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Whether you are starting a new business or purchasing an existing business, securing finances for your business can be difficult and frustrating.
In this blog post we have identified key Federal and Provincial loan and grant programs that you may be eligible for and might help ease your financial frustrations.
Getting started
The most important step you can do, prior to seeking out financial assistance for your business, is to develop a business plan. It may seem like a tedious task, but many lenders and grant programs will only award financial assistance to businesses that have a well thought out business plan. To assist you in designing and developing a business plan here are two online resources:
Provincial, Federal, and Community Options
There are a number of provincial initiatives, local community loan funds, and other financing opportunities across Canada.
Locally, there is your local HRDC office. HRDC can direct you to various local funding options that might not be available in the provincial context.
To search for federal programs only: www.cbsc.org/english/finance/searchfinance.cfm
To search for programs by province: http://strategis.ic.gc.ca/SSG/so01884e.html
In Western Canada, the Western Economic Diversification Fund assists businesses in securing funding and financing: http://www.wd.gc.ca/eng/home.asp
The Business Development Bank of Canada (BDC) and Calmeadow are two common financing sources for entrepreneurs.
Further, the BDC has an excellent resource on Demystifying your Bank when it comes to Business Loans. This resource will help you identify key questions to ask your bank in relation to your prospective loan. http://www.bdc.ca/en/advice_centre/articles/Pages/demystify_your_banker.aspx
Calmeadow http://www.calmeadow.com/
There are many other financing options, but start with the links above. As you research your financial options, be sure to read all of the small print. Many grants have reporting requirements and many loans have high interest rates.
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This article originally appeared in “Small Business Tips”, a blog brought to you by the Chambers of Commerce Group Insurance Plan.
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