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rslater 12-19-2010 09:50 PM

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.

tiger_handheld 12-19-2010 10:00 PM

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.

Gt-R R34 12-21-2010 07:21 PM

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.

sarger604 12-27-2010 02:32 AM

recently got one from coast capital and did not need financial statements for any loan under 10g

_Hotsauce_ 12-27-2010 05:29 AM

Quote:

Originally Posted by sarger604 (Post 7242504)
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?

rslater 12-27-2010 11:42 AM

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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