Do you have a business you intend starting in Canada, but lack finance to start up this business? I will work you through all the simple steps to get loan Business Loan In Canada. As an Immigrant, getting loan in Canada could Bea bit difficult but not impossible as Canada happens to be a country that wants it’s economy to grow rapidly, Canadian government believes that if you start up a business in the states, it helps aids their economic growth, create jobs for both citizens and immigrant, as well reduce poverty rate.
Requirement you must meet to be Granted small business loan in Canada:
- You must have a valid business plan: Before you can be granted loan in Canada, you must have a valid business Idea, you don’t just approved them with an invalid or poor ideas. Your ability of your business to pay back times two or three of your invested capital must be proven.
Note: It’s advisable to start up the business first before requesting for a loan because, if they is an available business, the evidence of it’s success can easily be seen.
- If you’ve already started the business, the lender will request for your bank statement so as to see the cash flow of your business.
- statement of the liabilities, assets, capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period will be requested as well
- Your tax Info’s should be available, because it is used by the lender to confirm If your income return in your business you stated is correct.
In summary, you need to show proves that your business is not a failed one.