04/11/2024
Considering starting or buying a business in Canada? You can apply for a government-guaranteed loan of up to $500,000, with 75% guaranteed by the government. If your business faces challenges, you’re only responsible for repaying 25%. The CSBFL or CSBFP loan covers renovation, leasehold improvement, equipment, machinery, or purchasing an active business. Minimum down payments range from 10% to 35%, and eligibility requires having 25% of the business purchase price in Canadian savings, or equity in real estate property. Additional criteria include a 3-month rent and loan repayment reserve, Canadian permanent residency, a credit score of at least 680, and a business plan. The loan term is 7 to 10 years, with the interest Prime rate + 3%.
For several years Since 2010, I have worked as a Mortgage Broker in the finance industry.
