Trying to get a business loan

[johnroberts]

I had applied for a business loan. But it got rejected due to low credit score. I read about some factors that affect a mortgage loan here http://www.privatelend.com/blog/mortgag ... gage-loan/ . What can I do now to arrange money for my business? There are several private lenders and mortgage brokers here in Canada. Which would be the better option with minimum risk? Also, I need to arrange the money as soon as possible. I need your advice in this. If possible share the details of some leading private lenders and mortgage brokers in Ontario.

[jackboss]

Hope that you can arrange money as soon as possible, good luck to you.

[haimtolendo]

Hi, I also suggest you to go to the private lenders who can only be a good option if you have low credit. Sorry to say, I don't have a good name from that location yet but I am sure if you check and do some research you will find one.

Good luck!

[Melissa98]

I know that is hard to run a new business, I've tried it. But as for me, better to avoid loans. Sometimes, very good people, for reasons beyond their control, have credit issues. And, unfortunately, that's a real barrier to entry in the world of small business. Do you have a formal business plan or any plan at all? That matters. I recommend you at least forecast their future earnings before applying for a loan, so lenders will have an idea of your profitability. There is a lot of different factors, I've learned it from Mantastic Life online videos, you can watch them too.