If you have a business plan (for new business) but

[UTNeflyte]

nothing else... is it possible to get a business loan? Right, if someone as a nicely prepared and detailed business plan for a new business but he/she has $0 net worth, would the government or banks still be willing to help out by providing a business loan? Applies to Canada, but US help is always appreciated.

[potato]

you would still need a ligitimate proposal

[Sappho]

I live in the US. It would be much more difficult to get a loan if you have no credit or collateral, but I believe it is possible, especially if you have a good, organized business plan and present it well. You may have to try several banks to find one willing to help you.

[Kicker'sman]

It will depend on your credit and what you have for collateral, as well as how much you are looking for! I am in commercial loans and start ups NEVER get my attention HIGH RISK!!

[freefloatingelectron]

Yes, absolutely. If you have a solid, viable plan, there are options. I live in Ottawa, Ontario, and am in the midst of applying for a small business loan from the federal government myself. There are also numerous federal government grants available for starting your own business as well. Good Luck

[Lorraine W]

yes but you need to submit your financial , projections for the year, plus you can start with the small business loan assoc. and contract your enterpreneur ship programs which is called the business seed. they offer you loans after you finish the training its not that long maybe 5 days out of a month.

[jrlatmit]

Check out the Business Development Bank of Canada (BDC). They usually want to secure loans with assets, but you never know.Otherwise, you are better off looking at private equity. An "angel" investor (look for them in your favourite search engine) usually wants to know about your track record in managing a company more than anything else.My personal preference when starting companies is to bootstrap things - start with a basic service that doesn't cost anything to get going, and gradually build up to your original idea.

[maria111]

Yes it is possible to get loan but u have to pay debts for that