Government-Guaranteed Loans to Support the
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The Canada Small Business Financing Program makes it easier to get small business funding to help start-ups and existing businesses grow and expand.
Eligibility
- You are an existing small business or start-up.
- Your business is located in Canada and the borrower is a Canadian citizen or PR.
- Your gross or projected annual revenue is $10 million or less.
- You are not in the farming business.
How much financing is available?
The maximum loan amount for a borrower is $1.15 million.
- Up to a maximum of $1,000,000 for term loans for any one borrower, of which no more than $500,000 can be used for purchasing leasehold improvements or improving leased property and purchasing or improving new or used equipment and of that amount, a maximum of $150,000 could be used for intangible assets and working capital costs.
- Up to a maximum of $150,000 for lines of credit.
What can be financed?
- Purchase or improvement of land or buildings used for commercial purposes.
- Purchase or improvement of new or used equipment.
- Purchase of new or existing leasehold improvements, i.e., renovations to a leased property by a tenant.
- Intangible assets and working capital costs.
- Can the loans be used to finance commercial vehicles?
Yes, loans can be used to finance commercial vehicles.
- Can loans be used to finance the purchase of a franchise?
Yes, loans can be used to finance the costs of buying a franchise.
What are the Key features?
- A part of the loan is guaranteed by the government of Canada.
- Purchases made within 365 days prior to loan approval are eligible for retroactive financing.
- Prime + 3%* Interest Rate.(subject to change)
- 7-15 Years Amortization.
Terms of Finance
- It is possible for lenders to accept an unsecured personal guarantee.
- Security must be obtained for the funded assets in the case of real estate and equipment.
- Lender security must be obtained for leasehold improvements, intangible assets, working capital expenses and line of credit financing.