You've probably heard more than once that franchise...
The federal government has a loan program under the Canada Small Business Financing Program, (CSBFP) designed to increase the availability of financing for the establishment, expansion, improvement and modernization of new and existing small businesses.
The CSBFP is a federal government program that applies to Canadian businesses with annual gross revenues of up to $5 million. It provides 90% financing for eligible costs.
There may be options available outside of this program to finance part of the items that are not eligible under this program, but they are on a case by case basis.
Applications for CSBFA loans are subject to the same fundamental lending principles as those applied to any other bank loan product. You must apply and be approved at a bank. You cannot go directly to the Federal Government for this financing. This program provides a partial government guarantee of the banks eligible losses on these loans, if default occurs.
* the maximum loan limit of $350,000 for equipment and/or leasehold improvement (The total financing for equipment and leaseholds, including the 2% fee, must not exceed the $350,000 limit.)
* outstanding CSBFA loans (under borrower and related borrower)
* 2% registration fee (payable by the client to the government may be added to the loan) the maximum loan limit for real property or immovables (the total financing for real property or immovables including as applicable the aggregate of the three items in the bullets above must not exceed $500,000)
Borrower is to meet CSBFP eligibility requirements.
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