Many entrepreneurs feel that getting finance for their venture is not a child’s play. As a matter of fact, this challenging task requires prior planning for a smooth sail. As a business owner, you must understand that the sources of financing can be both private-sector and government. These can play a vital role in ensuring that you are able to get the company off the ground.
Read on to gather more information about the different ways in which the government and private sectors offer financing for helping entrepreneurs like the immigrants, who wish to start a new business in Canada.
Canadian Government Financing:
If you are planning to start a new business enterprise in Canada, then you need to pay attention to the fact the government sector in Canada can offer necessary help in terms of financing.
But some of the financings focuses on specific industry and demographic sectors. On the other hand, there are ways that target a wider audience. This can be in terms of contributions and grants (these are mostly not repaid), loan guarantees (these mostly have to be repaid), and loans.
Let’s try and get to know more about this sector’s financing.
- BDC Business Loans: It is an excellent option of financing for all those who are interested in growing they’re already existing or starting a new business.
- BDC Buying Business: You can get to know the different ways of getting financing to purchase an already existing company.
- BDC Capital: You get to get access over a diverse variety of financing for matching a variety of stages of your company’s growth.
- BDC Indigenous Entrepreneur Loan: If you are an indigenous industrialist, then you can get monetary help for the growth of an already company or setting up a new company.
- BDC New Canadian Entrepreneur Loan: It is available in Canada only. If you are planning to migrate to Canada and do not have much credit history, then you can opt for a loan that is repayable in nature. You get to start a new company ( amount up to $50,000)
- BDC Small Business Loan – for existing business: It is available in Canada only and you can easily get a loan within 5 business days. You get a sum-up of approximately $100,000. The whole online process doesn’t involve any application fees.
- BDC Start-up Financing: You get to learn all about getting a loan for buying or starting a business. It is applicable even when you plan to purchase equipment or property for setting up your company.
- Canada Small Business Financing Program: The loan guarantee program ensures that you get access to the finances for your small-sized company.
- Canadian Agricultural Loans Act Program: This credit assurance has an integral role in securing credit for all those who are associated with the farming industry.
- FACTOR funding for the Sound Recording Industry: It is for all those business owners in Canada who operate in business associated with English sound recording.
- Farms Credit Canada – Loans and Lending Options: As a business owner associated with operations like agri-food, farming or agribusiness, you can get access to the flexible financing alternatives.
- Futurpreneur Canada Newcomer Program: If you have resided in Canada for not more than 60 months and you fall in the age bracket of 18 to 39 years, then you get the opportunity to get financing for setting up your company.
Futurpreneur Canada Start-Up Program:
- Do you fall in the age bracket of 18 to 39 years of age? Are you a Canadian inhabitant with a brilliant business idea? If the answer to these questions is yes, then you can get a sum of $20,000 or more for the purpose of running or starting a full-time business.
- Prince’s Operation Entrepreneur: The members of transitioning Canadian Armed Forces can set up a small business with Prince’s Operation Entrepreneur program.
- Clantech Challenge for Women: There is good news for female industrialists who are trying to put into practice their cleantech idea. They can get funding and support and funding, whilst competing for an amount of $1 million.
Private-Sector Financing to set up Business in Canada:
As an entrepreneur, you can also take the help of the private sector for the purpose of getting financing for your company. It is a smart idea to find out some of the reputed Canadian financial institutions like cooperatives, banks, and credit unions.
You can manage financing from angel sponsors or venture capital, but this will majorly depend on the type of company you wish to start.
Source of Private Sector Funding: For your business based needs you can explore the option of equity and debt financing.