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Funding for your Business

Financing your Business

Now that you've done some research and you're starting to write your business plan, you've started to ask yourself:
  • What types of funding programs exist and how do I access them?
  • Are there grants to help me get started or get growing?
  • How do I know if I am eligible for them?
It's critical to ensure you have enough funds to cover your start-up expenses, equipment costs, and daily operations you will incur. There are different options to suit every business and business's needs. Some of those options may include include:

Business Development Bank of Canada (BDC)

The Business Development Bank of Canada (BDC) helps create and develop Canadian businesses through financing, venture capital and consulting services, with a focus on small and medium-sized enterprises (SMEs).

Canada Small Business Financing Program

The Canada Small Business Financing Program seeks to increase the availability of loans for establishing, expanding, modernizing and improving small businesses. It does this by encouraging financial institutions to make their financing available to small businesses.

Financial Institutions and Credit Unions

Banks and credit unions provide a number of financing options, including lines of credit, short-term loans, long-term mortgage loans, and even loans against inventory and/or receivables.  Loan granting organizations typically require a business plan to support the loan request.

Futurpreneur Canada

Futurpreneur Canada lends to entrepreneurs between the ages of 18-39. They partner with the Enterprise Centre to provide business training, application support and mentor recruitment. You can access up to $45,000 and will be matched with a local mentor for 2 years through this program.

Granting programs

While there has been a great reduction in the number of grants available to general business start-up over the past several years, there are some monies available. Most of the existing programs are targeted strictly to specific industries, geographical areas or particular groups of entrepreneurs.
You can search for potential grants online at the Canada Business website.

Venture Niagara

Venture Niagara can provide your business with up to $150,000 in a loan to purchase equipment and inventory, finance purchase orders and cover operating expenses. Term loans, operating lines and on occasion, equity investments are available if your business qualifies. They also offer a Small Business Express Loan which lends up to $10,000 to qualified applicants.

These are still only some of the programs that exist to support entrepreneurs. It's best to set up a time to meet with a consultant and discuss your funding options, the eligibility requirements, and how to apply. Call 905-688-5601 ext 1767 or email enterprisecentre@stcatharines.ca.
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