FINANCING
There are a number of options available for individuals
looking to purchase a business. The biggest factor that people have to overcome
is the amount of cash they have available to them for a down payment. This can
be acquired from savings, RRSP’s or home equity line of credit (heloc), just to
name a few.
Most of the Major chartered banks have a program for small
business lending. These programs go by different names depending on the bank.
When you are speaking with the bank of your choice, make sure that you are
dealing with the Commercial or Business Lending department of the branch. Even
though you may have a relationship with the banker who did your mortgage, most
of them don’t have the authority to do business lending or the specific knowledge
of the types of lending products you will require.
We have some bankers who we have dealt with in the past and
we would be happy to recommend someone to you. If you would like to take a few
minutes to review some of the links below, you will find some interesting
information on financing and the requirements for submitting a successful
application.
Here is a list of Resource Links for lending;
Federal Business Funding Program
Business Credit Availability Program (BCAP)
BDC – Buy a business
Royal Bank – Starting a Business
TD Canada Trust – Small Business Loan (SBL)
Scotiabank – Business Loans
CIBC – Business Loans and Lines of Credit
BMO Bank of Montreal – Business Loans
ATB Financial – Small Business Financing