A ucubiz Operating Line of Credit can assist you with temporary, short term gaps in your cash flow. Accessible 24 hours a day, 7 days a week, you’ll never have to worry about making it into your local branch to cover cheques. UCU’s operating line of credit can be attached to your business chequing to ensure that cheques you’ve written will always be covered (up to your pre-determined credit limit) and can be kept separate from your business overdraft protection for accounting purposes. The choice is yours!
Whether you need to purchase inventory in advance of your work, need to meet payroll regularly while waiting for your accounts receivable to come in, or even take advantage of savings by having cash readily available when special opportunities present themselves (buying in off peak or end of season, quantity discounts, inventory building, etc.) The credit line will also offer you a competitive edge if you’d like to offer financing for your customers for the goods or services you offer. Imagine the benefit of offering someone six months to repay you? In today’s business world, terms are getting stretched from 30 days net to 60, 90 or even 120 days. We know you still need to meet your accounts payable on a timely basis to protect your valuable business reputation.
Let us help you grow your business. We understand that no one knows your company’s financing needs better than you. Having the peace of mind of not having to monitor your account daily will save you time as well. Variable rates available from Prime* + 3.00%.
We’ll need to see some documentation to get started on the approval process**. Please be prepared to provide the following:
- Up to three of the most current business year-end financial statements
- Confirmation that all CRA business taxes and HST filings are up to date and no taxes are owing
- Personal identification (two pieces of legal ID including one photo ID)
- Description and history of your business, cash flow projections, etc.
- Current listing of your accounts receivable.
Don’t have something listed above? Don’t worry. We’ll see if we can find a workaround because we’re here to help you.
Please contact one of our commercial lending professionals today.
We are committed to providing you with a timely response.
*"Prime" is Ukrainian Credit Union Limited’s prime lending rate.
**All credit requests are subject to credit approval. Limits and interest rates will be determined based on member’s request and UCU’s assessment of the application. Some conditions and restrictions may apply.
***Application (minimum 1% of the loan amount) and monthly monitoring fees (Minimum $25/month) will apply.