In fact, for loans of less than $100K at BDC, your credit score is the only requirement we look at.įor those in business for at least 24 months, the whole process for a loan under $100K takes place online. “Whatever tendencies you have on the personal side, you usually bring them to the business side.”įor loans under $350K, having a good personal credit score is the most important requirement for your application. Sound financial decisions in your personal life can help your eligibility-the opposite is also the case: “If you’re buying a boat and cars, and you have a lot of debt that you incur every year, that would be a red flag,” says BDC’s Wesly Joseph, who spent several years assessing borrowers both inside and outside BDC. Make sure you have this information before you meet with your banker, and that you’ve reviewed it, so you can be ready for any questions they may have. the credit bureau report on your business.A sound credit scoreĪ bank will look at two things before granting you a business loan: To be eligible for BDC financial support when your business is at the start-up phase, you must demonstrate realistic market and sales potential, possess experience or expertise in your field, provide personal or credit references, demonstrate a reasonable investment of financial resources and provide a solid business plan. At least 24 months of operations and generating revenueįor most types of loans, you need to have been in business for 24 months or more. Whether it’s a business bank account or a personal account, the account needs to match the name of your business. A bank account that matches the name of your business The organization must also be a commercial enterprise designed to generate revenues, meaning that not-for-profits are not eligible for loans. Owners must have reached the age of maturity in the province or territory where they live. You do not need to incorporate your business to be registered with the government sole proprietor businesses and partnerships can also register.īusiness loans will not be given out to a freelance or independent worker who has no registered business.Ĭlick here to register your business with the government of Canada.īusinesses in Quebec also need to register with Revenu Québec.īDC only offers loans to companies that are based in Canada. Here are the basic elements most banks require in order for you to be approved for a business loan: A registered businessīefore providing you with a business loan, banks will want to see that you’ve registered or incorporated your business.
Growth & Transition Capital financing solutionsīusiness loan eligibility: What you’ll need Kauffman Fellows Program Partial Scholarship
Venture Capital Catalyst Initiative (VCCI) Industrial, Clean and Energy Technology (ICE) Venture Fund