Business loan for an immigrant

[john1720]

I have been in Canada for almost three years. Currently, I am working in a private firm here. I am thinking of starting my own business now. I think it would be difficult for an immigrant to get a business loan in Canada. I read some details regarding this They have mentioned the eligibility criteria for an immigrant to get a home mortgage. What are the criteria to get a business mortgage? If somebody has any idea about this, please share the details.

[Vave]

Try to ask in bank in Canada

[Lewis-H]

SBA Loans. Small Business Administration (SBA) loans are among the most affordable small business loans options you can find, but there are downsides. ...
Government Grants. ...
Friends and Family. ...
Business Credit Cards. ...
Crowdfunding. ...
Microloans or Short-Term Business Loans.

[bossini]

It is possible to get one of payday loans for self employed. Usually they don't pay attention to your credit score. And you can receive money very fast. We all have ups and downs, so sometimes we need extra cash. I personally got this kind of loan when the COVID-19 quarantine started, it helped me a lot.

Definitely agree with Alex here. However, it also depends on how much loan you are looking for. I don't think payday loan companies in Canada offer more than a few thousand dollars anyways.

There is no doubt getting a business loan is different for a resident vs someone in BC on a work visa or something. So that will play a part.

If you do have PR, things might be a tad bit better than someone who doesn't.

Another thing is to 'bootstrap' vs getting a loan.

Which means you start a business with what you have instead of borrowing.

However, if you have a sound business plan and getting funds can help you get going, then go for it.

BDC seems to be a good resource. I'm not sure if it's set up by the government or not.

Also as @Lewis-H mentioned, you can contact your local banks too.

They are kind of desperate to meet their lending quotas due to Covid so your interest rate might be lower than usual.

Good luck and looking forward to your update after a year or so.

[mary098]

Most likely they'll tell you in the bank to fill some forms.

[tbrown04]

Immigrants who are in the U.S. legally, yet who are not extremely durable residents can, in any case, get an SBA credit as long as they have a suitable work visa with a current date. Foreigners who have looked for haven and displaced person status additionally hold SBA credits qualification assuming they have status as legal extremely durable occupants.

[DunoEsto]

Yeah, it is little hard to find a suitable online loan if you are an immigrant. But it is almost impossible if you will go to try to go to the local banks and ask money there, they will give you huge percent's that you need to pay back. When I moved to the USA I was looking for money like you, and it was really hard time for me and then one of my friend just send me a letter with words like “Go Now” and I visited it and was impressed with huge amount of financial information that I really used to open business in the USA, now I have like 2 shops and coffee house. I wish you a good luck.

[kattyjack]

Yes, finding an appropriate online loan as an immigrant might be difficult. However, if you go to the local banks and ask for money, they will grant you hefty percentages that you must pay back. When I first moved to the United States, I was looking for money just like you, and it was a difficult time for me. Then one of my friends sent me a letter and was so impressed with the vast amount of financial information that I decided to open a business in the United States, and now I have two shops and a coffee shop. I wish you the best of luck.

[Jimatunes]

It all strongly depends on your situation and the bank you will go to. There are too many factors that can influence the final bank’s decision. Do you have a working visa in Canada or PR? How long do you spend in Canada every year? How much do you earn? All their questions will show up when you go to a bank. You better talk to a Mortgage Advice Liverpool in advance and discuss all these matters with them. A good financial adviser will help you get the best offer possible, so you should find a good one and not try to save money on it.