restaurant franchise

[andre]

Hi, I would like to start my own business, restaurant franchise for example. Do you think I can get a loan form the bank? I’m a permanent resident.

Thanks

[Tsveta]

As far as I know in order to get a loan to start your own business you have to show to your bank business plan. The best thing to do is to speak with you bank. First of all they have to review your financial situation. I don’t know what document they need so better ask them.

[trappercase]

I am a manager of a franchise restaurant. I can tell you this, banks are not too interested in loaning money to start restaurants. They have a high failure rate and every ex-hockey player, salesman, bottle washer, etc. wants to open a restaurant. By the way it's not all that fun, but I'm tainted as I have been in the business over 10 years. Get a business plan done and check out the BDC (Business Development Bank of Canada) and go to your local Economic Development agency, they are a wealth of FREE information. Be prepared to have at least 25% of start up costs up front for any bank to consider you.

[Tim]

I am a manager of a franchise restaurant. I can tell you this, banks are not too interested in loaning money to start restaurants. They have a high failure rate and every ex-hockey player, salesman, bottle washer, etc. wants to open a restaurant. By the way it"s not all that fun, but I"m tainted as I have been in the business over 10 years. Get a business plan done and check out the BDC (Business Development Bank of Canada) and go to your local Economic Development agency, they are a wealth of FREE information. Be prepared to have at least 25% of start up costs up front for any bank to consider you.

I had no idea banks werent keen on this. Is it all banks?
I was certain if you had a good business plan then they would be happy to lend money. http://detedslot.org