The CWB Small Business Line of Credit allows you to manage day-to-day expenses, cover gaps in operating cash flow and simplify the management of your cash flow all in one place. Our online tools give you 24/7 visibility into your line of credit balance and remaining funds available, giving you complete control over your borrowing needs.
We know business owners are busy, which is why we designed our Small Business Line of Credit application to be as simple as possible. To ensure the process is quick and easy, we use your personal financial standing for the application*. First-time clients can borrow up to $50,000 at a competitive floating interest rate tied to Canadian Western Bank’s prime lending rate, using the line of credit as you need it.
*Applicants are subject to approval.
We know business owners are busy, which is why we designed our Small Business Line of Credit application to be as simple as possible. To ensure the process is quick and easy, we use your personal financial standing for the application*. First-time clients can borrow up to $50,000 at a competitive floating interest rate tied to Canadian Western Bank’s prime lending rate, using the line of credit as you need it.
*Applicants are subject to approval.
Our specialized small business financing solution
Experience complete control over your borrowing needs:
Grow your business
Up to $50,000
Your small business deserves the chance to grow with specialized lending to suit your day-to-day needs. Attached to your CWB Business operating account, the Small Business Line of Credit gives you access to cash when you need it. Already have an operating account? Apply for your LOC online today.
Find answers about our Small Business Line of Credit
What is a revolving line of credit for small business?
A revolving line of credit is a type of credit account that lets you borrow money up to a pre-set limit. Borrowers can access credit up to the approved limit and have ongoing access provided the account is in good standing. Each payment, minus the interest and fees charged, allows the borrower to access that amount again when needed. CWB's Small Business Line of Credit is only available to new clients who open an account with us online.
Do you offer a secured or unsecured line of credit for small business?
Our online application offers an unsecured line of credit, meaning no assets are pledged against the pre-set limit. You can apply online if your business is new to CWB or if you already opened a business account online and have no other lending products.
What do I need to apply?
If your business qualifies to open an account online, you'll need the following:
- Your business details (legal name, address, provincial registration number).
- A mobile phone number to which we can send information that will help secure your account.
- Details of all your authorized signers including: their names, email addresses and mobile phone numbers.
- Names and addresses for any non-signing owners with 25%+ ownership.
- Names of any non-signing directors (for corporations) and/or owners with less than 25% ownership.
- To speed up the application process, you may optionally provide your Social Insurance Number (SIN) and/or upload a scan of your driver’s license.
How do I know if my business is eligible to apply?
To be eligible to open an account online, businesses are required to meet the following criteria:
- Must be a Corporation, General Partnership or Sole Proprietorship
- Must not solicit donations from the public
- Must not be opening an account for use by, or benefit of a third party
- Must not be owned (in whole or part) by another business
- Must be owned by no more than four adult residents of Canada (not Quebec)
- Must be a tax resident of Canada, not a US citizen or Specified United States Person and not required to file taxes in the United States or any other country
If your business meets the above criteria, please apply here and be sure to select that you are interested in the line of credit product.
What is the interest rate for CWB Small Business Line of Credit?
The interest rate is variable and based on the CWB Prime Rate with an adjustment factor and depends on the amount your business is approved for. Once your business has been approved, both the interest rate and the approved credit limit will be provided to you during your account opening process. You can then select if you would like to proceed or decline.
How do I become approved?
If your business is a corporation and you have applied for the line of credit, then with your permission, we will perform a commercial credit check as part of the application process to help determine if your business qualifies. Regardless of your business type, a personal credit check on all business owners happens with your permission as part of the application process. Approval then also depends on the personal credit of the business’ owners/authorized signers. If you are approved for the line of credit, you will be notified during the account opening process.
How long will it take to know if I'm approved?
Our online process will usually inform you immediately if your line of credit application has been approved. Sometimes, a CWB team member may need to review your application and/or follow up with you, in which case the approval may take a little longer. If the team member grants approval, they will likely be in touch with you personally and you will receive an email notification.