Line of Credit & Overdraft Facilities

Need a Line of Credit or Overdraft Facility on your HSBC Small Business Banking Chequing account? Our Line of Credit and Overdraft Facilities are designed to help smooth out your business cash flow cycle.

Important information about the Line of Credit and Overdraft Facilities:

  • Available, unsecured, up to $120,000 and up to $250,000 if hard security is provided (such as cash or residential real estate)
  • Canadian currency only
  • Exact borrowing, to help keep interest costs down; minimum monthly payment interest only
  • Intended for businesses who want to help even out their cash flow cycle (please see our Term Loan section for borrowing for capital expenses such as real estate, equipment, and major renovations)
  • All account activity included in one statement for easier record keeping
  • You can apply for unsecured limits (up to $120,000) over the phone, online via HSBC eCredit, or in person
  • If you are interested in speaking to one of our Business Relationship Managers about applying for limits over $120,000 you may call us or visit one of our branches
  • To apply for a Line of Credit or Overdraft Facility, your business must be eligible for HSBC Small Business Banking1
  • The Line of Credit or Overdraft Facility is attached to an HSBC Small Business Banking Chequing account and requires your business to open a Chequing account. Terms and conditions, including fees, apply to the Line of Credit and Overdraft Facilities as well as the Chequing account.

    For full details about our HSBC Small Business Banking Chequing accounts and related fees, please click here.

    To find out what documents are needed to apply to open a Chequing account, please click here.
  • The Line of Credit and Chequing account are subject to approval. The Line of Credit is also subject to credit review and ongoing monitoring.
  • The following fees apply to the Line of Credit:
    1. Applicable interest rate2 as described in detail in the Line of Credit agreement;
    2. $20 monthly fee;
    3. One-time set up fee of 1% of the approved credit limit;
    4. If we decide, in our discretion, to conduct a credit review, we charge a $250 credit review fee.

To start an application for credit, use the HSBC eCredit tool by clicking "Apply now".

If you’ve already started an application and want to continue, click on “Continue HSBC eCredit application”. 

Ways to get in touch:

Loans

Need to make a major capital expenditure (such as real estate or equipment purchase or renovations)? A loan is best suited for one-time larger expenses to reduce or eliminate the large decrease in cash flow to pay out of our business revenue. If, however you need to even out your cash flow cycle, take a look at our Line of Credit or Overdraft Facilities here.

Important information about the Loans:

  • Available, unsecured, up to $120,000 and up to $1,000,000 if hard security is provided (such as cash or residential real estate)
  • Canadian currency only
  • Both variable rate and fixed rate loans available
  • Intended for businesses who want to borrow for capital expenses such as real estate, equipment, and major renovations
  • 2, 3, 5, and 7 year terms available; amortization up to 10 years available
    • If you are interested in speaking to one of our Business Relationship Managers about applying for a loan, you may call us or visit one of our branches
  • To apply for a loan, your business must be eligible for HSBC Small Business Banking1
  • An HSBC Small Business loan will require your business to open a Chequing account, from which regular principal and interest payments will be made. Terms and conditions, including fees, apply to a HSBC Small Business loan as well as the Chequing account

    For full details about our HSBC Small Business Banking Chequing accounts and related fees, please click here.

    To find out what documents are needed to apply to open a Chequing account, please click
    here.

  • HSBC Small Business loans in addition to the Chequing account are subject to approval. Loans are also subject to credit review and ongoing monitoring.
  • The following fees apply to HSBC Small Business Loans:
    1. Applicable interest rate2 variable or fixed rate;
    2. One-time set up fee of 1% of the approved credit limit;
    3. If we decide, in our discretion, to conduct a credit review, we charge a $250 credit review fee.

HSBC BusinessVantage®* Mastercard®

The HSBC BusinessVantage®* Mastercard® is a convenient and secure way to pay for business and travel-related expenses. In addition to offering tools to manage spending, the card provides extended warranties on purchases, automatic savings at participating merchants, and reward programs that make a difference to your bottom line.

The HSBC BusinessVantage®* Mastercard® is subject to approval. It is also subject to credit review and ongoing monitoring.

The HSBC BusinessVantage®* Mastercard® program for your business can go up to a maximum of CAD$50,000 unsecured limit.

 

The perfect balance: Efficiency and control meet savings and rewards

  • Earn rewards: Have the option of earning a 1% cash back rebate annually or redeeming reward points for travel, gift cards or merchandise. See below for full details
  • Manage expenses: Issue individual cards and set spending limits for your owners and partners
  • Track business spending: Stay on top of expenses using our online tools
  • Save more: With Mastercard Easy Savings®, get immediate rebates of up to 25% when you use your card at participating companies on fuel, car rentals, food, accommodation, services or merchandise
  • Protect your purchases3: Benefit from coverage for loss, theft or damage for 90 days from the purchase date and get double the original manufacturer’s warranty up to one additional year
  • Travel with peace of mind. Choose the optional travel and medical insurance3

 

Reward yourself and reinvest in your business

The HSBC BusinessVantage®* Mastercard® works as hard as you do. Enroll each cardholder in one of two optional reward programs4 to earn  reward points that can be redeemed for travel, gift cards and merchandise, or earn an annual cash back rebate3. See the Rates & Fees section for details on pricing.

Earn one reward point for every $1 of eligible purchases5 made with the card by enrolling in the HSBC Business Card Rewards Program.

 

HSBC Business Vantage Rewards Program: Travel, gift cards and merchandise

Reward points can be redeemed for:

  • Travel: Book travel – including flights, hotel stays and car rentals. Redeem reward points to receive credit on your next statement
  • Gift cards and merchandise: Choose from over 150 premium gift cards and merchandise options

 

HSBC Cash Back Rewards Program: Earn cash on your purchases

Enrolment in the HSBC Cash Back Rewards Program provides a 1% rebate on all eligible purchases6. This rebate is applied as an automatic credit on your January account statement if your account is in good standing.

 

Save more with Mastercard Easy Savings®

Simply use your HSBC BusinessVantage®* Mastercard® at a participating business and receive automatic rebates. Visit the Mastercard Easy Savings website and download the app to learn more and find locations to save on fuel, car rentals, dining out, accommodation, services and merchandise.

 

Consider optional travel and medical insurance

Optional travel and medical insurance3 provides peace of mind and protection against unexpected costs – from the moment you book a business trip to the time you return home. You can purchase optional travel and medical insurance3 for each cardholder under the age of 65 for a yearly fee of $109 per cardholder7. This coverage includes:

  • Emergency travel medical insurance: Up to $1 million annually for unlimited trips of up to 17 days per trip
  • Trip cancellation insurance prior to your departure: Up to $2,000 per trip
  • Baggage delay or loss insurance: Up to $750 for items that are lost, damaged or stolen and up to $200 for a baggage delay of 12 hours or more
  • Trip interruption/delay insurance: Up to $2,000

 

Take control of expenses

With the HSBC BusinessVantage®* Mastercard®, you’re in control:

  • Set spending limits for each cardholder
  • Get access to daily transaction data

 

The information you need, when you need it

Through HSBC MasterCard Online Access, each cardholder can:

  • View recent activity
  • Check account balances and available credit
  • View and download current and previous statements
  • Download transactions for further analysis
  • Initiate a transaction dispute or send a secure message to HSBC Mastercard Customer Care
  • Review rewards point balances and access the online HSBC Rewards catalogue to redeem points

 

Rates and Fees

Annual fee:
$15 for each cardholder.

Rewards Programs:
$45 Annual fee for each cardholder.

Optional Travel & Medical insurance:
$109 Annual fee for each cardholder.

Annual Interest Rate:
19.9% on Purchases and Cash Advances

Rates and Fees Information

Please contact the Small Business Banking Centre at 1-877-955-4722 for more information.

1 To be eligible for HSBC Small Business Banking, your business must be a sole proprietorship, partnership or corporation domiciled in Canada and generate an annual gross revenue below $5 million CAD. Other requirements may apply.

2 The interest rate you pay on your Line of Credit will vary with the HSBC Prime rate. HSBC Prime rate means the annual rate of interest HSBC Bank Canada announces from time to time as a reference rate for determining interest rates on Canadian dollar retail loans in Canada. Rates are subject to change without notice. For information and to confirm most recent rates, please contact any HSBC Bank Canada branch. Standard monthly fee and application fee will be applied on the Line of Credit.

3 Coverage is underwritten by American Bankers Life Assurance Company of Florida (ABLAC) and/or American Bankers Insurance Company of Florida (ABIC), Assurant Solutions®* companies. ABLAC, ABIC, their subsidiaries and affiliates carry on business in Canada under the name of Assurant®. All insurance is subject to limitations and exclusions. Please see Certificate of Insurance in the Cardholder Manual and/or the HSBC BusinessVantage Travel and Medical Insurance Distribution Guide for full terms, conditions and limitations. ®Assurant and Assurant Solutions are registered trademarks of Assurant,Inc.

4 Rewards programs are available to individual cardholders. HSBC is not responsible for any federal and/or provincial tax liability, including income tax, arising from the issue or redemption of rewards points or cash back rebate. HSBC does not issue tax receipts. Please review tax consequences with your advisor.

5 Rewards Points are awarded for most purchases charged to an HSBC BusinessVantage Mastercard account, less credits for returns, refunds and adjustments. No Rewards Points are earned on cash advances, optional services, interest charges or fees.

6 Cash Back rebate is earned on most purchases charged to an HSBC BusinessVantage Mastercard account, less credits for returns, refunds and adjustments. No rebate is earned on cash advances, optional services, interest charges or fees. Cash Back rebate is accumulated and credited to the individual HSBC BusinessVantage Mastercard account annually on the January statement (for the prior year), provided the account is in good standing. Please refer to the HSBC Cash Back Rewards Terms and Conditions for complete details and conditions.

Coverage is subject to exclusion for pre-existing medical conditions.

™HSBC eCredit is a registered trademark of HSBC Holdings plc, used under license by HSBC Bank Canada

®Mastercard, Cirrus and Mastercard Easy Savings are registered trademarks, and the circles design Is a trademark of Mastercard International Incorporated.

®*HSBC BusinessVantage is a registered trademark of HSBC Holdings plc used under license by HSBC Bank Canada.