The Canadian government offers a wide range of Small Business Financing, loans, and grants, both on the federal and provincial level. However, finding these forms of small business financing can be time-consuming, confusing and complex.
We took it upon ourselves to do some digging and provide you with all the most up to date small business financing options available.
We have personally used some of these resources, others were referred by small business owners, bankers, and accountants. Some came from contacts we have secured over our years of being in the small business industry. Others we just Googled to see what we could find.
Small Business Financing, Grants, and Loans
CBN offers government grants and financing, this website allows you to choose what exactly you are looking for and for what industry. It will then give you multiple options of financing available and offices available in and around your area. This is a great starting point for all small business financing.
AITF is an organization that works with academic institutions and industry throughout Alberta to provide support, funding and development opportunities to help expand Alberta’s economy and industry.
This organization focuses on funding start-up and growing businesses. It focuses on industries such as energy, environment, nanotechnology, information and communication services, health, and life sciences such as forestry, agriculture and biotechnology, which Alberta considers to be high-priority areas.
On January 21, 2016, the Government of Alberta announced funding for an initiative that supports innovative Alberta businesses. The purpose is to commercialize high-tech made-in-Alberta solutions. The funding is focused on helping further diversify and strengthen the provincial economy.
Enhanced Innovation Voucher and Small and Medium-sized Enterprises (SME) Support
For more information, or to apply you can visit their Micro Vouchers, Vouchers and Product Demonstration Program page.
The Alberta Government offers a wide range of options for new or growing small businesses. This website gives you information on everything you need to start a small business in Alberta.
There is a lot of information on this site from business plans to incorporation to small business financing.Take your time on here and take notes as you go through all the resources and information, you will defiantly have questions after.
The Saskatchewan Government also offers a great deal of options. This website will guide you through getting started with your business, from registration to the Square One resource centre.
ATB offers government secure loans for small businesses in Alberta. When you do your search on the Canada Business Network you will find similar banks that offer government secure loans as well. ATB has a great reputation for small business financing and we have heard great things about the bankers that work there.
INAC offers a lot of great small business resources for Aboriginals. Whether you or your business partner is Aboriginal this website is a great starting point, the government has a lot of programs and grants for Aboriginal small business owners.
Things you need to know about these programs is 1. the aboriginal business owner has to own 51% of the company 2. you need to prove expertise and credentials in the industry you wish to enter.
If you can prove these 2 things, there is lots of help from these programs, the government will pay for a coach to help develop a business plan and this coach will work with you for up to 2 years after your business opens. Another think I really liked is you can call and just brain storm with one of the counselors that approve the small business funding before you go ahead and apply.
The contact information for Alberta is:
Apeetogosan (Metis) Development Inc. (AMDI)
12308 111 Avenue NW
Edmonton AB T5M 2N4
Toll-free: 1 800-252-7963
Telephone: (780) 452-7951
Fax: (780) 454-5997
Web: Apeetogosan (Metis) Development Inc. (AMDI)
The contact information for Saskatchewan is:
Saskatchewan Indian Equity Foundation Inc. (SIEF)
202A Joseph Okemasis Drive
Saskatoon, SK S7N 1B1
Phone: (306) 955-8570
Fax: (306) 373-1969
Web: Saskatchewan Indian Equity Foundation Inc. (SIEF)
SaskMétis Economic Development Corporation (SMEDCO)
1630 Quebec Avenue
Saskatoon, SK S7K 1V7
Phone: (306) 477-4350
Fax: (306) 373-2512
Web: SaskMétis Economic Development Corporation (SMEDCO)
If you are outside of Alberta and Saskatchewan you can Click Here to get the contact information for all the other locations.
AWE offer small business help, resources and funding for women entrepreneurs. They offer workshops in Edmonton and Calgary for woman who have a business idea but not sure if they are ready for entrepreneurship.
CF is another great local resource for small business financing and business start up help.
Visit their website to see the wide range of business funding options available, they include new start-ups, business purchases, financing and more.
They also offer downloadable business plan templates, business plan examples and more under their Advice tab.
Other Funding Sources
The following websites are other small business financing options available to entrepreneurs. However, we have not investigated these options they just simply came up in our research.
Before sending any information to them, we recommend doing your own research first.
Lending Loop offers simple and affordable business loans, with rates as low as 6% and as high as 15.5% depending on your credit history. On top of the interest, there is also a completion fee that is charged. The completion fee is between 3.5% and 5.5% depending on the amount and length of repayment of your loan.
There website mentions they have funding sources from all over Canada making them a finance broker, once you apply they shop your loan around to people or businesses that would take on the loan. When they find a taker, you will be given terms and have access to your funds, this is when the completion fee is paid and taken off the total amount of funds.
***Important Information*** NEVER send a fee of any kind to a lender offering to give you a loan, any legitimate lending center will take their fees from the loan itself before you get the funds. If you come across a place that says you need to send them money first, then they will send you your loan, it is a SCAM and you will lose your money.
Company Capital offers revenue based funding options for your small business. Apparently your approval is no solely based on your credit but they also take into consideration your business revenue. Company Capital offers they types of business financing, Term Loan, Cash Line, and Merchant Cash Advance these options seen flexible and great for short term financing needs.
Both Lending Look and Company Capital were featured in an article in the Globe and Mail along with others.
Read the full article: New online lenders make it easier to get small business loans
I hope you found some helpful information on Small Business Financing, Grants, and Resources.
If you have anything to add or have used one or multiple of these small business financing sources, please contact us and let us know how your experience went.