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Overview of Financing 2010 Overview of Financing Revised: January 2010 Small Business BC 82-601 West Cordova Street Vancouver BC V6B 1G1 Phone: 604-775-5525 In BC: 1- 800- 667-2272 Fax: 604-775-5520 http://www.smallbusinessbc.ca 1 Overview of Financing Overview of Financing January 2010 The Overview of Financing acquaints you with government assistance programs and services for small business. Both federal and provincial government programs are listed. The Overview is a collection of more popular programs for small business and is not a complete listing. Programs targeted to specific industries/sectors are not listed. To find a program for your specific sector, you might want to go to the Sources of Financing search engine of Canada Business on www.canadabusinessbc.ca. To access a comprehensive listing of business assistance programs and services, check the Small Business BC’s website, www.smallbusinesssbc.ca, where you can access the complete collection of financing programs and services. © Small Business BC 2010 Small Business BC 82-601 West Cordova Street Vancouver, British Columbia V6B 1G1 Tel: (604) 775-5525 Toll Free: 1-800-667-2272 Fax: (604) 775-5520 http://www.smallbusinessbc.ca 2 Overview of Financing Contents Business Start-up ......................................................................................... 5 Be Your Own Boss - (SE) Self-Employment Programs ............................................................ 5 Canadian Youth Business Foundation (CYBF) ......................................................................... 6 CYBF Canadian Newcomer Entrepreneurship Program ........................................................... 7 CFDC - Self-Employment Programs ......................................................................................... 8 Business Start Up / Development ............................................................... 9 Community Futures Program (Loan Program) .......................................................................... 9 Aboriginal Business Canada (ABC) ........................................................................................ 10 First Citizens Fund – ................................................................................................................ 11 Ministry of Aboriginal Relations and Reconciliation .............................................................. 11 Building Opportunities with Business Loan Program ............................................................. 12 Entrepreneurs with Disabilities Program ................................................................................. 14 Canada Small Business Financing Program (CSBF) ............................................................... 15 BDC: Co-Vision Start-up Financing Program ......................................................................... 16 Agricultural Loans, Programs & Assistance ............................................................................ 17 Farm Improvement and Marketing Cooperatives Loans Act Program .................................... 18 VanCity – Be My Own Boss program (Micro credit loan) ...................................................... 19 Coast Capital Savings - Microcredit Loans ............................................................................. 20 Coast Capital Savings - Social Enterprise Loan ...................................................................... 21 Women’s Enterprise Centre - Financing Program ................................................................... 22 Opportunities Fund for Persons with Disabilities .................................................................... 23 Business Development / Existing Businesses........................................... 24 BDC: Innovation Financing ..................................................................................................... 24 BDC: Term Loans .................................................................................................................... 25 BDC: Market Expansion Financing ......................................................................................... 26 Invest British Columbia & The Ministry of Economic Development ..................................... 27 Investment Capital Programs ................................................................................................... 28 National Research Centre Canada: Industrial Research Assistance Program .......................... 29 Sustainable Technology Development Canada........................................................................ 30 Employment ............................................................................................... 31 Wage Subsidy Program for Environmental Employers ........................................................... 31 Wage Subsidy Program for Science & Technology Employers .............................................. 32 Wage Subsidy Program for Summer employers ...................................................................... 33 Wage Subsidy Program for Summer Jobs or Internships ........................................................ 35 3 Overview of Financing National Research Centre Canada: Industrial Research Assistance Program ......................... 36 Exporting .................................................................................................... 37 Export Development Canada ................................................................................................... 37 NORTHSTAR Trade Finance Inc. .......................................................................................... 38 4 Overview of Financing Business Start-up Be Your Own Boss - (SE) Self-Employment Programs Funding and Business Planning Programs for Entrepreneurs SUMMARY: The (SE) Self-Employment Program provides unemployed Employment Insurance (EI) eligible individuals with financial support, planning assistance and mentoring while they get their businesses up and running. REGION: Abbotsford, Burnaby, Richmond, Surrey, Vancouver, and North Vancouver ELIGIBILITY CRITERIA: Eligible participants are those who, pursuant to the Employment Insurance Act, are unemployed individuals: • For whom an unemployment benefit period has been established or has ended within the 36 months prior to the date of requesting assistance; or • For whom a benefit period that included a maternity or parental claim has been established within the 60 months prior to the date of requesting assistance, after which the individual remained out of the labor market in order to care for a newborn or newly adopted child and is now seeking to re-enter the labor force; • Other criteria may apply. Some SE Program locations offer a wide range of services for those who are not EI recipients. DURATION: • The maximum duration of support is 52 weeks. • The maximum duration is 78 weeks for clients with a disability that will affect their ability to make the business sustainable in one year. FINANCIAL PARAMETERS: • Individuals currently on an active EI claim may continue to receive their regular EI benefits until the end of their benefit period, and these may be "topped-up" to a locally determined flat rate. • Persons no longer receiving EI benefits will have to negotiate a locally determined flat rate. • EI eligible participants may also be eligible for personal supports, such as assistance for disabilities, transportation, dependant care, etc. LOCATIONS & HOW TO APPLY: There are 7 SE Program locations throughout the Lower mainland. Visit www.beyourownboss.org to determine which program is the one for you, attend an info session and then apply. Application forms are available upon visiting an information session. If you do not live in the Lower Mainland see page 7 for other programs. CONTACT: For more information contact: Susan Chepelsky Phone: (604) 525 6770 Email: sue@suestudios.com Or check each program on www.beyourownboss.org For more information visit: www.beyourownboss.org 5 Overview of Financing Canadian Youth Business Foundation (CYBF) Financial Assistance and Mentorships for Young Entrepreneurs SUMMARY: The Canadian Youth Business Foundation (CYBF) aim is to provide assistance to aspiring young entrepreneurs who are between 18-34 and who are most likely to succeed in creating a business and for whom our financial assistance is critical. It is expected that the business will provide full-time employment for yourself and others. If you have a viable business plan, and agree to work with a mentor for the life of your loan, CYBF will consider your application for a loan. REGION: Throughout Canada ELIGIBILITY CRITERIA: Entrepreneurs need money - that's no secret. CYBF provides start-up loans up to $15,000 with the following eligibility requirements: • Between 18-34 years old; • Eligible to work in Canada; • Produces a complete and viable business plan; • Has been in business, fully operating, for less than 12 months; • Lives or opens the business in the community which is offering the CYBF program; • Has some training / experience related to their business idea; • Agrees to work with mentor for the duration of 2 years; • Has a business that creates full-time sustainable employment for the applicant; and • Must hold at least 51% voting share in the business (if a partnership) DURATION: Loans are available in 3 and 5 year terms. The Duration of your program and mentorship will be based on the term of loan. For information on CYBF loans & interest rates see the contact info below. LOCATIONS & HOW TO APPLY: CYBF hand-matches qualified business mentors with young entrepreneurs to allow knowledge sharing which drives a higher business success rate. CYBF mentors are located throughout BC. To learn more about locating a mentor, interest rates and how to apply call CYBF Toll Free at: 1-800-464-2923 or visit CYBF Online. CONTACT: Canadian Youth Business Foundation 100 Mount Royal Circle SW, Suite 68A Calgary, Alberta T3E 7P7 Phone: (403) 265-3228 Fax: (403) 265-2343 Toll Free: 1-800-464-2923 info@cybf.ca (or) Small Business BC Suite 82 – 601 W.Cordova Vancouver, BC V6B 1G1 Phone: (604) 775-5525 Fax: (604) 775-5520 Toll Free: 1-800-667-2272 More information visit: www.cybf.ca or call toll free: 1-800-464-2923 6 Overview of Financing CYBF Canadian Newcomer Entrepreneurship Program Financial Assistance and Mentorships for Young Immigrants SUMMARY: If you are a new immigrant to Canada, between the ages of 18 and 34 years old, and are interested in starting your own business, CYBF can help you get started with their flexible loan program. CYBF recognizes that young people often face significant barriers to starting their own business and that newcomers to the country sometimes face additional barriers such as language difficulties and Canadian credit history or work experience. REGION: British Columbia ELIGIBILITY CRITERIA: CYBF provides start-up loans up to $15,000 with the following eligibility requirements: • Between 18-34 years old; • Be a Permanent Resident and reside full-time in Canada; • Have been in Canada for 36 months or less; • Have a Social Insurance Number (SIN) that does not begin with a “9”; • Produces a complete and viable business plan; • Lives or opens the business in the community which is offering the CYBF program; • Agrees to work with mentor for the duration of the loan term (three to five years) DURATION: Loans are available in 3 and 5 year terms. The duration of your program and mentorship will be based on the term of loan. For information on CYBF loans & interest rates see the contact info below. WHAT YOU NEED TO APPLY: • A bank report from your financial institution confirming the length of time your account has been open, average balances on your deposit, whether you have any credit products and whether any NSF’s have been recorded (see www.cybf.ca for a sample letter); • Three references from individuals who are Canadian citizens or well-known leaders in your community (see reference forms to use at www.cybf.ca); • A copy of your Permanent Resident card; • A business plan with 2-year cash flow projections Go to www.cybf.ca, visit the “Entrepreneurs” section and click on “Locations” to find a Community Partner (CP) near where you live and to get a CP code to access the CYBF application form. CONTACT: Canadian Youth Business Foundation 100 Mount Royal Circle SW, Suite 68A Calgary, Alberta T3E 7P7 Phone: (403) 265-3228 Fax: (403) 265-2343 Toll Free: 1-800-464-2923 (or) Small Business BC Suite 82 – 601 W.Cordova Vancouver, BC V6B 1G1 Phone: (604) 775-5525 Fax: (604) 775-5520 Toll Free: 1-800-667-2272 More information visit: www.cybf.ca or call toll free: 1-800-464-2923 7 Overview of Financing CFDC - Self-Employment Programs Business Planning Programs for Entrepreneurs SUMMARY: The Community Futures Development Corporation (CDFC) is the leading provider of business resources (loans, seminars, counseling, business plan consulting and self employment assistance) to rural communities across BC. The CFDC Self-Employment Program provides unemployed Employment Insurance (EI) eligible individuals with financial support, planning assistance and mentoring while they get their businesses up and running. REGION: Over 30 CFDC locations throughout British Columbia. ELIGIBILITY CRITERIA: Eligible participants are those who, pursuant to the Employment Insurance Act, are unemployed individuals: • For whom an unemployment benefit period has been established or has ended within the 36 months prior to the date of requesting assistance; or • For whom a benefit period that included a maternity or parental claim has been established within the 60 months prior to the date of requesting assistance, after which the individual remained out of the labor market in order to care for a newborn or newly adopted child and is now seeking to re-enter the labor force; • Other criteria may apply. DURATION: • The maximum duration of support is 52 weeks. • The maximum duration is 78 weeks for clients with a disability that will affect their ability to make the business sustainable in one year. FINANCIAL PARAMETERS: • Individuals currently on an active EI claim may continue to receive their regular EI benefits until the end of their benefit period, and these may be "topped-up" to a locally determined flat rate. • Persons no longer receiving EI benefits will have to negotiate a locally determined flat rate. • EI eligible participants may also be eligible for personal supports, such as assistance for disabilities, transportation, dependant care, etc. LOCATIONS & HOW TO APPLY: There are 90 CFDC locations throughout BC, however not all CFDC’s offer an SE Program. Call directly and inquire about their SE Program and apply as instructed. CONTACT: Community Future Development Assoc. of BC Provincial Head Office Suite 1056, 409 Granville Street, Vancouver, BC V6C 1T2 Phone: (604) 685-2332 E-mail: info@communityfutures.ca CFDC Website: www.communityfutures.ca CFDC Locations: www.communityfutures.ca/provincial/bc/locations More information visit: www.communityfutures.ca 8 Overview of Financing Business Start Up / Development Community Futures Program (Loan Program) Financing Assistance for Small Businesses SUMMARY Community Futures Development Corporations (CFDCs) take a grassroots approach to community and economic development with the primary focus on job creation in areas outside major urban centers. There are 90 CFDCs across Western Canada. They are non-profit corporations run by volunteer boards of directors, supported by salaried staff. CFDCs deliver a variety of services to small businesses, including advisory services, business training, business resources and financing. REGION: Locations throughout British Columbia. ELIGIBILITY CRITERIA Eligibility is pertinent to each individual location. Contact your nearest Community Futures Development office for information on how you can qualify for Financing. Basic eligibility: • Located in a rural area of British Columbia • Operating, or about to operate, in a designated CFDC area • Contributing to local economic growth • Seeking financing of up to $150,000 • $500,000 financing options are available DESCRIPTION: A wide range of services and financing opportunities are available to small businesses and entrepreneurs through local CFDCs. Types of Financing include: Loans on commercial terms, equity financing, and loan guarantees. LOCATIONS & HOW TO APPLY: Applications are assessed by the CFDC's local volunteer Board of Directors. Training and assistance on preparing business plans are also available at the CFDC offices. CONTACT: Community Future Development Assoc. of BC Suite 1056, 409 Granville Street, Vancouver, BC V6C 1T2 Phone: (604) 685-2332 E-mail: info@communityfutures.ca CFDC Website: www.communityfutures.ca CFDC Locations: www.communityfutures.ca/provincial/bc/locations More information visit: www.communityfutures.ca to locate your nearest CDFC location. 9 Overview of Financing Aboriginal Business Canada (ABC) Financial & Business Planning support for Aboriginal entrepreneurs SUMMARY: If you’re an Aboriginal entrepreneur with a viable business opportunity, you may qualify for financial support from Aboriginal Business Canada. Depending on the nature of your project, ABC may be able to provide funding to assist you with a range of activities, including business planning, start-up, expansion and marketing. ABC places emphasis on innovation, trade and market expansion, tourism, youth entrepreneurship development and strengthening Aboriginal financial and business development organizations. REGION: Throughout British Columbia. ELIGIBILITY CRITERIA & DESCRIPTION: Before ABC can consider supporting any proposed venture, the entrepreneur or organization applying for support must be able to demonstrate the following: • • • • Eligibility applicants are individuals of Canadian Indian (on or off-reserve), Métis, or Inuit heritage. Aboriginal business and financial organizations, as well as development corporations, are also eligible for contributions. Generally, this means a minimum of 15 percent cash equity to invest in the costs considered eligible for ABC support. Youth entrepreneurs must have at least 10 percent cash equity to invest. ABC will assess the training, skills and experience of the entrepreneur, and the track record of an existing business. Key viability factors (financing, marketing plans, management and operational capacity) must be outlined at this stage. Each proposal and request for financial support is assessed on its own viability and merits. This takes into account need, the scope of the project, and other sources of financing available. A balanced financial package, involving debt financing from other sources, as well as a minimum level of your own equity is required. LOCATIONS & HOW TO APPLY: To learn more about ABC please visit the webpage or contact Service Canada toll free at the number below. CONTACT: Aboriginal Business Canada 1138 Melville Street, 8th Floor Vancouver BC, V6E 4S3 Telephone: (604) 666-3871 (9:00 to 5:00) Fax: (604) 666-0238 Web: http://www.ainc-inac.gc.ca/ecd/ab/abc/index-eng.asp Toll Free: 1.800 O-Canada (1.800.622.6232) More information visit: http://www.ainc-inac.gc.ca/ecd/ab/abc/index-eng.asp or call toll free: 1.800 O-Canada (1.800.622.6232) 10