How can i get Loan for franchise or farming?

[waraich]

Hi,

Can i apply for small business loan to start my own business( Franchise) or farming , some body told me you can apply for bank loan after one year from landing date.

I have property( Farm & House) of value 300000 CAD in Pakistan , will canadian banks accept my property in Pakistan as bank gurrantte?

Regards,

 

[toby]

The quickest way to get valid information is to go to your bank. But first, why not put yourself in the shoes of the bank for a moment, and ask yourself the same questions. If you were lending someone your own money, would you want to see a firm business plan, with a credible expectation of profit after a certain period of time? Or would you feel just as safe lending the money to someone with only a vague idea of what he wanted to do (franchise or farming)?

 

[Leon]

You can go to a bank any time and ask for a loan but normally when you land in Canada, you have absolutely no credit. It's like going back to being 18 years old. I could not even get a credit card until I'd worked for 1 year. You have to slowly build up your credit to show yourself to be trustworthy.

I seriously doubt they'd take assets in another country as collateral for a loan because if you don't pay, lets say you are a bit of a crook and you transfer the money back to Pakistan and skip off, there is no way for them to collect from you or get to these assets. Since the assets are in Pakistan, why not borrow money against them over there and transfer the money to Canada? The bank in Pakistan can take your assets there if you don't pay.