If you do get some 'Love Money' to start your business, be sure to get all of the details on paper. Just because you're getting the money from family, that doesn't mean you shouldn't have a solid contract with the person. Banks loans Banks and credit unions are another well-known source of business loans. But these can be a bit overwhelming and inaccessible to us. That's because we have to be at least 18 to get most loans.
Many banks also offer loan programs geared toward youth-run, small businesses.
The Ontario Young Entrepreneurs Program includes loans, business training and networking. If you have a good credit rating and you re in school or have a job, you can get a line of credit or an overdraft loan. These are also offered through banks and credit unions. But they work differently than regular loans. For example, you apply for a line of credit just as you would apply for a loan.