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The Canada small company Financing Program makes it much simpler for smaller businesses to obtain loans from banking institutions by sharing the danger with loan providers.

Examine your knowledge

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In the last decade, small enterprises have obtained over $9.5 billion in asset-based funding representing over 63,000 loans made.

That is qualified?

Small enterprises or start-ups running for revenue in Canada, with gross annual profits of ten dollars million or less.

Perhaps maybe Not qualified under this system are farming companies ( for the comparable system for the agriculture industry, see www. Agr. Gc.ca), not-for-profit businesses, or charitable and spiritual companies.

Exactly just just How much financing is available?

As much as at the most $1,000,000 for almost any one borrower, of which a maximum of $350,000 may be used for buying leasehold improvements or enhancing leased home and buying or improving brand brand new or utilized equipment.

How can I make an application for that loan?

Finance institutions provide the scheduled program and are usually entirely accountable for approving the loan.

Discuss your organization needs with an officer that is financial any bank, caisse populaire, or credit union in Canada. The economic officer will review your online business proposition and work out a choice on your application for the loan. After the choice is built to provide funding beneath the system, the standard bank will disburse the funds and register the loan with Innovation, Science and Economic developing Canada. ( locate a loan provider towards you)

Exactly what do be financed?

Loans may be used to finance the following costs:

  • Purchase or enhancement of land or structures employed for commercial purposes
  • Purchase or enhancement of brand new or utilized equipment
  • Purchase of brand new or leasehold that is existing, this is certainly, renovations up to a leased home with a tenant

As an example, you can make use of a loan to invest in:

  • Commercial automobiles
  • Restaurant or hotel gear
  • Computer or telecommunications equipment and pc software
  • Manufacturing equipment
  • Qualified costs to get a franchise

You simply cannot make use of a loan to invest in things such as for example:

  • Goodwill
  • Working money
  • Stock
  • Franchise costs
  • Development and research

Exactly what are the expenses?

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