Canada Small Business Financing Program – Business Loan
Small businesses in Canada searching for a new channel of loan funding should consider Industry Canada’s Small Business Financing Program. This program helps companies finance improvements and expansion efforts by increasing loan availability across Canada.
Is Your Company Eligible for this Government Funding?
All Canadian for-profit small businesses with revenue up to $5 million may apply, excluding charitable and religious organizations and farming businesses.
What is the Interest Rate of this Small Business Loan?
The costs related to this government loan program include a registration fee of 2% and either a fixed rate of prime plus 3% or a variable rate of the lender’s single-family residential mortgage rate plus 3%. Lenders will need to guarantee up to 25% of the total amount loaned, allowing businesses capacity above what banks will typically demand.
How Much Loan Money is Available?
Eligible companies can apply for up to $500,000 in small business loans, with up to $350,000 used for leasehold improvements. Eligible costs include:
- Purchasing or renovating land, property, or immovable
- Investing in leasehold improvements or improving leased properties
- Purchasing or upgrading new or used equipment
More Information on the Canada Small Business Financing Loan
If you are interested in learning more about this small business loan, please visit the Canada Small Business Financing Program website or contact Mentor Works directly. We offer expert advise on a number of government grants & loans for Canadian businesses, so please browse our government funding section to discover more opportunities.
Can you send me a application form. I am a new business start up
Thank you
Hi Domenic – We are not related to a bank or the government, so we do not provide application forms, however you can contact your banking institution and inquire about this program. They will be able to help you with the next steps in terms of applying for CSBFP financing.