Frequently Asked Questions
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|+||What makes Scotiabank’s Small Business banking program any different than any other options I have?|
|Scotiabank has a network of trained Small Business advisors in branches across the country. They focus on delivering advice, information and services to Small Business owners, such as you. They go beyond delivering the traditional services you expect from a bank, to provide tools and resources which help you map out strategies to grow your business, improve cash flow and manage important aspects of your business like sales and marketing, human resources and succession planning. It’s this combination of Small Business advisors' access to tools, resources, advice, information and services which make Scotiabank’s Small Business program the preferred banking service provider of CFIB.|
|+||I’m really focused on controlling my business costs. How can Scotiabank help?|
|Scotiabank Small Business Advisors are trained to identify the right combination of banking services to best meet your specific needs including controlling banking costs. Our advisors first listen to your plans, goals and objectives, then they go to work to recommend the right combination of deposit, lending and cash management services based on what your priorities are. Finally they deliver more by giving you access to tools and resources that help you better manage costs in your business. Scotiabank’s partnership with CFIB also gives members significant discounts for both business and personal banking services. It’s a particularly effective way to benefit from the commitment of both CFIB and Scotiabank as they work together to help Small Businesses grow and succeed.|
|+||My business growth plans call for significant expansion and I’ll need to borrow. Will I be able to get the money I need, when I need it?|
|Scotiabank has a full suite of lending products from Credit Lines to Term Loans and Leases. Their Small Business advisors listen to your plans, goals and objectives, and then they go to work to deliver the right financing solutions for your business. You also get access to a variety of tools and resources which help you match the right credit solutions to your business. For example, the Scotia Plan® Writer for business provides a state of the art, interactive, on-line business planning tool. It guides you through the process of analyzing a business opportunity, creating the relevant financial projections and producing a high quality written business plan. Whether you are a new business just starting out, a growth oriented mid-sized company, or a mature business looking at funding the transfer of ownership to the next generation, Scotiabank has a lending program to meet your needs.|
|+||What is the difference between a Term Loan and a Credit Line?|
|There are a variety of business credit facilities which are designed to meet specific borrowing situations. Term Loans finance fixed assets, providing periodic payments over a specified term, helping you conserve working capital. This ensures the debt is repaid systematically over the lifetime of the asset being financed much in the same way that a personal car loan would be repaid. A Credit Line on the other hand, is used to finance current assets such as receivables and inventory. A Credit Line will be set up with maximum loan limit generally established by analyzing cash flow projections. The outstanding loan balance will move up and down as cash flows in and out of the business, with interest generally payable monthly. For further information about Scotiabank business borrowing options visit www.scotiabank.com, Small Business tab and click on Products and Services – Borrowing.|
|+||What is overdraft protection?|
|Overdraft protection is a prearranged credit facility you can attach to your business operating account. By arranging overdraft protection before you need it, you can make sure you have a safety net to accommodate short term cash shortfalls.|
|+||What are the criteria/qualifiers for a business account?|
|To open a business account you will be asked to provide both personal and business identification depending on the legal structure of your enterprise. A credit report will be obtained by the bank, and you will be asked to provide information about the types of transactions the business account will be used for. For full details, talk to your local Scotiabank Small Business Advisor.|
|+||If I can’t make it to the bank during regular business hours is there another way to sign-up for the services?|
|Once you have established an account, there are a number of ways to access your business banking 24/7 such as Scotiabank Automated Banking Machines (ABM’s), through Scotia Online® Financial Services or night depository arrangements. As a customer, you can apply for credit or open new accounts online. |
We will need to meet with you in person to set up your first accounts. Many branches are open during the evenings and weekends. Please call your local branch to enquire about hours of business or check the branch locator on www.scotiabank.com. All of our branch hours are posted.
|+||Can I do my banking at any Scotiabank branch?|
|By setting up your ScotiaCard® for business Bank Card you will be able get access to Scotiabank’s network of ABMs and branches no matter where you are.|
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.
* VISA Int/Lic. User The Bank of Nova Scotia.