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Canada Small Business Financing Regulations

Version of section 8 from 2009-04-01 to 2014-03-31:

 In making and administering a loan, the lender must apply the same procedures as those that would be applied in respect of a conventional loan in the same amount, including, before making the loan,

  • (a) obtaining credit references or conducting a credit check on the borrower and any persons who are legally or financially responsible for the borrower; and

  • (b) completing an assessment of the repayment ability of the borrower, taking into account all other financial obligations of the borrower.

  • SOR/2009-102, s. 8

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