Funding For Small Business
Are you a small business owner looking to take your company to the next level? Whether you want to expand your operations, invest in new equipment, or hire additional staff, the Business Development Bank of Canada (BDC) small business loan can help considerably.
Eligible Applicants
A solid business plan: You'll need to provide a detailed business plan that outlines your company's goals, products or services, target market, competitive landscape, and financial projections. Your plan should demonstrate that your business is viable and has the potential to succeed.
Good credit history: BDC will review your personal and business credit history to determine your creditworthiness. Generally, a credit score of 650 or higher is considered good, but this may vary depending on the loan program and the lender.
Collateral: BDC loans typically require collateral, such as real estate or business assets, to secure the loan. The amount of collateral required may depend on the loan amount and the borrower's creditworthiness.
Repayment ability: You'll need to demonstrate that you can repay the loan based on your business's financial performance, cash flow, and other factors. BDC will review your financial statements and tax returns to assess your repayment ability.
Business registration: You must be a registered business in Canada to be eligible for a BDC loan.
Funding Amount
Up to $100,000
About the Programm
With a BDC small business loan, you can access the funds you need to grow your business, invest in new equipment, or hire additional staff without sacrificing your cash flow. Whether you're a new startup or an established business, BDC offers loan programs with longer repayment terms and competitive interest rates to ensure that you can meet your financial goals.