Need 40K-45K loan for business

[shampoo]

Hi, we are thinking about opening a small family business, and need some initial capital. I need some advice as to which route I should go about. Get a business loan or personal loan, since the amount is not that big. Which bank offers better rate/term for loan (business and personal) and what things I should be aware of. Is there any government assistance available? Any help would be appreciated.

thanks in advance.

[ynot]

Read this. (http://www.cbsc.org/servlet/ContentServer?pagename=CBSC_ON%2Fdisplay&lang=en&cid=1081944191217&c=Finance) It's the Canada Small Business Financing (CSBF) Program. Good luck.

[wheel]

Good luck is right. If you get a business loan - from anywhere - the first thing they'll ask you is what your collateral is. And the only collateral they accept is real estate, not inventory. That includes the 'government' assisted banks and programs.

So if you need 40-50K what you'll end up doing is getting a personal loan or line of credit based on you or your parents good standing; it'll have nothing to do with the business.

Been there, done that, got the T-shirt :).