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Financial Institution Funding

The main source of small business funding in Canada are banks and credit unions but neither are historically interested in financing small businesses, especially start ups. An existing business that has a good track record of course will have an easier time getting a loan. A startup business' best chance of getting this type of a loan is to either have a substantial investment amount by the new owner or to have good equity in real estate and offer a personal guarantee.  

None of these factors will guarantee a loan with a bank or credit union but will make things easier for the institution to be able to approve a business loan. A well laid out business plan with solid financial projections is imperative to have before even approaching either of these financial institutions.

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