Are you looking for a loan to build your business in Canada? If you are, then you’re in luck because this article is going to discuss how you can get a loan to build your business in Canada from the government. One of the best ways that you can get a loan for business in Canada is by applying for a loan from the government’s Small Business Financing Program. In this program, the government offers loans between $5,000 and $150,000 to small businesses that are looking at expanding their business. In order to qualify for this loan, you will need to be looking at expanding your business by investing in equipment, purchasing a vehicle, or making any other purchases that are relevant to your business.
BDC Xpansion Loan In Canada:
If your business is looking for a boost in confidence and credibility, you can get up to $100,000 in long-term financing from BDC that you can use to do things such as participating in trade shows, developing e-commerce capabilities, creating advertisements, implementing a marketing plan and so forth. BDC even lets you re-advance any portion of the loan starting at a minimum of $10 000!
Some financial institutions offer short term business loans of up to $15,000 earmarked for people who would have difficulty getting a traditional business loan. For instance, Western Economic Diversification Canada offers a microloan program to provide short term business loans to businesses throughout western Canada. Ask your credit union or caisse populaire if they have such a small business loan program.
BDC Startup Financing Program:
If your business is eligible – you could qualify to get up to $100,000 in long term financing. Say you want to participate in trade shows, develop e-commerce websites, create and implement a marketing plan, obtain certifications or work on that IT upgrade – whatever it takes to grow your business! And with BDC’s re-advanceable loan products your interest rates start at just 3.57%* now until March 31st,2018 – with no payments during the year from April 1st 2017 to March 31st 2018 .
Small Business Loans for Young Entrepreneurs:
Futurpreneur Canada offers several small business loan programs to support entrepreneurs who are 18-39 years of age, including a $60,000 Startup Loan. There are also number of youth loan programs available in various regions across the country, such as Futurpreneur Québec and the Prince Edward Island Opportunities Fund.Making the decision to found your own business can be daunting (and exciting), especially if you are in the 18 – 39 age range. If you are looking for small business loans at this stage in your life, there are a number of opportunities both nationally and regionally that young entrepreneurs can tap into.
Business financing can be a little tricky, and there are often many questions on the subject to be answered. You need to ensure that you take the time to understand the finer details of business financing, and make the most of the time and money you have available.