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Immigrants coming to the country can avail business loans to set a new business with a comparatively smaller volume.
There are various programs under which support is extended by recognized financial bodies to provide loan to small immigrant investors.
The financing programs are run by the government and by the private financial bodies too. They are all meant to extend support to the newcomers who have all the skills and wishes but lack money to start a new business in Canada.
Canadian Youth Business Foundation Program (CYBF)
This program supports immigrants in the age range of 18 to 39 years wherein the loan amount can be up to $15,000. You must carry a well thought business plan along with reference letters. You Bank should give you confirmation on your recent account status.
You have the option of repaying the loan even a little after 3 years, though the interest are payable in the first year itself.
Support extended by CYBF
• Apart from caning you the fund available, CYBF gives you an initial training on financing and running your business in Canada. They also help you to understand the customs, culture and language of the country.
• You can join “Community partners” who will help you to make you run your business more successfully. You can learn business models through your partners and perform even better.
• Credit history is not required for you to avail the loan if the amount is up to $7,500.
• CYBF provides you with a mentor to keep guiding you at every step.
• Online helps are available to understand the ways of starting, running and meeting your business targets.
• The program also helps you to take over an existing Business and you cane expect a considerable amount of financing for this too.
The fund amount
CYBF can sanction you $15,000 and you can expect to get double this amount from Business Development Bank of Canada.
Apart from the government you can think of getting help from private financing agencies, though the support from the Government is unparalleled.
Such a step does not only help the immigrants but also the natives as starting a business would open up job opportunities for the people of Canada.