Canada’s small businesses are the engines for job creation that boost economic growth. Imaginative entrepreneurs create thousands of new jobs every year, but sometimes it can be difficult for them to find the financing they need. The federal government’s Canada Small Business Financing Program helps these companies grow and reach their full potential. The program encourages participating financial institutions to increase the availability of financing to small businesses seeking to establish themselves or expand.
Financing is available for purchasing or improving equipment and commercial buildings. Any one business can access up to $500,000 of which no more than $350,000 can be used for equipment and leasehold improvements.
There are many reasons for small business owners to consider the program. Here are just a few:
• lower collateral required;
• reasonable interest rate;
• accessible through financial institutions across Canada.
If you are a for-profit small business or a start-up operating in Canada and you have gross annual revenues of $5 million or less, you may be eligible. To find a participating lender near you, visit the Industry Canada website at www.ic.gc.ca/csbfp or call toll-free 1-866-959-1699.