Answers
Questions is based on Canadian banking =
This question is amid at the banks/ financial for business. I am a small business, not looking to provide lenders with financial / tax fillings. ( why - the past two years I have been doing the business as part time and file little business income ) I am looking for a business line of credit or a business credit card, my business has no credit history and I am looking to secure it with cash - I prefer no personal credit check ( I do have good credit ) I am just having some extra funds and prefer to secure it. Based on this information I am almost unable to find any lenders in Canada to help ( how ever in the US secured business credit is dime a dozen - just not in Canada. So the run down is I am looking for a secured business line of credit / business credit card with very Little questions asked or providing extensive financial / tax papers/ and preferably N0 credit check Any advice from the industry ?
My best perspective is Vancity Business Visa gold, secured. ( The regular card is not securable - ) The only bad point about this lender is that I do not need the gold card, its $ 99 a year. $ 20 is ok. all other lenders for Visa & MC business in Canada seems to be heavey on the paper s of the business - Help ? The limit I am looking for is $ 2000- 6500 Canadian
Only looking for information in Canada,
The first question is what are your long term goals? If you simply want one card try Wells Fargo bank they have a very good secured business credit card.
If your goal is to eventually obtain larger lines of credit or loans I suggest that you
1) open business accounts with both Wells Fargo or Bank of America they both have secured business credit accounts
2) Open a secured credit card with Wells Fargo and a secured line of credit with Bank of America.
3) Both will be excellent sources to help build your business credit profile
For Additional information
DaJuan Tircuit
http://businesscredit.wordpress.com
www.rhemafundingsolutions.com
propertysold.ca The Canadian Government announced on Jan 17th, 2011 that they will no longer be offering banks insurance on Home Equity Lines Of ...
Prepare your family budget for higher interest rates - The Globe ...
He Bank of Canada delivered a sobering warning on Thursday , reminding us that low interest rates won’t last forever. Household debt that is easy to service now could become a much heavier burden for families in the future.
“Households need to assess their ability to service these debt obligations over their entire maturity, taking into account likely changes in both income and interest rates,”' the bank told us.
In the corporate world, there has been a high level of refinancing activity over the past year as companies position their balance sheets more securely for an uncertain future.
Although the central bank has not yet moved away from its stance on keeping interest rates low, it makes sense for families to consider and prepare for a higher interest rate environment as well. In order words, think about how higher interest rates could affect your ability to manage your debt and try to reduce any potential risk of a default now.
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