By Christopher Reynolds The Canadian Press Sun., Nov. 11, 2018 Two months into the launch of her dance studio, Natalie Borch needed a loan. The 34-year-old first-time business owner had opened the doors to The Pink Studio in February after she and her brother invested $40,000 of their own cash and took out a $100,000 loan from the Business Development Bank of Canada. “We just needed a small amount of money to expand our services for new teachers and classes,” she said, from beginner Beyoncé to Bollywood fusion. Finding no help from the main banks, she found Lendified Inc., a fintech startup that offers loans to small businesses based on artificial intelligence-powered screening assessments. After filling out a few online forms on cash flow and collateral, Borch received a $30,000 loan. Article Continued Below Borch is one of the latest beneficiaries of an Ai-driven overhaul in the financial sector as the big banks scramble to tap a vein that … [Read more...] about Will AI give small-business owners, fintechs a leg up—or reinforce status quo?
Loans to start a small business
By Vikram Barhat Special to the Star Mon., Oct. 1, 2018 Raising capital to finance a business venture can be a challenging enterprise in itself. This is particularly true of those who are in the process of setting up their business and have no business banking history or experience. Small business professionals in the making can consider the following options in order to shore up capital to get their businesses off the ground. Conventional borrowing Most banks in Canada provide loans tailored to the needs of small-business owners. However, the lenders’ due diligence process can be rigorous and could involve demands ranging from your personal credit score to upfront collateral, such as assets you own. “These assets include any property or valuable equipment you own,” says Jeff Mitelman, chief executive officer and co-founder of Thinking Capital, a firm that specializes in small-businesses financing. “The application process can be lengthy at … [Read more...] about Where to find capital to jump start your small business
By Paul Hunter Feature Writer Fri., Sept. 21, 2018 BEAMSVILLE, ONT.—The pristine wine bottles, neat rows of glistening glass weighing down the shelves, belie the precarious history of this vineyard. Its story was never this tidy. But the labels — with names such as Start From Scratch, Everything at Stake, The Big Reach and Rose Coloured Glasses — accurately parse what it took for one young couple to build a small, thriving winery on the Niagara peninsula. Christina and Andrew Brooks, two ex-waiters with no agricultural background, maxed out credit cards, started side businesses, twice faced bankruptcy and carried sleep-depriving mortgages, all to follow through on a far-fetched fantasy to become vineyard owners. While their experience, starting as two 20-somethings with no significant savings, isn’t a blueprint for the risk-averse, they showed it is possible to live out a romantic dream when they purchased an abandoned four-hectare … [Read more...] about Four credit cards, three mortgages, two side hustles: How to build a winery from scratch
By Paloma Esquivel Los Angeles Times Thu., Sept. 20, 2018 SAN JUAN, PUERTO RICO—The rain falling into Bianca Cruz Pichardo’s home in Puerto Rico’s capital forms a small stream from her living room to the kitchen, past a cabinet elevated by cinder blocks. The living room is dark, save for some light coming from the kitchen and a bedroom. The 25-year-old cannot bring herself to install light bulbs in the ceiling’s sockets because she fears being electrocuted. For a year, her landlord in San Juan has told her he will repair damage caused when Hurricane Maria ripped through the island last September, she said, but still nothing. The worst of the rain is kept out by a blue tarp that serves as a temporary roof. “He says, ‘This week I’ll bring the materials over,’ ” she said recently. “But he doesn’t do anything.” Throughout Puerto Rico, the destruction caused by the devastating wind and rain generated … [Read more...] about Puerto Rico struggles to recover a year after hurricane Maria
Jakarta Deputy Governor Sandiaga Uno said the city would issue permits for home-based businesses participating in the One District One Center of Entrepreneurship (OK-OCE) program after a gubernatorial decree on the matter was issued. Sandiaga said the program would be a good way to introduce OK-OCE. Jakarta Cooperatives, Small and Medium Enterprises and Trade Agency head Irwandi said the decree would stipulate that only OK OCE members that had a maximum of 19 employees would be able to attain a permit. “The area of the [place of business] is a minimum 60 square meters and a maximum 400 sq m,” Irwandi said as quoted by kompas.com. He said the agency had submitted the decree’s draft to Jakarta Governor Anies Baswedan for approval. The decree is expected to reward OK-OCE participants. Obtaining a permit is a major challenge for SMEs that often do not have enough capital to start a business. To attain loans from a bank, the bank would ask for a business … [Read more...] about OK OCE members to get home-based business permits