Bank Loans
Many small business owners obtain loans from local banks and credit unions. Most banks offer programs specifically for newcomers, so be sure to do some research into different programs and services available to you.
Banks look at your total business proposal when deciding if you are a good lending risk and consider factors such as your business plan, cash flow projections, asset base, and viability of your business. To obtain a loan you will be required to make an appointment, bring your business plan, detailed financial information and a summary of your credit history and personal assets.
Business Development Bank of Canada (BDBC)
The Business Development Bank of Canada is a government owned bank dedicated exclusively to entrepreneurs. You may qualify for financing with a BDC Small Business Loan of up to $100,000.
In addition to business loans, the BDBC provides advisory services and indirect financing to small and medium-sized enterprises across Canada.