Are you looking for some extra funding to get your startup on track for success?
Small business owners might find it difficult to meet their operating costs at times. The post-pandemic world has left many young businesses feeling insecure about their finances. In these circumstances, it’s best to explore small business loans and financing options. The Government of Canada provides financial support to young and developing businesses to promote economic growth and development, especially in the aftermath of COVID-19.
Government loans, grants, and subsidies are popular sources of funding and often a necessity for startups competing with century-old industry giants. Nowadays, businesses that are struggling to stay afloat have plenty of options to improve their financial standing. Finding the right financing option is essential to the success of any startup and it’s important to thoroughly research any lenders before coming to a decision.
Table of Contents
Government-backed Initiatives
Government-backed initiatives can play a key role in helping support business owners and entrepreneurs across the board. In January 2022, the Federal Economic Development Agency for Southern Ontario announced a $5.4 million collaboration between NACO and AIO to support new ventures and strengthen angel investment in Southern Ontario.
According to the Minister responsible for FedDev Ontario,
“With this investment, early-stage businesses will be able to access the mentorship and capital they need to grow and succeed. The Government of Canada is committed to helping grow companies that create jobs so that we can continue to foster a strong and inclusive economic recovery.”
The Canadian government is committed to incentivizing entrepreneurs to initiate their startup plans into action and survive through difficult economic times. If you’re a small business owner looking to enter the online food industry, you can reach out to tossdown for a cost-effective e-commerce solution. We offer commission-free sales and orders so you can focus on growing your business without having to worry about any transaction fee or hidden charges.
Financing Programs for Small Businesses
There are many financing options available for small businesses in Canada. Here are some of them:
- Canada Small Business Financing Program: This program makes it easier for new ventures to acquire loans from financial institutions by sharing the risk with lenders.
- Business Loans for Entrepreneurs (BDC): Designed to help you quickly and easily access funds you need, BDC financing can be used to supplement cash flow, sell online, and cover operating expenses.
- Regional Innovation Ecosystem: Funding under this stream helps in building and supporting region-specific businesses in Canada, necessary for the development of innovative regional economies.
- Boost Your Business Technology: This grant offers support to Canadian-owned SMEs that want to adopt new digital technologies.
Planning on accessing small business government grants? Visit Canada’s official website for more information on financial support for people, businesses, and organizations.
