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Financing Solutions for Startups: Part 2 – Get a Loan

2 mins read

This article offers some of the banking solutions for financing your start-up.

The first place many successful start-ups begin is the most obvious. Going to the local bank and applying for a personal loan. The problem here is that some form of collateral is needed that holds the loan receiver personally responsible for the debt, which can make it far more difficult to raise the substantial amount needed to start a business. Fortunately for you in Canada there are Business Banks financed by the Government that are set up specially for this situation. Meet the BDC.

BDC – Business Development Bank of Canada

When designing your financial plan and determining financial options, one of the first, and best, places to begin is the BDC. They are the financial institution that is devoted to Canadian Entrepreneurs. They focus on developing small and medium businesses with an emphasis on supporting businesses at all stages of development. Plus, they have local offices in all major Canadian cities. For more information on the BDC visit:
www.bdc.ca

Community Futures Saskatchewan

Besides the BDC, if you are setting your business up in a rural location in Saskatchewan there is a special bank for you called Community Futures Saskatchewan. Community Futures loans are specifically designed for new start-ups, expansions, or to buy a business in a rural community. Solutions are tailored to meet the needs of the individual business and decisions are made locally. Guidelines: $150,000 maximum
www.cfsask.ca/loans

Community Futures Ventures

Community Futures Ventures provides loans resulting in growth and prosperity for new and existing rural businesses serving the communities of east-central Saskatchewan. The region spans approximately 250 kilometers on an east/west basis from the Saskatchewan/Manitoba border to Strasbourg, and 200 kilometers on a north/south basis from Preeceville to Southey.
www.cfsask.ca/ventures

These specific banking options provide great opportunities for Saskatchewan business owners, but aren’t the only funding options available.

Join us for the third part of our series as we look at loan opportunities specific for technology business start-ups.

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