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Business Loans & Lines of Credit

Whether you want to fund growth or boost cash flow, Northern Savings' financing solutions offer the flexibility you need to achieve any goal.

Explore our flexible business lending options

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Business Loans

Ideal for those looking to purchase, update, or expand their business.

We can provide you with a business loan that works with your cash flow and budget. 

  • Variable or fixed rate options
  • Amortization dependant on economic life of equipment/asset
  • Terms available up to 5 years
  • Flexible repayment terms
  • Quick turnaround time on loan requests
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Business Letters of Credit

Ideal for purchases with those you have limited trading experience with. 

We can provide you with a letter verifying our responsibility for your debt.
  • The maximum aggregate letter of credit is $250,000
  • Fully secured letters of credit may exceed $250,000
  • One year maximum term
  • Quick turn-around times
  • Competitive rates
  • You make a deposit with us 
  • We then give you a letter verifying that we'll be responsible for your debt
  • You send the letter to your potential creditor or third party
  • A safekeeping agreement from various forms of government
  • Letters of Credit for construction bidding processes


Business Lines of Credit

Ideal for those looking for a solution to help maintain working capital.

We can provide you with a line of credit that can help your business bridge the gap between receivables and payables.

  • Only pay interest on the funds you use
  • Attached to your chequing account
  • Revolving credit
  • Variable rates based on Prime + premium

Ready to apply?

Get the financing you need fast, with your loan approved locally.
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CEBA Repayment

Did your business receive the Canada Emergency Business Account (CEBA) loan? Then next on your list is a repayment plan.

What is CEBA?

CEBA provided financial support to Canadian small businesses during a time of unprecedented economic challenge brought on by the COVID-19 pandemic. The Government of Canada, alongside its partners EDC and Canada’s financial institutions offered CEBA loans.

The CEBA program provided interest-free loans of up to $60,000 to small businesses and not-for-profits.

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Repaying CEBA

The CEBA loan forgiveness deadline was January 18, 2024 for all eligible borrowers in good standing.

If your CEBA loan was not paid off by January 18:

  • The full loan amount will be owed and interest will commence on January 19
  • Your loan will be converted to a 3-year term loan at 5% interest rate
  • You must repay the full balance no later than December 31, 2026
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Learn more about CEBA and payment deadlines by visiting the Government of Canada's CEBA information page
 call the CEBA Call Centre at 1.888.324.4201
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Access the financing you need to grow

Your business is unique, and your mortgage should be too. Our local team can help you choose the mortgage that meets your needs.

Make the most of your business spend

Put the money you spend on your business to work earning rewards for you, with our range of business credit cards.

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Try our mortgage calculator

Determine which mortgage terms and payment options best fit your business needs, with our handy mortgage calculator.


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