2016-12-12 00:00:00 Borrowing and Loans English Explore your options when it comes to startup financing, and find the small business loan that is right for you. https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2017/03/08214618/Small-Business-Owner-Meets-With-A-Bank-Manager-To-Discuss-Loan-Options.jpg The Basics of Small Business Loans and Startup Financing

The Basics of Small Business Loans and Startup Financing

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A small business loan is a sum of money provided to a new or existing company to fund various aspects of conducting business. Financial institutions are often the most reliable and cost-efficient source of funding, and most banks offer several programs and options. Term, or instalment, loans are repaid over a specified period of time, usually in monthly payments. New small businesses often lack the credit history and collateral to qualify for these loans, especially when they’re seeking startup financing.

New ventures often seek funding through the Canada Small Business Financing Program. CSBFP loans are available through most lenders for both new and existing businesses. Personal loans are another option for new small business owners with good credit.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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