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Old 12-19-2010, 10:50 PM   #1
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Small Business Loans
Just about to start calling banks in regards to getting a small business loan ($50,000-$60,000) and was looking to see if anyone has an recomendations on any banks or have dealt with any good people at any particular location in the lower mainland.
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Old 12-19-2010, 11:00 PM   #2
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why not approach teh bank that you have a long standing relationship with?

you will need to sign a personal gurnatee so, might as well go with the bank that knows u best.

they will base the loan on 5 C's

Character (yourself)
Collateral (personal gurantee)
Capacity (how many pot plants :P )
Capital (other financing sources/options)
Condition (payback )


use that criteria to measure yourself and , highlight key points when discussing the loan.
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Old 12-21-2010, 08:21 PM   #3
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not bad tiger.

financial statements too of your company, if you're 2 years and under, a good business case.

If you're really just starting out and have 0 money. Try Vancity and the Micro-Loan program.

Cheers.
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Old 12-27-2010, 03:32 AM   #4
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recently got one from coast capital and did not need financial statements for any loan under 10g
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Old 12-27-2010, 06:29 AM   #5
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Originally Posted by sarger604 View Post
recently got one from coast capital and did not need financial statements for any loan under 10g
And he's looking for 50-60k, read much?

Is this for a start up or an existing business?
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Old 12-27-2010, 12:42 PM   #6
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This is for a start up. It's me and my partner so we see it might be easier to split it up $30,000 each. This week is bank week for us so any last suggestions are appreciated.

As for financial statements I have laid out our 12 month cash flow and cost benefit anaylsis on a month to month basis. I do believe I should have two more years of cash flow statements, but it just seems like a absolute guessing game.
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