Financing Your Business with Government Help

Outside financing for your business might be needed for any number of reasons: you might want to expand your marketing efforts, build a new store, tap into overseas markets, hire new staff or simply get together enough working capital to launch your enterprise.

Whatever your needs, the Government of Canada likely has a program or source of funding that can help. The best place to start your search is on the Strategis web site at http://strategis.gc.ca/epic/internet/insof-sdf.nsf/en/h_so03325e.html. This page gives you a list of various government agencies who offer business help.

Business Development Bank of Canada (http://www.bdc.ca)
One of the main sources of financing for small business in Canada is the BDC, the Business Development Bank of Canada. The BDC is a financial institution that is wholly owned by the federal government. It does not offer grants but it does have financing programs for a wide range of business requirements. The BDC also offers consulting services. If you are a woman, Aboriginal or young entrepreneur, be sure to check out the specific programs the bank has for you.

Export Development Canada (http://www.edc.ca/english/financing.htm)
EDC is a Crown corporation that's focused on helping Canadian enterprises do business outside of the country. The EDC operates in more than 200 markets around the world, and 90% of its customers are small business. The EDC offers pre-shipment financing, foreign buyer financing so that you can extend credit to your international buyers, factoring, project financing and more.

Regional Programs
If you are located in the eastern or western regions of Canada, then the Atlantic Opportunities Agency (http://www.acoa-apeca.gc.ca/e/index.shtml) or Western Economic Diversification Canada (http://www.wd.gc.ca/) will be worth looking into.

This is just a sampling of the many resources the government makes available. Spend some time exploring to find the ones that are right for you. The government wants your business to succeed because healthy businesses are what power our economy, so take advantage of the assistance they can offer.