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12-19-2010, 09:50 PM
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#1
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WOAH! i think Vtec just kicked in!
Join Date: May 2005
Location: vancouver
Posts: 1,620
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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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12-19-2010, 10:00 PM
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#2
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MiX iT Up!
Join Date: May 2006
Location: vancouver
Posts: 8,153
Thanked 2,076 Times in 871 Posts
Failed 642 Times in 183 Posts
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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.
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt
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12-21-2010, 07:21 PM
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#3
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Ubereem Mod
Join Date: Mar 2002
Location: Richmond
Posts: 3,070
Thanked 120 Times in 63 Posts
Failed 24 Times in 10 Posts
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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.
__________________
Quote:
Originally Posted by Culture_Vulture
sometimes I like to use kindergarten art class scissors to cut my pubes
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12-27-2010, 02:32 AM
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#4
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Banned (ABWS)
Join Date: Dec 2010
Location: canada
Posts: 76
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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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12-27-2010, 05:29 AM
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#5
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I *Fwap* *Fwap* *Fwap* to RS
Join Date: Oct 2007
Location: Victoria
Posts: 1,585
Thanked 952 Times in 180 Posts
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Quote:
Originally Posted by sarger604
recently got one from coast capital and did not need financial statements for any loan under 10g
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And he's looking for 50-60k, read much?
Is this for a start up or an existing business?
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12-27-2010, 11:42 AM
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#6
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WOAH! i think Vtec just kicked in!
Join Date: May 2005
Location: vancouver
Posts: 1,620
Thanked 218 Times in 59 Posts
Failed 43 Times in 16 Posts
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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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