Entrepreneurship & Small Business

General Banking and Credit Questions

  • Last Updated:
  • Aug 11th, 2017 2:23 pm
[OP]
Newbie
Apr 1, 2016
20 posts

General Banking and Credit Questions

Hi there,

My question is basically, should I bank with a credit union if I hope to borrow down the road.

A tiny bit of backgroud:

I run a very small corporation, a year old, with revenue of about 100K a year and net income of about 50K year (online retail).

Ultimately I'd like to eventually transition into full time entrepreneurship (I am a full-time software developer right now).

I currently bank with RBC, personally and for my corp.

Down the road I'd like to look at investing in real estate through my corporation if possible etc.
4 replies
Newbie
Jan 16, 2017
3 posts
1 upvote
Toronto, ON
Hello! Also an entrepreneur, if you hope to borrow down the road and have decent credit there are a lot of modern ways to do so, borrowwell.ca and things like that are much better options then banks.
[OP]
Newbie
Apr 1, 2016
20 posts
kacollie wrote:
Aug 11th, 2017 2:05 pm
Hello! Also an entrepreneur, if you hope to borrow down the road and have decent credit there are a lot of modern ways to do so, borrowwell.ca and things like that are much better options then banks.
Very cool, checking it out now. I have good personal credit but I am assuming the business wouldn't have much credit yet.
Newbie
Jan 16, 2017
3 posts
1 upvote
Toronto, ON
Yeah typically you have to be incorporated for 2 years before you can even start accumulating credit.
[OP]
Newbie
Apr 1, 2016
20 posts
kacollie wrote:
Aug 11th, 2017 2:15 pm
Yeah typically you have to be incorporated for 2 years before you can even start accumulating credit.
It's been a year and I was offered a CC, guessing that it won't count for anything? I currently charge everything personally but all income goes into a corp account.

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