Terms and conditions

These recommendations are provided for general informational purposes only and do not constitute lending advice. The information provided has been obtained from sources believed to be reliable and is believed to be accurate at the time of publishing, but we do not represent that it is accurate or complete and it should be relied upon as such. All opinions and estimates expressed are as of the date of publication unless otherwise indicated, and are subject to change. We encourage you to find and meet with an advisor to discuss your business financing needs.

¹ All loan, line of credit and Small Business Overdraft applicants must meet CIBC lending criteria and are subject to credit approval. Rates and limits will be determined based on an assessment of application. Some conditions and restrictions apply. The interest rate on variable rate loans, lines of credit and Canadian dollar Small Business Overdraft will change whenever CIBC's Prime Rate changes. Personal guarantees may be required from all principals who have ownership in the business. A General Security Agreement may be required from the business.

² For 5-year term loans only. Terms of 1 to 4 years must have equal amortization.

³ Depending on your credit rating, some options may not be available and/or some conditions may apply.

⁴ U.S. overdrafts are available to qualified customers in amounts up to the U.S. dollar equivalent of the approved CDN dollar credit limit. The interest rate on U.S. dollar variable rate overdrafts will change whenever CIBC's U.S. Base Rate changes. CIBC's U.S. Base Rate is the variable rate of interest per year declared by CIBC from time to time to be its base rate for U.S. dollar loans made by CIBC in the United States.

⁵ You can borrow a maximum of $1,000,000 for term loans, of which no more than $500,000 can be used for purchasing leasehold improvements or improving leased property and purchasing or improving new or used equipment. Of that amount, a maximum of $150,000 can be used for intangible assets and working capital costs.

⁶ The repayment of the term loan can be amortized over a period longer than 15 years (for example, a mortgage on a real property with an interest term of 5 years and an amortization of 25 years). However, in such a case, the balance of the loan at the end of the 15-year period from the date of the first scheduled payment must be converted to a conventional loan.

To calculate the maximum loan term of 15 years, the first payment payable under the loan document should be used, irrespective of the fact that it's a payment of principal, a payment of interest or a payment of principal and interest.

⁷ Provided we have received a complete application and supporting documentation