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Keep it simple for a business loan

Keep it simple for a business loan

Keep it simple for a business loan

Follow the rules and be prepared

By Keith Woolhouse

(NC)-Big or small, all enterprises share one piece of history. At one time, most business owners apply to a financial institution for a start-up loan.

Applying for a loan can be a harrowing experience, but it need not be, say those who sit on the other side of the desk. "Banks and other financial institutions are sympathetic to loan applicants because it is an essential part of their business," says Rod Hunt, national manager of RBC Financial Group's small business group. For amounts up to $50,000, a one-page application is all that most financial institutions require. For larger amounts, an applicant should provide financial statements and projections.

Something to consider is the Canada Small Business Financing Program, which has helped thousands of businesses over the years get started and grow. Under this program, financial institutions make term loans up to $250,000 to small- and medium-sized businesses to purchase land, buildings or equipment at reasonable rates.

For information on different types of financing and tips to help you secure it, visit CanadaBusiness.ca and click on Financing, or call 1-888-576-444 to reach the Canada Business Info Line.

- News Canada