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Banking services for engineers

Banking services for engineers

At Meridian, we understand that your engineering firm has unique needs. Whether you’re starting out or growing your practice, it’s important to have a financial partner who’s in touch with the engineering industry and can provide tailored solutions that support your business through every stage.

Financial considerations for engineers include:

  • What it will cost to buy into an existing firm, or to launch your own 
  • Whether you’re intending to hire staff immediately, or build the business on your own to begin with 
  • Networking – Engineers Canada (https://engineerscanada.ca/) is a great place to forge contacts and become accredited 
  • The work/life balance – including creating a flexible schedule that makes the most of your professional and personal life 
  • Repaying your student loan

Meridian offers engineers financial solutions for:

  • Purchasing office equipment, updating technology and engineering software 
  • Pitching – when you’re bidding on a project and need the necessary capital to confirm your bid 
  • Investing in additional staff with specialized expertise 
  • Investing your cash reserves

Managing your cash flow

Going into business for yourself means you’ll enjoy more flexibility with your schedule. To effectively balance your practice and personal life and to get the most out of both, you’ll need a good cash flow management system. 

Meridian has a number of business solutions that can help you manage your cash flow needs. It means you can spend more time focusing on what you do best – fulfilling your clients’ engineering requirements – without having to worry about what’s happening with your money. Also, unlike other financial institutions, we offer immediate access to a dedicated Senior Wealth Advisor to help keep you on track as your practice grows.

Benefits of working with us

  • Interest rates as low as Prime plus 2.00% 
  • Practice purchase financing up to 75%, covering equipment, building and goodwill 
  • Practice start-up, up to 75% financing for equipment, leaseholds and goodwill

At Meridian, you’re not just another business

We understand we’re dealing with your hopes and dreams, and that what we can offer you has a profound impact on your life. We’ll carefully review your application with the goal of supporting you as a business partner. 

Since we offer student loan packages as well as business solutions, we’ll be with you for the whole journey – from entering your first year of engineering study to completing your education, to launching your first firm and then helping you grow it.

We’ll find a solution

Where banks may have responded with a flat “no”, at Meridian we’ll do our best to come up with a solution. We’re interested in becoming your business partner, not just a supplier.  

We're here to help you figure it out

When we say there are no dumb questions, we really mean it. We’re really keen to help you complete your education, launch your practice and enjoy the rewards. So, contact one of our advisors to find out how we can support you on your business journey.

For more information about our Professionals program, visit: MeridianCU.ca/Professionals

To find an Advisor near you, visit: MeridianCU.ca/SBAdvisor

Please note that this is a guide only and should neither replace competent advice, nor be taken, or relied upon, as financial or professional advice. Seek professional advice before making any decision that could affect your business.