line for business
  • Term Loan for business
  • Credit Line for agriculture
  • Term Loan for agriculture

Notes:  Not applicable to government guaranteed loans under CSBFA and FIMCLA. Subject to credit approval and security provided. Interest charges apply.

+20% reduction on credit line and overdraft protection monthly fees

  • CFIB members pay $20 per month rather than $25 a month for a Credit Line for business or a Credit Line for agriculture.
  • CFIB members pay $4 per month rather than $5 per month for an Overdraft Protection for business.
  • CFIB members receive 3.00% discount off the standard interest rate for a new unsecured overdraft protection Account

Notes: A business account at Scotiabank is required. Subject to credit approval and security provided. Interest charges apply.

+ 0.5 % rate reduction term loans and credit lines

For the credit line for business and forthe credit line for agriculture accounts,CFIB members receive 20% discount off the standard monthly (3) fee for new andexisting credit line accounts that are linked directly to a Basic BusinessAccount.

For a term loan or credit line, new and of at least $10,000 or increased by $10,000 or more, CFIB members receive a 0.5% interest rate reduction. The discount applies to the following products:

  • Credit Line for business
  • Term Loan for business
  • Credit Line for agriculture
  • Term Loan for agriculture
  • ScotiaLine® for business VISA card

Notes: Subject to credit approval and security provided. Interest charges apply. For credit lines, a business account at Scotiabank is required. Not applicable to government guaranteed loans under CSBFA and FIMCLA. Final rates cannot be below Scotiabank Prime. Prime rate subject to change.

+6 months at Prime on a new ScotiaLine® for business VISA card
Introductory interest rate of Prime on a new ScotiaLine® for business VISA card with a minimum $10,000 limit. The ScotiaLine® for business VISA card includes:

  • No annual fee
  • Flexible repayments
  • Convenient access by credit card or cheque
  • At least 21 days interest-free grace period on new card purchases
  • Competitive interest rate of a line of credit

Notes: Subject to credit approval and security provided. Interest charges apply. After 6 months, the interest rate will increase to the prevailing interest rate (as low as prime +2.49%, on an unsecured basis, effective November 1, 2013), less the 0.50% CFIB discount. Subject to change.


Own a small business and want to learn more?

  • Visit sba.scotiabank.com to find a Small Business Advisor near you.
  • Let them know your business is a CFIB member, or that you’re considering joining CFIB.
  • Ask to be shown how both quality advice and services at reduced costs for CFIB members can improve your bottom line.

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