Some years ago, I did a study on the benefits and disadvantages of online shopping. Sure, you can order food from your favourite restaurant, buy a new set of earbuds, book a hotel or flight… but can you get a mortgage online without speaking with your banker or mortgage broker?
If you require more than $100,000, there is another program being offered by BDC which the details have yet to come out. Rumor has it will be based on completion of (a) statement of personal affairs form by each shareholder (b) application for financing and (c) last 2 years of financials prepared by a CPA
Support for entrepreneurs impacted by the coronavirus COVID-19
Effective March 18, 2020, new relief measures for qualified businesses include:
Working capital loans of up to $2 million with flexible repayment terms such as principal postponements for qualifying businesses;
Postponement of payments for up to 6 months, free of charge, for existing BDC clients with total BDC loan commitment of $1 million or less;
Reduced rates on new eligible loans;
Additional details regarding Business Credit Availability Program (BCAP) measures, including industry specific support, to be announced in the coming days.
Contrary to media reports about our ‘record personal debt levels’, it’s extremely prudent to ensure you have access to emergency money.
The line of credit popularity that took place in the ’90s wasn’t a bad thing. It allowed us to borrow at low rates to invest or spend as needed. Many successful investors have been doing this for decades. Borrowing to invest makes smart financial success. Don’t let anyone tell you differently.
We’re seeing more reasons for Canadians to get a secured line of credit now: Age; Income; and Qualification.