Accessing the Canada Small Business Financing Program

Our current world situation has prevented many small businesses from growing . However, there are still many current companies and businesses who are looking to grow. For anyone looking for capital to buy a business, fit up a new space, or expand, the following program is one that you'll want to examine.

What businesses are eligible to apply for the Canada Small Business Financing Program (CSBFP)?

Most start-ups and existing for-profit small businesses in Canada with gross revenues of $10 million or less are eligible to apply for loans under this program. These can be corporations, sole proprietors, partnerships or cooperatives.

What can I use the money for?

Loans can finance the cost of:

• Buying an existing business

• Buying or improving land or buildings used for commercial purposes

• Buying or improving new or used equipment (including commercial vehicles)

• Making leasehold improvements (i.e. renovations to a commercial space you are leasing)

What businesses are eligible to apply for the Canada Small Business Financing Program (CSBFP)?

You cannot use this loan to finance items such as goodwill, working capital, inventories, franchise fees, or assets that a holding company acquires. Ask us about the other lending and government grant programs, to help you get funding outside of the CSBFP.

How much can I borrow?

This will be based on intense negotiations with your lender. The maximum loan amount a borrower can access under this program is $1 million, of which no more than $350,000 can be used to finance equipment and leasehold improvements.

Why work with us (Wealth Capital Connections)?

Any business owner can apply directly for the CSBFP, but that can be a stressful and disappointing process.

The program guidelines are rigorous; it isn’t easy to apply.

• You must provide all the information and documentation exactly as they want to see it; this can be quite complicated.

• Financial projections typically need to be completed by a certified accountant (CPA/CA) in order to be relied on.  We can help you position your numbers in just the right way to meet the lender’s guidelines.

Your bank might not be the best for your specific business.  

• Certain banks have a greater appetite for certain industries.

• Certain lenders are willing to lend more to certain types of businesses.

• Self-managing the process may take several months, and if your application is declined, the entire process needs to be re-started with a different lender.

We provide solutions.