In an engaging interview with CanadianSME Small Business Magazine, Francisco Remolino, Principal at Remolino & Associates and a Licensed Insolvency Trustee, shares his journey as an immigrant entrepreneur and provides valuable advice for others facing financial challenges. With over 20 years of experience in helping clients navigate debt, Francisco offers insights into the common financial hurdles faced by immigrant business owners and the strategies they can use to avoid bankruptcy. He also highlights the importance of professional guidance, community involvement, and financial tools such as consumer proposals to help entrepreneurs thrive in Canada’s competitive market.
Francisco Remolino is the Principal at Remolino & Associates, a Licensed Insolvency Trustee. Remolino has over 20 years of experience in assisting clients through financial challenges, dedicated to exploring all available options to effectively restructure clients’ financial situations.
A dedicated advocate for diversity, Remolino has served as Chair of the Board for The Toronto People with AIDS Foundation (PWA) and is an active member of the board of directors of the Ontario Association of Insolvency and Restructuring Professionals (OAIRP). His extensive experience has deepened his compassion and understanding of the complex reasons behind financial struggles, having helped hundreds of people navigate various forms of debt.
As an immigrant entrepreneur yourself, what were the biggest challenges you faced when starting your business in Canada, and how did you overcome them?
As a newcomer, building trust and navigating Canada’s regulatory landscape were the main, initial challenges I had to face. Gaining credibility in the financial industry was vital, which is why I pursued professional qualifications, such as my insolvency trustee license. Leveraging these credentials, I built a reputation, networked extensively, and focused on delivering measurable results for my clients. Persistence and community involvement helped me overcome these barriers, turning challenges into opportunities for business growth.
What are the most common financial struggles that immigrant entrepreneurs face, and what advice do you have for those navigating Canada’s legal and regulatory landscape?
Immigrant entrepreneurs often struggle with accessing capital, understanding regulations, and building a credit history. My advice is to seek professional guidance as early as possible, whether from accountants or legal experts, to ensure compliance and avoid costly mistakes down the road. Networking is equally important—connecting with industry peers, joining entrepreneurial programs, and leveraging government resources aimed at newcomers can be valuable tools for overcoming these hurdles.
In your experience, what are the key strategies or financial tools, like debt consolidation or consumer proposals, that immigrant business owners can leverage to avoid bankruptcy?
Debt consolidation and consumer proposals are effective tools that help business owners manage and restructure their debt. Consumer proposals, in particular, allow owners to renegotiate debt payments without the long-term impacts of bankruptcy. I recommend seeking help from a licensed insolvency trustee early, before financial issues spiral.
While debt while operating a business is inevitable, it’s essential to regularly assess the business’ financial health and maintain a healthy cash flow to avoid falling into a cycle of overleveraging, defaulting on payments, damaging credit scores, and ultimately jeopardizing the company’s long-term viability.
Can you share any inspiring stories of immigrant business owners you’ve worked with who managed to turn their financial situations around and thrive in the Canadian market?
One entrepreneur I worked with faced overwhelming debt after expanding too quickly. Through a consumer proposal, we restructured their debt, giving them breathing room to focus on rebuilding. They stabilized their operations and are now thriving with multiple business locations. It’s inspiring to see how the right financial tools, professional advice, and perseverance can turn challenges into a success story, even in difficult situations.
Looking ahead, what changes or improvements would you like to see in Canada’s financial landscape to better support newcomer entrepreneurs?
Canada’s financial landscape could be improved by making it easier for newcomers to access capital, particularly those with non-traditional credit histories. Simplifying tax regulations for small businesses would also help immigrant entrepreneurs focus more on growth than navigating yards of red tape. Additionally, expanding mentorship and support programs that provide industry-specific guidance would create more pathways for newcomers to thrive in Canada’s business environment.
