Business loans for small companies

Who has special small business loans for women?

Several organizations and financial institutions in Canada offer special small business loans and programs specifically designed to support women entrepreneurs.

1. Government Programs. Women Entrepreneurship Strategy (WES), Business Development Bank of Canada (BDC) – Women Entrepreneur Program, Futurpreneur Canada – Side Hustle Program
2. Non-Profit Organizations. Women's Enterprise Centre (WEC), PARO Centre for Women’s Enterprise, Futurpreneur Canada
3. Banks and Financial Institutions. RBC – Women in Business Program, Scotiabank – Women Initiative, TD Bank – Women in Leadership Initiative

Can I apply for small business loans online?

Yes, you can apply for small business loans online in Canada. Many financial institutions and alternative lenders offer online application processes for small business loans, making it convenient and efficient to secure financing.

As a rule, you can complete the online application form on the bank's website by providing information about your business, its financial health, and the amount of financing you need.

Upload the required documents as part of your application. Some lenders may also ask for additional information or documentation. Review your application to ensure all information is accurate and complete.

What are government loans for small businesses?

Government loans for small businesses in Canada are designed to support entrepreneurs and small business owners by providing access to financing that might otherwise be difficult to obtain. These loans often come with favorable terms, such as lower interest rates and longer repayment periods. Here are some key government loan programs available to small businesses in Canada:

1. Canada Small Business Financing Program. The CSBFP helps small businesses obtain loans from financial institutions by sharing the risk with lenders. This program is managed by Innovation, Science and Economic Development Canada (ISED).
2. Business Development Bank of Canada. BDC is a federal Crown corporation that provides financing, advisory services, and capital to Canadian small and medium-sized businesses.
3. Regional Development Agencies. RDAs provide financial support tailored to the needs of businesses in specific regions. Each agency offers various loan programs to support business growth and economic development.
4. Indigenous Business Financing. There are specific programs to support Indigenous entrepreneurs and businesses, providing access to capital and business support services.
5. Futurpreneur Canada. Futurpreneur Canada supports young entrepreneurs (18-39 years old) by providing financing, mentoring, and resources to help start and grow their businesses.

How do I apply for minority loans for small businesses?

Applying for minority loans for small businesses in Canada involves finding the right programs and understanding the specific requirements for each:

1. Identify Relevant Programs:

• Aboriginal Business and Entrepreneurship Development
• National Aboriginal Capital Corporations Association
• Futurpreneur Canada
• Community Futures Development Corporations

2. Gather Necessary Documentation:

• Business Plan: Detailed description of your business, market analysis, and financial projections.
• Financial Statements: Recent balance sheets, income statements, and cash flow statements.
• Personal and Business Credit Reports: Proof of creditworthiness.
• Identification: Personal identification documents.
• Business Registration: Proof of business registration and incorporation documents.
• Tax Returns: Recent personal and business tax returns.
• Proof of Eligibility: Documentation that shows your minority status (e.g., Indigenous status card, proof of membership in a minority group).

Go to the lender’s or program’s website. Look for an “Apply Now” or “Get Started” button. Fill out the online application form with accurate information. Upload the required documents as part of your application. Review your application and submit it online. Find the nearest office or branch of the program or financial institution.

Bring all the required documents with you. Complete the application form at the office. Submit your documents along with the application form.

Many minority loan programs offer additional support beyond financing, such as mentorship, business advisory services, and networking opportunities. Take advantage of these resources to help your business succeed.

What is the small business loan guarantee program in Canada?

The Small Business Loan Guarantee Program in Canada, primarily known as the Canada Small Business Financing Program (CSBFP), is designed to help small businesses access financing by sharing the risk with lenders. This program is managed by Innovation, Science and Economic Development Canada (ISED) and aims to make it easier for small businesses to get loans from financial institutions by providing a government guarantee.

Who offers small business loans for poor credit?

Securing a small business loan with poor credit in Canada can be challenging, but there are lenders and alternative financing options available that cater to businesses with less-than-perfect credit scores.

1. Alternative Lenders. Alternative lenders often have more flexible lending criteria compared to traditional banks and may be more willing to work with businesses that have poor credit.
2. Community Futures Development Corporations. Community Futures Development Corporations offer support to small businesses in rural and remote areas. They may provide loans to businesses with poor credit, especially if they are located in underserved regions.
3. Microfinancing Organizations. Microfinancing organizations provide small loans to entrepreneurs and small businesses that may not qualify for traditional bank loans.
4. Government Programs and Grants. While traditional government loans like the Canada Small Business Financing Program (CSBFP) may have stricter credit requirements, some government grants and support programs might be available for businesses with poor credit.
5. Peer-to-Peer Lending. Peer-to-peer lending platforms connect businesses with individual investors who may be willing to provide loans even if the business has poor credit.
6. Business Credit Cards. Some business credit cards may offer credit to businesses with poor credit, though they often come with higher interest rates and lower credit limits.

Business loan calculations for 3 years (example)

Small business loans for veterans in Canada

In Canada, veterans who wish to start or expand a small business can access several loan programs and resources specifically designed to support them.

1. Veterans Affairs Canada. Veterans Entrepreneurship Program. Veterans Affairs Canada offers the Veterans Entrepreneurship Program to help veterans and their families start or expand their businesses.
2. Canada Small Business Financing Program (CSBFP). While not specifically for veterans, the Canada Small Business Financing Program (CSBFP) can be a viable option for veterans starting or expanding a business. The program helps small businesses access financing by sharing the risk with lenders.
3. Business Development Bank of Canada (BDC). BDC provides various financing options and support services for small businesses, including those owned by veterans. They offer loans and advisory services tailored to different business needs.
4. Community Futures Development Corporations. Community Futures Development Corporations (CFDCs) offer financing and support to small businesses in rural and remote areas. They may provide loans to veterans who meet their criteria, especially if they are located in underserved regions.
5. Microfinancing Organizations. Microfinancing organizations provide small loans to entrepreneurs, including veterans, who may not qualify for traditional bank loans. These organizations often have flexible criteria and can be a good option for veterans starting small businesses.
6. Veterans Transition Program. Veterans Transition Program offers resources and support to help veterans transition to civilian life, including starting their own businesses.
7. Indigenous Business Financing. For Indigenous veterans, specific programs are available that support Indigenous-owned businesses. These can include financial support and resources for starting or growing a business.

What is CSBFP in Canada?

The Canada Small Business Financing Program (CSBFP) is a federal government initiative designed to help small businesses in Canada access financing. The program aims to make it easier for small businesses to obtain loans from financial institutions by providing a government guarantee to lenders, which reduces their risk.

You can also see the similar FAQ about Canadian banks: 

• CIBC innovation banking company
• Coast Capital equipment finance

Details of companies offering the financial services:

Bank Of Montreal

Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6

Contact center: 877-225-5266

Phone: 416-867-5000

Web-site: http://www.bmo.com/main/personal

Swift code: BOFMCAM2

Stock code: BMO

BSB: 001

CIBC

Head office’s address: 199 Bay St, 44th Floor Toronto

Contact center: 800-465-2422

Web-site: https://www.cibc.com/en/personal-banking.html

Swift code: CIBCCATT

Stock code: CM

BSB: 010

RBC Royal Bank

Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto

Contact center: 800-769-2511

Web-site: http://www.rbc.com/canada.html

Swift code: ROYCCAT2

Stock code: RY

BSB: 003

Scotiabank

Head office’s address: Scotia Plaza, 44 King Street West Toronto

Contact center: 800-472-6842

Phone: 416-866-6430

Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html

Swift code: NOSCCATT

Stock code: BNS

BSB: 002

Swoop

Head office’s address: 180 John St, Toronto, ON M5T 1X5, Canada

Phone: 647 946 3001

Web-site: https://swoopfunding.com/ca/

TD Bank

Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto

Contact center: 866-222-3456

Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp

Swift code: TDOMCATTTOR

Stock code: TD

BSB: 004