Denied by Scotiabank for a skid steer loan because we’re under 2 years old. Options?
Hey everyone, running a small landscaping/excavation business in BC. We've been operating for about 16 months, cash flow is healthy, but we need to buy a used Bobcat ($45k) to keep up with summer contracts. Went to our primary bank and got hit with a wall because we don't have 2 full years of audited financials yet. Are there any reliable alternative lenders in Canada that don’t have insane 25%+ interest rates?
Update: I tried going down all the scotia bank, government programs, Moneda, East West, and Equipease.
so far it Kyle at Equipease feels like the most competent person to help me. I'll try to keep you guys updated on when and how it went once we get our equipment.