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CIBC Small Business Overdraft

Protect your business against unexpected expenses. CIBC Small Business Overdraft (SBO) provides access to funds for your occasional credit needs - up to $10,000. It's fast and easy to apply. Just answer a few basic questions and get a credit decision on the spot, in most cases. Once the Small Business Overdraft is approved, money is available whenever you need it, up to your approved limit and as long as the overdraft remains available.

Protect your business against unexpected expenses.
Find out how by visiting a CIBC branch or contacting your nearest business advisor.
1-877-248-4024 toll free

Key benefits


Saves you money
  • Interest is paid only on the actual dollar amount borrowed.
  • Deposits to your CIBC business account are credited to your overdraft balance, reducing the amount of interest you pay.
Makes you money
  • Allows you to take advantage of special opportunities, such as trade discounts or stocking up on inventory.
Saves you time
  • Once the overdraft limit is approved, you won't have to contact your bank every time you need to use it.
  • Access your SBO simply by writing a cheque against your CIBC business account or by bank machine, Telephone Banking and INTERAC** Direct Payment (for CIBC Business Operating Account™ holders).
  • Security of knowing cheques will be honoured gives you more time to focus on running your business, up to your approved limit and as long as the overdraft remains available.
Convenient
  • Once the Small Business Overdraft is approved, money is available whenever you need it, up to your approved limit and as long as the overdraft remains available.
  • Repay as much, or as often, as you wish (requires minimum monthly deposit(s) of $250 or a sufficient amount to bring each account to a credit balance for one full business day each calendar month, whichever is less).

Is it for you?

CIBC Small Business Overdraft could be for you if you:

  • want to protect your business against unexpected expenses
  • own at least 33% interest in a small business or farm
  • offer credit terms to your customers
  • need assistance in meeting your day-to-day operating expenses.

Information you need to know

Trademarks and Disclaimers

1 The interest rate on Canadian dollar Small Business Overdrafts will change whenever CIBC's Prime Rate changes. CIBC's Prime Rate is the variable rate of interest per year declared by CIBC from time to time to be its prime rate for Canadian dollar loans made by CIBC in Canada. Personal guarantee required.

2 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. Personal guarantee required.

** Trademark of INTERAC Inc. CIBC authorized user of the trademark.

™ Trademark of CIBC.

Products and their features may change at any time. This is a general description only. All loan, line of credit and Small Business Overdraft applicants must meet CIBC's lending criteria and are subject to credit approval. Limits will depend on an assessment of the application. Some conditions and restrictions apply.