Does your small business have enough financing to implement its next strategic project? Financial constraints often lead to postponed or cancelled projects that would otherwise grow the business; you can’t make money without money. In order for businesses to have the necessary cash flows for their key strategic projects, the Business Development Bank of Canada (BDC) has created the BDC Small Business Loan which can be applied for online. Your company could obtain up to $50,000 through this small business funding program within 2-5 days of submitting your online application.
Benefits of the BDC Small Business Loan
The BDC Small Business Loan provides numerous benefits, offering flexible and innovative solutions with terms and conditions that are tailored to innovators and entrepreneurs. Some of the many benefits include:
- A completely online application;
- Flexible repayment over a four year period;
- Modest, affordable interest rate; and
- No collateral required from personal assets.
Eligibility for BDC Small Business Financing Loans
Entrepreneurs who wish to apply for the BDC Small Business Loan must follow BDC’s eligibility criteria. In order to obtain $50,000 in financing, applicants should:
- Have an established business which has been in operation for at least 24 months;
- Be a Canadian citizen or permanent resident who has reached the age of majority in the province where they live;
- Not have borrowing needs that exceed $50,000; and
- Not have an existing BDC loan.
Apply for a Small Business Loan with Online Application
If you are interested in applying for this Canadian government funding resource, you are encouraged to contact your local BDC Business Centre, or apply directly online by visiting the BDC Small Business Loan webpage.
Canadian Government Grants for Small Business
Aside from BDC’s small business loans, small business funding grants exist to support innovation and growth. Canadian government funding grants offer small businesses the ability to acquire non-repayable funding for projects that align with the funding program’s objectives, such as improving productivity, creating jobs, or enabling export expansion efforts.
For example, training grants are excellent opportunities to develop your workforce through both in-house and formalized third-party training. The popular Canada Job Grant covers up to 66% of third-party training costs to support employee advancement, while the FedDev Ontario Training Program covers up to 50% of eligible costs related to internal and third-party training to improve production processes that allow established Ontario manufacturing businesses to expand their markets internationally.
Mentor Works Small Business Funding Planning and Consultation Services
With so many different types of small business funding available, finding the right one for your business can be challenging. The three programs mentioned in this blog alone are all unique and involve significantly different applications processes and objectives. Not sure what your small business’ funding needs are? Download Mentor Works’ Comparing Funding Types info sheet to find out the difference between grants, loans, and tax credits so you can use the most suitable funding to finance your next project. To learn from our small business funding team, register for one of our upcoming government grant funding workshops. To stay up-to-date on all funding news, follow us on Twitter or like us on Facebook.