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Business Line of Credit

What   Offers our business members with a borrowing option for readily available funds at a low cost
Who   Business Members
Period    Varies on product type
Borrowing Limit   Up to C$5,000,000* (dependent on product type)

This product offers our business members financing solutions with the advantage of instant borrowing opportunities. 


Features and Qualifications

This variable rate financing solution acts like a pre-approved loan that can be accessed within an existing Sharons Credit Union account. Members can decide when and how much to borrow and interest is only applicable to the borrowed amount. With no set prepayment schedule, members have control of reducing their borrowed amounts.
This product is available to business members who are eligible with regards to the lending criteria, guidelines, terms and conditions and fees.

Type Limits
Real Estate Secured $500,000
Negotiable Security Secured $100,000
Other Secured $100,000
Sharons Deposit $5,000,000
Unsecured $40,000
Small Business/Retail $25,000
Unsecured Aggregate $200,000

*Existing outside Financial Institution financing and credit scores play a role in eligibility, terms and limits in borrowing.