Oro Valley, AZ

1846 E. Innovation Park Dr.
Oro Valley, AZ 85755

by Townes Haas
6/5/2019 1:15:21 PM

Your Guide to Acquiring Canadian Small Business Funds

Don’t let a lack of financing derail your dreams of growing your small business. In Canada, there are a variety of ways to acquire funds for your company. Some entrepreneurs bootstrap their operations with personal funds, others try crowdsourcing, and many scrimp and save for years to build their vision.

Those aren’t your only options, however. Small business grants and loans can be a great way to boost your business, and here’s your guide to both.

See if the Canadian Government provides grants or assistance for your business

Canada’s government offers various types of support for small businesses, ranging from grants and loans to resources on maximizing the benefits your company is eligible for.

Click here to visit the business grants and financing website. There’s a lot of information to sift through, so start with these helpful articles:

Understand the limitations of government grants

As The Balance Small Business explains, many entrepreneurs hope to secure government grants, which do not need to be paid back. It’s important to note that the Canadian government gives out relatively few grants.

When grants are available, they are typically designed for specific industries and regions the government wants to help develop. To find these opportunities, it can be helpful to diversify the language you use. Here are some additional keywords you can use when doing online searches for small business grant financing:

  • Awards
  • Contributions
  • Shared costs
  • Subsidies
  • Rebates
  • Tax credits or tax rebates
  • Non-repayable loans

How to secure a loan for your small business

Perhaps not surprisingly, loans are far easier to secure than grants. You can work with a financial institution of your choice, such as a bank or credit union. Applying for a loan from an entity that is familiar with you and your business can also increase your odds of being approved.

The government also facilitates loan programs. The Canada Small Business Financing Program “makes it easier for small businesses to get loans from financial institutions by sharing the risk with lenders.” If your for-profit small business has gross annual revenues of $10 million or less, you may be eligible (businesses in the farming industry should visit www.agr.gc.ca to learn about their financing options).

Borrowers can access a maximum of $1,000,000. Only $350,000 may be used to improve leased property, purchase or improve new or used equipment, and/or purchase leasehold improvements.

Since loans are approved by a financial institution, you can participate in this program through any bank, caisse populaire, or credit union in Canada. Be prepared to show investors that you will be able to make back the loan with a thoughtful business plan that demonstrates the potential profitability of your company, and get ready to take your operations to the next level.

Related

Additional Resources to Help Grow your Small Business

White Paper

How Mail Services Help Entrepreneurs Succeed

In today's mobile economy, digital entrepreneurs often work from varying locations. While this can help save money and increase agility, it comes with one big drawback:

Read More >
White Paper

Virtual Assistants Provide a Competitive Edge

Countless small business owners rely on remote assistants or offsite receptionists to help with critical organizational duties. While some are content to offload simple tasks to self-employed, stay-at-home support people, others demand more comprehensive services...NULL

Read More >
White Paper

Virtual Assistants & Remote Assistants: A Comparison

While the traditional virtual assistant is likely to work from home, an executive-level virtual assistant is part of a greater brick-and-mortar presence. This fundamental difference opens the door for extensive training opportunities that broaden the professional's support capabilities.

Read More >
White Paper

Overview of Virtual Offices, Executive Suites and Co-Working Spaces

Work has changed. In an age of instant communication, cloud-based applications, and workplace versatility, the era of the traditional office culture has come to an end. Providers of virtual offices, executive suites and co-working spaces have effectively liberated the nation’s work culture, adding dynamic and energizing new choices...

Read More >
White Paper

Part 1 of 4: Introducing the SBA

For entrepreneurs and small business owners, navigating the tricky terrain of creating a sound business plan, forecasting for growth and developing an operative growth strategy can be a major challenge. Fortunately, American entrepreneurs and operators have access to one of the most effective resources in the worldwide market...

Read More >
White Paper

Part 2 of 4: Starting a Small Business

Navigating the complex terrain of creating a sound business plan, forecasting for growth and developing an operative growth strategy can be a challenge for entrepreneurs and small business owners. Fortunately, American entrepreneurs have access to one of the most effective resources in the world via the Small Business Administration (SBA).
... Click to read more

Read More >
White Paper

Part 3 of 4: Managing a Small Business

Congratulations! You have gotten your small business up and running. Now what? This part of our four-part series on leveraging the Small Business Administration to help you launch and manage a small business will focus on the operational aspects of running a business. Whether you need leadership strategies, day-to-day decision making skills
... Click to read more

Read More >
White Paper

Part 4 of 4: Marketing, Sales and Contracting

Understanding marketing and sales as well as the technical complexity of our Internet-driven society gives entrepreneurs a distinct advantage over the competition. This final segment of our four-part report will take a deeper dive into the logistics and philosophy of marketing and sales and their impact on your business success.
... Click to read more

Read More >
White Paper

DIY Marketing Tools

If a business isn’t marketing, its potential customers are not finding it. Small to medium size businesses often struggle with spending hundreds of thousands of dollars on marketing. New DIY marketing tools, however, have eliminated the need to spend astronomical amounts on online and traditional marketing. These tools
... Click to read more

Read More >
White Paper

Virtual Office for Legal Professionals

Law firms (large and small) and solo legal practitioners alike can use virtual office services and spaces to run their entire legal operations or as a supplement to a home office or traditional brick-and-mortar offices. Virtual office services can be particularly useful during trial preparation
... Click to read more

Read More >
White Paper

Finance & Tax Professionals

Finance and tax professionals, whether they work solo or as part of a larger firm, can use virtual office spaces and services to stay on top of their workloads, especially during the busy tax season. Professional virtual office spaces can be particularly useful when back-to-back client meetings are necessary...

Read More >
White Paper

Traveling Entrepreneur

As business people and entrepreneurs continually strive to grow their business, doing so frequently involves traveling around the country to attend networking or tradeshow events, meeting clients and prospects on their own turf, and getting some face-time with colleagues, contractors or employees who may operate in a remote location. Preparation
... Click to read more

Read More >
White Paper

Virtual Office Eguide

Have you ever wondered why some small businesses are successful and others are not and what do these successful companies do to gain an edge over their competition? Through our years of experience
... Click to read more

Read More >

Additional Intelligent Office locations near Oro Valley, AZ