Seeking Financing

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by | May 14, 2021 | Startup Guide

Many small businesses and start-ups struggle in the financing stage if they do not know where to go to secure it or who to ask. Cash flow issues are cited as the top reason for up to 90% of start-up failures.

The Governments of Canada and Ontario both options for entrepreneurs to encourage business growth. They offer a range of loans and grants depending on the age of the applicant and industry of choice. These loans and grants can be readily accessed personally via Government websites and through various local non-profit organizations.

Break-Even Analysis Calculator

A break-even analysis is an important tool for a business owner to have because it can help you understand how much product you need to sell to be profitable. This calculator can provide a good jumping-off point for doing more research or adjusting spending to better meet your business goals.

Small Business Financial Literacy Resources 

The skilled professionals of the Chartered Professional Accountants of Canada have put together a great resource to build your small business financial literacy. They have podcasts, webinars, and more designed to help small business owners understand their finances.

Financing Resources:

Cornwall & The Counties Community Futures Development Corporation

Funded by the Federal Government, the CFDC of Cornwall and the Counties works with local entrepreneurs and small business owners to help grow business. They do that by providing guidance and funding opportunities as well as programs and networking with local contacts in the community.

Canada Small Business Financing Program

This program provided by Innovation, Science, and Economic Development Canada works by helping entrepreneurs and small for-profit business owners secure financing through loans that are backed by the Federal Government. These loans are more secure for the lenders because of the Government backing which can help small business owners who might have a hard time finding financing through more traditional means.

Mohawk Council of Akwesasne Small Business Grants

Tehotiienawakon Department offers small business grants to help Indigenous people to start or grow their businesses in Akwesasne. They will work with you to help grow the local economy and secure a better economic future for the residents of Akwesasne.

Business Development Bank of Canada Loans

The BDC offers financing for every stage of your business. Venture capital to take your idea to the next stage, start-up financing for revenue-generating businesses who have been at the start-up phase for 12 months or more, even IP-backed financing which uses your intellectual property to secure funds for your next stage of growth.

Futurpreneur.ca

Working with the BDC, Futurpreneur focuses on bridging the gap for young people 18-39 who wish to make their start-up dreams a reality. They provide access to collateral-free loans at competitive rates as well as mentorship every step of the way.

Black Entrepreneurship Program

Loans of up to $250,000 will be available to Black-led business owners and entrepreneurs in Canada through a partnership with Canadian financial institutions, Black-led businesses, and the Canadian Federal Government.

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