A report released in early October, 2009 by CIBC discussed the strength of the Canadian small business sector.
The report shows that the small business sector has grown during the recession and experienced fewer job losses that large employers. Where companies with more than 100 employees cut 10% of their staff, small businesses saw a comparatively minor 1% jump in unemployment.
There are plenty of reasons for their success. For one, small businesses depend less on export markets and more on local consumers. If consumers feel confident enough to spend, small businesses benefit. Compared to the U.S., Canadian consumer confidence was very high throughout the economic downturn. A robust housing market, aided by historically low mortgage rates, was certainly a factor in Canadians’ positive outlook.
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Do you have a lot of trouble proving what your real income is because you work for yourself, work for tips, or make mainly cash that you do not claim on your taxes? Are you looking for a way to refinance your home so that you can get cash out for debt consolidation, a vacation, home improvement, or any other reason at all? There are limited options for you, but there are always no-doc home equity loans for you to try.
You should understand already the pain of trying to get a mortgage or a refinance when you are self employed or cannot prove your income. You have to get your old bank statements together and try to prove some sort of income from the deposits made over a two to three year period. Either that or you have to work with the numbers that are on your most recent two or three tax filings, which is difficult because of your write offs.
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Are you interested in applying for a low interest loan that can help you pay off some of your outstanding bills or renovate your home? Using the equity in your house, you can get a loan approved that offers low interests rates. These loans are secured using the equity in your home, which allows you to get the best rates possible for your loans. Even getting bad credit equity loans approved are possible if you are willing to do the work and find a good lender.
The first thing that you should know before taking out any loan is that you have to repay the loan. No money from the bank is ever free money. Some people get stuck in the misperception that they are able to get money and spend it on what they want. Part of being financially smart is knowing when you should take a loan and when you shouldn’t. If you have a large amount of high interest credit card debt, then maybe you should consider whether or not if you would benefit from equity loans.
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