Business Plan For Restaurant Business

How can I have a credit loan for Small Business in Canada, if I don’t have a good credit history or a property

My business partner and me want to buy a small business : cafe-restaurant. We have a business plan, a license, a business name and a registered company. The only thing we don’t have is money to buy this business. We’ve looked everywhere: All the banks wants a good credit history or a property. We need $150 000. Please, anyone, if you know something about it, answer us.

When you made your business plan and business model showing your cost for start up. You should have reconized your situation at that time and taken appropriate action then. You went ahead and did your companies registration premature.

There are companies in Canada that help in these situations. Banks and lending institutions will want a personal guarentee on the loan when your business is less than two years old. After two years the business should qualify on its own with out your personal credit.

You can purchase a ‘shelf corporations’ with established credit that may solve your problem. Try talking to corporationcentre.ca they are in business to help establish your business credit or sell you one that is. They have bank resources and may speak for you to banks that lend to specific needs like yours.

There is also BIL loans. These are loans that are government assisted. Your bank will not mention this to you. You need to tell them you wish to apply for a B.I.L. The government will guarentee 80% of the loan up to $250,000. Your personal credit will not be involved. Only your business plan and your personal ability to manage this business.

I went to cibc for a bil and was turned down. The same day I went to another cibc and they had a check for me 8am the next day. $120,000. Ask the loan person what their dollar limit is. The manager that accept my app had a 120,000 limit before he needed to take the app to higher management. The woman manager who turned me down had a 15,000 limit on loan applications. Don’t be deterred by closing doors. Walk to the next one.

Sell yourself, and your business.

Restaurant Business Plan

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