Bank of China (Canada) (BOCC) Small Business Loan Program
$ 500,000.00
Loan
Description:
BOCC’s Small business loan is used to help small business owners to further its business development in purchasing or refinancing own commercial, industrial or retail real estate (retail, etc.).
Comments on Funding:
1. Funding takes the form of a loan up to $500,000 Canadian dollars.
2. Loan amount can reach 70% of the lesser of the purchase price or appraisal value of the property (the appraised value of the property has to be appraised by the bank approved realty appraiser).
3. Loan term is flexible, the contract period varies from 1 year to 5 years, and the amortization period can be up to 20 years, it can be selected according to client’s liquidity position. Real estate loans are mostly long-term loans
4. Convenient repayment by equal monthly principal and interest repayment, it releases the pressure of one time lump sum repayment.
Continuous Intake
Eligibility:
Applicants must:
1. be small business owners,
2. have the company’s annual revenue of less than $ 1 million, or have less than 10 employees.
3. adhere to the following terms and conditions:
a) Borrowers are required to achieve average credit score in Equifax credit rating and guarantors are required to achieve personal Equifax credit score 660 points or above;
b) Borrowers are required to have more than 2 years of in business, and has the ability to repay the loan principal and interest;
c) Borrowers should open business account with Bank of China (Canada).
Application Steps:
Applicants must submit their loan applications, along with the necessary requirements, to the Corporate Business Department of Bank of China (Canada).
Documentation Needed:
Applicants must submit the following:
1. Loan Request Application;
2. Article of Incorporation & Certificate of Shareholders, Directors and Officers;
3. The latest company incorporation documents;
4. Legal officer of the Corporate customer and the valid identification (passport, identity card; or driving license) and a tax card (except health care card);
5. Borrower Business Number;
6. Notice of Assessment for the Company and its corporate taxation files;
7. Personal financial statements of the Personal Guarantor;
8. Other documents required by Bank of China (Canada).
Other Things to Note:
About the author
Maurice