SCOTIA GIVES BREAK TO SMALL BIZ AND FARMERS
By Adnews Staff
Scotiabank began offering loans at prime to small business operators and farmers last week. The deal is in effect until Dec. 31 and the rate will apply to the first year of the loan. The loans provide term financing of up to $250,000 to businesses, professionals and farmers. They're usually used to finance the cost of machinery, equipment, commercial vehicles, real estate, renovations or improvements to existing equipment. The loans are available at fixed or floating rates, with terms of up to 15 years for land purchases and 10 years for other types of purchases. Any advertising for the reduced rate would be part of Scotiabank's general ad campaign, Scotiabank senior vice president, Canadian commercial banking Dieter Jentsch told Adnews yesterday. There are, however, no definite plans to do so, he added. Cossette Communication-Marketing of Toronto handles Scotiabank's advertising.