“Because of the flexibility of our programs, we attract this type of clientele and BFS is just booming,” Maglione said. “The COVID-19 pandemic created a lot of BFS opportunities because you didn’t need a brick-and-mortar shop to open up a business, the online environment has made it easier to establish your business.”
When it comes to qualification, Community Trust requires proof of ownership of the business, which may include a business license or articles of incorporation, and clients must complete a self-declared letter with their broker outlining gross income and expenses. Clients also need to provide proof of income, typically six months of business or personal bank statements, to show that the business is healthy and operates in a consistent manner.
Community Trust requests verification that expenses are accounted for, with…
