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Credit Solution Guidelines

CIBC is committed to helping your business succeed. Informed decisions are the foundation of any successful business, and the first step towards making informed decisions is the preparation of a business plan.

A business plan chronicles all relevant information concerning your business and financial environment and helps you focus on your goals and objectives. It helps determine your financial needs, as well as your strengths and weaknesses and identifies your market opportunities. A business plan is most useful to you, the business owner, and in some situations, we may require that you provide us with a copy.

Here are five simple steps to ensure that you select the loan that's right for you:

  1. Determine the amount of money you need by reviewing your business plan. Remember to keep your business objectives and budget in mind.
  2. Determine the purpose of the loan. Are you interested in a fast and simple financing solution for your business? If yes, then consider a Small Business Overdraft or a CIBC Small Business Credit Edge™ line of credit to assist with your day-to- day operations or loan to assist with the purchase of a long-term asset
  3. Consider how you will repay the credit facility. Generally speaking, lines of credit should be repaid with day-to-day cash flow and fluctuate with your business' payment of expenses and collection of accounts receivable. Loans, on the other hand, are typically repaid over a longer period of time.
  4. Some business and personal information will be required to process your application for credit. A CIBC small business representative will let you know the documentation required for the facility you are applying for and where to send it.
  5. Once you've selected the right credit facility for you and are prepared to apply for your CIBC small business credit solution, complete the appropriate application form. We will set you up with a CIBC small business representative to discuss your application.

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The information in this article is general only; it is not intended as specific investment, financial, accounting, legal or tax advice for any individual.