Step 4: Secure Your Financing
For your new small business to succeed, you need to have enough money to cover business start-up costs and daily operating expenses for at least three months. If you don’t have enough money for start-up through family, friends, loans or lines of credit, you may need to consider outside sources of ﬁnancing. For information about government, private and venture capital sources of ﬁnancing, go to:
In addition, financing for small business is available through the following:
- The Canada Small Business Financing Program makes it easier for small businesses to get loans from financial institutions. The Government of Canada shares the risk with lenders to make it possible for more entrepreneurs to receive financing. For more information on eligibility call 1 866 959-1699.
- Futurpreneur Canada provides youth aged 18-39 with start- up financing (loans up to $45,000) and mentorship to help launch and sustain successful businesses.
- Women’s Enterprise Centre (WEC) provides business loans up to $150,000 to women in B.C. who own a business or are thinking of starting or buying a business.
- If you live in rural B.C., visit your local Community Futures British Columbia office. To ﬁnd the one nearest you, call 604 289-4222.
The Ministry of International Trade offers programs to help small businesses gain access to investment capital, from those just starting out to those wanting extra capital to compete in global markets. For more information call 1 800 665-6597.
Banks and credit unions can provide you with information on products and services designed to help your business operate effectively.