Small business loans | Term loan or line of credit

Loan details.

	First-year businesses	Second and third-year businesses
Loan size	Up to $50,000	Up to $75,000
Loan type	Term loan or combination of term loan and operating line of credit	Term loan or combination of term loan and operating line of credit
Interest charged	Vancity Prime^± plus 3%^†	Vancity Prime^± plus 3%^†
Repayment period	5 years	5 years

A term loan is repaid over a specific period of time by making payments on both the principal and interest. A line of credit (also known as an operating loan) requires the loan-holder to repay only the interest on the outstanding loan balance each month. A line of credit is limited to a maximum of 25% of the total approved amount. Administrative fees are waived under the startup loan program for all term loans and for the first year on your line of credit.

Eligibility.

You plan to operate the business in Metro Vancouver, the Fraser Valley Regional District, Greater Victoria, or the Sea-to-Sky Corridor

You or another individual agree to sign a personal guarantee. Your guarantor must be a Canadian citizen or Permanent Resident.

You meet one of the following criteria:

At least one business owner is enrolled in or recently graduated from a self-employment or pre-entrepreneurial training program
Your business plan has been reviewed by a coach, mentor or a third-party business advisor like Small Business BC
You have one or two years of sales history

Let’s get to know your business.

We want your business to be successful and have a positive impact on our community. If this loan sounds right for you, we’ll work with you to understand your business potential and explore financial solutions to meet your needs.

1

Start with a plan.

A business plan helps us understand your goals and how you’ll achieve them. To get started, read our Start Smart guide. You’ll also need to prepare other documents in our checklist.

2

Tell us about your business.

Send an email to microfinance@vancity.com with details about your business and what you're looking for.

3

Meet with us.

We’ll book an appointment with you to talk through the details. Be sure to fill out the startup loan application and owner and shareholder details documents in advance.

Featured member: Soul Bite

Vancity supports businesses working hard to drive positive change in their communities. Soul Bite began as a group of volunteers who wanted to take action on hunger and food waste. For years, they used their own time and money to collect unsold food from grocery stores and redistribute it to people living with low income. With Vancity’s help they were able to expand their charity into a social enterprise that now generates funds to support their mission. You can find their award-winning vegan food in stores in Vancouver and the Lower Mainland.

Meet other members making change

Startup and Growth Loan

For new and growing businesses.

Why our startup loans stand out.

Inclusive approval

Advice and support

Financial flexibility

Loan details.

Get inspired.

Eligibility.

Let’s get to know your business.

Start with a plan.

Tell us about your business.

Meet with us.

Questions?

Find a business account manager

Schedule a call

Tools to build your business.

Financing to feed the future.

Business credit cards with reward points.

One-stop-shop for business solutions.

Business banking that comes to you.

Point-of-sale and payment technology.

Deposit drop boxes, accessible 24/7.

Featured member: Soul Bite