Business Borrowing

UCU empowers your growth with a comprehensive suite of borrowing solutions, from business mortgages to business loans and lines of credit. We offer financing options to meet your needs. Grow your business with UCU’s experienced guidance and competitive rates to achieve your financial goals.
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Commercial Mortgages

Looking to expand your operations, invest in a new location, or finance the construction of a new building? UCU’s commercial mortgages provide flexible financing solutions to meet your specific business needs.

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Business Term Loans

Looking to invest in equipment, technology, or renovations to propel your business forward? UCU’s business term loans provide the capital you need to make strategic investments with confidence. Grow your business with competitive loan interest rates and flexible repayment options.

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Business Line of Credit

Whether it’s unexpected expenses, seasonal fluctuations, or short-term funding needs, UCU’s business lines of credit provide the flexibility to borrow as needed to keep your business running smoothly. Access funds quickly, manage cash flow effectively and focus on the growth of your business with competitive rates and flexible repayment options.

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Business Overdraft Protection

Keep your business running smoothly. UCU Business Overdraft Protection acts as a safety net for your chequing account, automatically covering unexpected debits that exceed your available balance, up to a predetermined limit. This helps prevent declined payments and NSF fees.

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Grow your business with UCU

Partner with UCU and experience the difference. Our experienced loan specialists will work with you to find the right borrowing solution to propel your business forward.
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Tailored solutions

We understand that one-size-fits-all solutions rarely work in business. UCU tailors financing to your specific business goals. Our loan specialists take the time to understand your unique financial needs, offering a variety of loan products and terms to find the perfect fit for your budget and timeline. Enjoy competitive interest rates to keep borrowing costs manageable and experience a smooth, hassle-free application process.

Experienced team

We believe your success is our success. That’s why you’ll benefit from the guidance of our experienced loan specialists who understand the intricacies of business financing. Our team has a proven track record of helping businesses of all sizes achieve their goals. Receive personalized advice and navigate the borrowing process with confidence. Leverage our team’s deep understanding of your industry’s specific financial needs.

Long-term relationship

At UCU, we are committed to providing more than just financing. We aim to build a lasting relationship with your business, supporting your growth throughout every stage. Our experienced team takes the time to understand your unique needs – we listen and adapt to create personalized solutions that fit your specific goals.

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Business Borrowing: FAQs

UCU serves businesses of all sizes and stages, from startups to established companies. We’re particularly attuned to the needs of Ontario businesses, with a deep understanding of the local economic landscape and the unique challenges faced by entrepreneurs. Whether you’re a healthcare provider, lawyer, pharmacist, small manufacturer, or part of another thriving industry, UCU has the experience and resources to support your growth journey.

UCU offers a comprehensive suite of borrowing solutions tailored to small businesses. We provide competitive rates, experienced loan specialists who understand the financial landscape of Ontario and a commitment to building long-term partnerships with our business members. Additionally, UCU offers resources and support specifically designed to help newcomers to the area establish and grow their businesses in Ontario.

The best loan option for your business depends on your specific needs and goals. Here are some key factors to consider:

  • Loan purpose: Business mortgages are ideal for property purchases, construction, or refinancing existing debt. Business term loans are suitable for specific investments in equipment, technology, renovations or lease hold improvements. Lines of credit offer flexible funding for short-term needs, unexpected expenses, seasonal fluctuations or cash flow management.
  • Loan term: Business mortgages typically have longer repayment terms than business term loans. Lines of credit may have revolving terms, allowing you to access funds as needed within a pre-approved limit.
  • Interest rates: Interest rates can vary depending on the loan type, your creditworthiness and market conditions. UCU offers competitive rates on all our loan products.

UCU loan specialists work with you to understand your specific goals and challenges. They offer various loan products and terms to find the perfect fit for your budget and timeline.

UCU loan specialists have extensive experience in business financing and a deep understanding of various industries. They can provide personalized advice and guide you through the borrowing process with confidence.

UCU recognizes the challenges faced by newcomers wanting to start a new business in Canada. We offer dedicated resources and support programs to help newcomers navigate the business landscape, understand regulations and access the financing they need to thrive. This may include webinars and workshops on starting a business in Ontario and help with accessing government grants or loans available to newcomers.

We offer multilingual support in English and Ukrainian to ensure our small business owners have access to the resources and guidance they need. We have loan specialists on our team who are fluent in both English and Ukrainian. This allows for clear communication and a deeper understanding of your specific business needs and financial goals.

UCU goes beyond just providing financing. We aim to build a lasting partnership with your business, acting as a trusted advisor throughout your growth journey. Our experienced team can offer guidance on various financial matters, connect you with valuable resources and help you adapt your borrowing solutions as your business evolves. We’re committed to your long-term success.

When you borrow money for your business, understanding interest rates is crucial. Here’s a breakdown of a fixed interest rate vs. a variable interest rate:

  • Fixed Interest Rate Loans: These loans offer a stable interest rate throughout the loan term. This provides predictability for your business finances, allowing you to budget with certainty for your loan repayments. UCU offers fixed-rate options for our business term loans, making them ideal for strategic investments where you need consistent costs.
  • Variable Interest Rate Loans: These loans offer interest rates that can fluctuate based on the UCU Prime Rate, which reflects market conditions. While they may start with a different rate compared to fixed loans, it’s important to understand that UCU’s Prime Rate can increase over time, potentially leading to higher monthly payments. UCU reserves the right to adjust your monthly payment amounts throughout the loan term, based on fluctuations in the UCU Prime Rate. This means your payments could increase (when the UCU Prime Rate rises) or decrease (when the UCU Prime Rate falls).

UCU understands that businesses often need to make significant investments in equipment, technology, or property to grow and thrive. We offer a variety of loan options to help you bridge the credit gap and finance those large purchases.

Here are two popular options to consider:

  • Business Term Loans: Ideal for planned, one-time expenses. Business term loans provide a fixed interest rate and a set repayment term, allowing you to budget and forecast your loan payments with certainty. This makes them a good choice for financing large equipment purchases, renovations, or strategic investments in your business.
  • Business Mortgages: Looking to invest in real estate or expand your physical footprint? Business mortgages provide long-term financing for property purchases or construction projects. This can free up your existing business credit for operational needs while allowing you to secure the property you need for growth.

When considering a loan for a large purchase, it’s important to factor in not just the purchase price but also the ongoing loan payments. UCU can help you explore your options and choose a loan that fits comfortably within your business budget.

Choosing between a line of credit and a loan depends on your specific business needs. Here’s a breakdown to help you decide:

  • Line of Credit: UCU offers revolving lines of credit, granting you access to approved funds as needed. This flexibility is ideal for managing unexpected expenses, seasonal fluctuations in cash flow, or covering short-term gaps between invoices and payments. You only pay interest on the funds you use.
  • Loan: A business loan provides a one-time lump sum of cash with a fixed repayment term and interest rate. This is a good option for financing specific, planned purchases like new equipment, technology upgrades, or renovations. Knowing the exact loan amount and repayment schedule allows you to budget effectively and forecast your business finances.

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