Well, of course, after posting my blog yesterday that it appeared that credit was flowing well, I was notified by my banker at Scotia Bank in Canada that they could not extend a credit card to the business even if I had five times the amount of collateral in personal assets at their bank. I am still flabbergasted by it all as I knew the restrictions were pretty tight up there, but come on, you've got to be kidding me!
One good thing is that the exchange rate for Canadian currency is good for Americans right now, so a transfer of personal assets there still makes sense, but the whole point of transferring the money in the first place was to get a line of credit.
From what I understand from my banker, for non-Canadian residents, the banking laws are much stricter there. Hence, even though I would have plenty of collateral to handle a loan, my bank would not extend credit to me in the way of a credit card but rather only through their Interac system (equivalent to an ATM/Debit card) where funds can be extracted only if they are already in the account.
Needless to say, this is something I'll need to think about over the weekend! So much for credit flowing between countries!