On Tuesday at 5:00 pm we started a discussion about funding sources. Graduate of GV35, Christie Buckley and the GVers who participated traded thoughts about finding funding. Here are a few highlights:
The Government of Canada has a concierge site which you can search for potential loans and grants: https://innovation.ised-isde.canada.ca/s/?language=en&lang=eng
Grants: These are few and far between. In Barrie, the Small Business Centre budget has been cut back and although their Starter Company program will have some spots in September – these are limited. Tip: You will need to complete and pitch a business plan to be awarded grant money. In the past, grants were often at the $5,000 level but they do not have to release that amount. There will be competition.
Check the Government of Canada site for grants available for different groups…
BDC is a Canadian bank backed by the government of Canada which was set up to fund business loans/entrepreneurs. The Grow Vantage contact we refer to is Jessica Wauchope, of the Barrie office. (Her contact information is: Jessica Wauchope, Account Manager, Small Business | Directrice de comptes, Petites entreprises, T 705-812-0066 C 705-716-2918. Tip: Apply online for the operations loan of up to $100,000 to get a better rate than going into the office. But, include Jessica’s name.
Canada Small Business Loan: Available through commercial banks. Tip: They used to limit the percentage of the loan for which an entrepreneur was personally responsible should financial problems ensue – that isn’t always the case. So check the facts. Each banking firm may have specialty areas to finance.
FedDev (Government of Canada – Federal funds) has released information about new loans for entrepreneurs (with a few exceptions, e.g. retail stores and cannabis businesses) and not-for-profits. There are 3 streams see graphic. Stream 1: Business Scale Up and Productivity (up to 35% of eligible project costs, $500,000 upwards, repayable but there is a grace period);
Stream 2: Is to develop Regional Innovation Eco-Systems
Stream 3: Up to 50% of project in rural areas for both For Profits (no interest loans from $250,000 up to 50% of project costs) and Not-for-profits (non repayable)
Contact: Kenny Trenova, A/Business Development Officer; Phone 519-497-6032; Kenny.email@example.com