5 Reasons Why Canada Is a Great Place to Run a Business
October 16th at 5:31am Published by sharpshooteradmin
The facilities and culture in a country can greatly improve the chances of running a successful business. Even though there’s risk involved with running any business, many Canadians feel comfortable taking the plunge for this reason.
At SharpShooter Funding – we’ve been serving businesses since 2015 and have helped over 2,300 businesses across 230 industries, including higher-risk industries such as trucking and construction, with fast, flexible, and reliable funding. From our experience and expertise, we believe that Canada is a great place to run a business for the following reasons:
#1 Canada Has a Good Business Culture
There are millions of businesses operating in the country and thousands of new businesses are added to this number every year. Over 98 percent of these are small-sized businesses while nearly 2% are medium-sized. Such businesses employ most of the private work face and help drive the Canadian economy.
#2 Every Canadian Province Has Opportunities
Canada is a multicultural haven with unique opportunities in every province. For example, Alberta has the highest labour productivity and the highest economic freedom index in Canada, a competitive tax structure, and a strong economy. SharpShooter Funding provides small business funding in Alberta to many companies interested in utilizing these economic opportunities. We have a special place in our heart for the province, because our partner, Canadian wrestling legend Bret Hart is a Calgary native!
Likewise, British Columbian businesses benefit from tax credits, exemptions, and deductions. The province has a stable business-friendly economy and streamlined regulations. Our business funding in British Columbia serve many small businesses that need funding in Canada’s westernmost province.
SharpShooter Funding offers funding in Saskatchewan as well, where businesses cater to the growing baby boomer population, and shoppers from Northwest Territories, Manitoba, and from U.S. border towns.
Although we’re based out of Toronto, Ontario, we serve businesses across the country. Applicants can quickly and easily apply for funding through our website and can expect a fast response.
#3 Canadian Businesses Have Many Funding Options
One of the biggest challenges a new business can face in any country is funding, and Canada is no different. Fortunately, there are many options for Canadian businesses in this area. The most obvious ones are crowdfunding, venture capitalists, angel investors, and traditional banks.
Because banks are more risk-averse and have many internal processes, checks, and balances, they can ask for a long history of success, a strong credit score, large cash flow, and collateral, before approving funding. Unfortunately, many small businesses can’t satisfy these demands. Even if they can, the banks can take a long time to process applications. Some banks take over three months to complete the application and provide the funds.
Thankfully, Canadian businesses have alternative options in companies like SharpShooter Funding. We look beyond traditional metrics and look at your whole financial picture. We examine your overall health and approve a funding program based on your strengths.
We also follow a streamlined process without cutting any corners. That’s why we approve over 75% of all applicants and process most applications within 24 hours. Once your business is approved, we provide funds very quickly because we know your company might need them for an emergency. Here are some of our funding options:
- Long-Term Funding: These funds are available in amounts up to $250,000 and can help small business owners manage and grow their operations for three to ten years. They have lost interest rates and provide stability. Businesses that have been operating for 12 months, have a personal credit score of at least 620 and generate annual revenue of $120,000 can qualify.
- Short-Term Funding: This funding is provided to small businesses for a period of three to 18 months and can help them cover cash flow gaps or unexpected expenses. However, this funding is considered riskier because of more expensive interest rates and shorter repayment terms.
- Bridge Funding: A business that’s waiting for its next installment from a bank or a payment from a customer that suddenly needs a stopgap solution to pay an unexpected cost can use bridge funding. This funding is low risk, easy to obtain, fast, flexible, and doesn’t require a set repayment schedule. Such smaller fund amounts that can be repaid quickly can help a small business with poor credit build their credit score.
- Merchant Cash Advance: This is an unregulated cash advance based on a business’s future sales. This fixed-price funding can be repaid daily or weekly. The amount repaid depends on a business’s daily sales volume. Because a merchant cash advance is unregulated, it doesn’t affect a business’s credit. It’s best for businesses with credit issues in a short-term cash crunch.
- Commercial Funding: Usually provided by venture capital, this fund helps businesses cover business expenditures and operational costs when they don’t have a credit score or collateral to satisfy the demands of a traditional funder. Approval for this funding by SharpShooter is based on a business’s overall health instead of traditional metrics. Commercial funding is $1000 to $300,000 and usually approved on the same day.
- Business Expansion Funding: Businesses with a credit score of 620+ that have over $20,000 in average monthly bank deposits and $3,600 in average daily balances with over three years in business can apply for this funding if they’re presented with an unexpected growth opportunity and need access to fast and affordable working capital.
#4 Canada Has a Skilled Workforce
Businesses are spoiled for choice when it comes to hiring skilled members from the Canadian workforce. According to the Organization for Economic Co-operation and Development (OECD), 62% of 25 to 34 year-olds held a tertiary qualification in 2018. This makes Canada the second most educated country for 25 to 34-year-olds among its OECD peers, and the highest in terms of foreign-born adults.
#5 Canada Has a Good Economic Outlook
Among the best countries for business, Forbes ranks Canada at a healthy number 6 in a list of 20. Compare this to the United States, which ranks at 17. With a strong GDP growth, good GDP per capita, low inflation, and a low unemployment rate, Canada’s economy is stable.
These are five good reasons why Canada is a great place to run a business. As a small business owner, you have many opportunities to take advantage of, including funding from alternative sources like SharpShooter Funding.