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FINANCING OPTIONS FOR YOUR STARTUP IN CANADA

February 6th 2020 at 11:44pm Published by sharpshooteradmin

If you need some funding for your small business then you may be wondering where to start, as well as how to find, the best options and most competitive rates (especially when you’re browsing through small business funding options).

Indeed, getting funding for your startup can seem like a daunting task. At the same time, there are a variety of financing options available if you know where to look. Luckily, we’ve done the research for you.

Apply Now with SharpShooter Funding

Where to Find Startup Funding in 2020

  • Startup financing funding. Canadian startups can apply for startup financing funding through the Business Development Bank of Canada (BDC). This funding is specifically designed for startups in the first 12 months of business and can be used to help launch and grow the business. In order to qualify for a BDC funding, you must have a business plan in place, have experience in your field, provide personal and credit references, and show market potential.
  • Microfunding. Does your business have a social enterprise slant and community focus? You may be able to get approved for microfunding from Community Micro Funding. You can apply for the funder’s “Start-Up Funding” of up to $5,000 or, if you’ve been in business for more than a year, you may be eligible for Expansion Funding of up to $10,000. In order to qualify for this microfunding program, you must be an aspiring or current entrepreneur located in the Southwest BC area.  
  • Non-Profit Micro-Funder Non-profit micro-funders focus on small businesses that have the potential to provide an economic impact in the community or businesses that can leverage these small funding amounts into a big impact within their businesses. These micro-funding often include very favorable funding terms along with very low or even no interest, along with advice and mentoring to help business owners build successful businesses. Micro-funders are found in communities across
  • Credit cards. Now, here’s funding option that you may already have access to: your credit card. While credit cards aren’t an ideal funding source, you can use them if you need to purchase products and equipment for your business – perhaps while applying for other small business funding. Just be aware: credit cards may have sky-high interest rates. With that said, there are special business credit cards  that may be a good fit for what you need.
  • Crowdfunding. Crowdfunding has become a popular way to obtain capital to start a new business in recent years. If you can motivate individual members of the crowd through an online crowdfunding portal to contribute to your idea, you can capitalize a new business or a new idea. What’s more, it’s the idea that motivates the crowd, not how many years you’ve been in business or your credit profile. Using sites like Kickstarter, IndieGoGo and specialized platforms like iFund Women (you guessed it: for female founders!) you can share information about your project and garner support from friends, family, and colleagues. Usually these sites take a fee for posting your project page, but the money you can raise will hopefully offset those fees. 
  • Family and friends. If you’re lucky, you may have a family member or friend who is willing to provide funds to help you with your startup costs. On one hand, this can be great as there is less red tape and hassle to get you your much-needed cash. On the other hand, if things go awry, you may lose more than your investment.
  • Small business funding from online funders. If you can’t get approved for traditional bank funding and you don’t want to hit up your friends and family, you still have another great option for  small business funding. You can apply online with Sharpshooter Funding.  Best small business funding options in Canada.

If you’re a startup founder looking for funding for your business, there are many options out there. Using this guide, you can check out the various resources that are available to you and find  small business funding that suits your needs. But remember: be sure to apply for funding with reasonable interest rates and repayment terms. This way you can pay back the funding on terms that work for you while focusing on growing your business.

Apply Today for Canadian Business Funding

Canada Small Business Funding Resources:

  • Sharpshooter Funding:  funding Canada’s small and mid size businesses.  Short and long term funding, lots of options available, Apply online or contact their expert staff.
  • BDC Capital
    Access a wide range of specialized financing to match the various stages of growth of your business.
  • BDC New Canadian Entrepreneur Funding
    Only Applies to : CANADA
    As a new immigrant to Canada with little to no credit history, you can apply for repayable funding of up to $50,000 to start a business.
  • BDC Start-up financing
    Learn how you could get funding to start or buy a business or to buy property or equipment to set up your business.
  • Futurpreneur Canada Start-Up Program
    Are you between the ages of 18 and 39? If you are a Canadian resident with a good business idea, you could get $20,000 or more to start or run a business full-time.
  • Women in Cleantech Challenge
    Are you a female entrepreneur looking to put your cleantech idea into action? You could get funding and support, while competing for $1 million.

Apply for Start Up Funding