Canada Small Business Financing Loan
Starting a small venture in Canada necessitates knowledge, willpower, high moral and business drive. However, how can you commence a business without having the required capital in the first place?
One of the ways that most business owners use in beginning an enterprise is by resorting to a Canada small business financing loan program. This was started by the government for small business owners to easily obtain start-up funds from lenders and financial organizations.
To be qualified in this program, you must be able to meet the following criteria:
• Your business must have a gross annual income of less than $5 million, and it must not include enterprises related to religious organizations, farming businesses, charitable trusts and non-profit organizations.
• You must be aware that the Canada sb financing loan program lends a maximum of $500,000. However, $350,000 of this money should not be used in improving or buying new or used apparatus, or in purchasing leasehold developments.
• You can only apply for a Canada sb financing loan if you have submitted an application to your bank, such as Scotiabank and Bank of East Asia, which in return decides if you should be granted one. Once they do, they will register you with Industry Canada.
In addition to the government’s Canada sb financing loan program, you may also apply to the Canadian Youth Business Foundation, which is a state charity created for young business owners, aging from 18 to 34 years old.
It can also provide you with a start-up fund of $15,000 that can be repaid within three to five years. You are also obligated to attend a two-year mentoring program, which allows you to meet committed entrepreneurs or business experts.
Generally, there might be a lot of business owners who have failed to maintain their enterprises on the market, but you can always choose another path by starting right with your start-up investment.