There are a number of options available for individuals looking to purchase a business. The biggest factor that people have to overcome is the amount of cash they have available to them for a down payment. This can be acquired from savings, RRSP's or home equity line of credit (heloc), just to name a few.
Most of the Major chartered banks have a program for small business lending. These programs go by different names depending on the bank. When you are speaking with the bank of your choice, make sure that you are dealing with the Commercial or Business Lending department of the branch. Even though you may have a relationship with the banker who did your mortgage, most of them don’t have the authority to do business lending or the specific knowledge of the types of lending products you will require.
We have some bankers who we have dealt with in the past and we would be happy to recommend someone to you. If you would like to take a few minutes to review some of the links below, you will find some interesting information on financing and the requirements for submitting a successful application.
Here is a list of Resource Links for lending;
Federal Business Funding Program
Business Credit Availability Program (BCAP)
BDC – Buy a business
Royal Bank – Starting a Business
TD Canada Trust – Small Business Loan (SBL)
Scotiabank – Business Loans
CIBC – Business Loans and Lines of Credit
BMO Bank of Montreal – Business Loans
ATB Financial – Small Business Financing