Scotia Connect: Small Business Essentials

Operating Accounts

Every small business needs a proper operating account, and Scotia Connect's Business Plan Account is designed for companies processing between 10 and 75 transactions per month. The account includes unlimited Interac Direct Payments, a chequing facility, and access to the ScotiaConnect portal for online bill payments and EFT origination.

For higher-volume businesses, the Business Advantage Account offers a flat monthly fee that covers unlimited transactions, eliminating the per-item charges that surprise many growing businesses. The account also includes a cash management analysis statement that your bookkeeper will appreciate — it shows every fee, every interest accrual, and every service charge in one machine-readable document.

Startup Advisory & Ownr

Scotia Connect's small business division partners with Ownr, Scotiabank's digital incorporation platform, to provide a seamless path from business registration to banking. Through Ownr, you can incorporate your business federally or provincially, file your articles of incorporation, and open a Scotia business bank account — all in a single digital workflow that takes less than one business day.

The advisory service connects new businesses with a Scotia Connect advisor who evaluates your startup's financial structure and recommends the right combination of products: operating account, business credit card, point-of-sale terminal, and startup line of credit. The goal is to ensure that your banking infrastructure matches your business model from day one, rather than forcing you to retrofit it later.

Small Business Lending

Scotia Connect offers several lending products sized for small businesses. The Small Business Line of Credit provides revolving access to funds up to $100,000, typically secured by a personal guarantee and, for larger amounts, a GSA over business assets. Approval can be completed within 48 hours for qualified applicants.

The Canada Small Business Financing Program (CSBFP) loan, backed by the federal government, allows Scotia Connect to finance up to $1 million in leasehold improvements and equipment, and up to $500,000 in real property, with a government guarantee on 85% of the loan amount. This guarantee reduces scotiabank's risk, which translates into lower interest rates for the borrower.

For businesses that need capital immediately, Scotia Connect's merchant cash advance program provides a lump sum repaid through a fixed percentage of future debit and credit card sales. This structure is naturally self-adjusting: during slow months, your repayment amount decreases proportionally.

POS & Cash Management

Scotia Connect integrates with Scotiabank's merchant services division to provide point-of-sale terminal deployment. The terminals support tap, chip, swipe, and mobile wallet payments, and settlement occurs overnight into your Scotia business account.

For businesses that handle physical cash — convenience stores, restaurants, laundromats — Scotia Connect's night deposit service provides a secure method for depositing cash after banking hours. The deposit is credited to your account the following business day, and ScotiaConnect provides a reconciliation record for each deposit bag.