Recap: Financial Products for Newcomers & New Business Owners

Starting a business in a new country is a challenge, but navigating the financial landscape shouldn't be a barrier to your success.

In our recent webinar, Thai Anh, Business Advisor at Scotiabank, shared his expertise on how newcomers and new business owners can access capital and build a strong financial foundation in Canada. With over 15 years of international banking experience—including roles at Standard Chartered, ANZ, and DBS—Thai brought a wealth of knowledge to the table.

Here are the key takeaways from the session:

1. Tailored Financial Products

Thai highlighted specific banking programs designed to support newcomers and small business owners. These products are often structured to bridge the gap for those who may not yet have an extensive Canadian credit history but have strong potential and business viability.

2. Unlocking Unsecured Loans

One of the most popular topics was unsecured financing. We discussed:

• Limits & Eligibility: What banks realistically offer without collateral.

• Application Process: How to present your case to get approved.

Understanding these options is crucial for early-stage funding when assets might be limited.

3. Building Business Credit

Your personal credit score is just the starting point. Thai explained how to systematically build a separate business credit history from day one. This involves separating personal and business finances and using business-specific credit tools responsibly.

4. Roadmap to Growth Financing

Accessing larger capital requires a long-term strategy. The session provided a step-by-step roadmap for new businesses to qualify for significant financing programs down the line. It’s about building a track record today that banks will trust tomorrow.

About the Speaker:

Thai Anh is a Business Advisor at Scotiabank, specializing in supporting Vietnamese entrepreneurs in Canada. His background in trade finance and process improvement helps business owners build financial capacity and achieve sustainable growth.

Stay tuned to Finwise for more insights on navigating the Canadian financial landscape.