Getting a small business loan in Canada is a very big deal for new startups and business owners. The government has put such schemes into place that supports new businesses. These schemes and loans help to take the business forward and generate lots of revenue.

However, acquiring a loan is not an easy task, one has to understand the whole application process and the eligibility criteria such as:

1. Business Credit Score
The higher the business credit score the better, financial institutes tend to judge a business’s creditworthiness on the basis of its payment behavior and credit history. If your business’s credit score is high it automatically shows that you handle debt well.

2. Personal Credit Score
Its as crucial as business credit score. The lenders judge a business and its owner before giving money so if the personal credit score of the founder is also good, it inculcates a sense of confidence in lenders.

3. Business plan
If you present your business plan, your costs and profits, tactics, aims, your position in the market and your target audience there is a brighter possibility of you getting the loan as the lender now understands you better.

To learn more visit : https://accountico.ca/best-small-business-bank-loans-in-canada-bdc-td-cibc/