The Canada Small Business Financing Program is the easiest way to get a small business loan in Canada.

The program makes it easier for a small business to get a loan by minimizing the lender’s risk. If a borrower defaults on a loan, Industry Canada assumes responsibility for up to 85% of the loss on the small business loan.

Despite the $1 billion dollars invested in Canadian small business loans every year, this opportunity continues to be a well-kept secret!

Here are a few key points about Canada’s small business loan program. For further information, you can visit Industry Canada’s website:

Who is eligible? Small businesses operating for profit in Canada, with gross annual revenues of $5 million or less.
How much financing is available? Up to a maximum of $250 000 for any one business.
How do I apply for a loan? Discuss your business needs with an officer where you bank or at any of the 1,280 financial institutions (banks, caisses populaires, credit unions) across Canada.
Loans can be used for financing up to 90% of the cost of: purchasing or improving land, real property or immovables; purchasing leasehold improvements or improving leased property; or purchasing or improving new or used equipment.

Photo credit (top): doug mo