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.

[Alex789]

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.

[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.