Do I qualify for a small business loan?

I need a relatively small business loan, (40K) to cover intial operating expenses for my seed-stage business. Here's what I do have: Over 10 years hands-on experience in my field, extensive business / marketing "knowledge", intelligence, passion and enthusiasm, a solid business plan and statistics / research for the past 2 years proving how and why my business will be successful. However, I lack formal education, management experience and experience running my own business. In addition, I have a horrible credit rating, about 15K in personal debt and no collaterral. We've all heard that investments are made to the people, not the business. On paper, I as a person look like a big risk, but my business is a million dollar idea. (I know that's what everyone says, but my pro-forma income projections have me generating roughly 5 million dollars profit annually in just 3 years...and those are very feasible estimations) I have done extensive reading and learning about effective business operation and how to be successful, but don't have a piece of paper from a University or College. (I've never let my education interfere with my schooling as Twain said) I'm quite confident that a bank would laugh me right out of their office, but would a private investor or other organizations be able to "see the forest through the trees" so to speak or would the focus be on my credit, lack of formal education etc.? The only thing I'm not interested in is any venture capital firms. Sure they would help me now, but in three years they'd be helping themselves to my profits...but any other ideas would be greatly appreciated. I am located in Canada, so anyone with a Canadian perspective or resource would be beneficial, but will take input from anyone in the world that can provide some insight.

4 months ago - 3 answers