Canada Small Business Financing program comes in handy in enabling small businesses to access loans from different financial institutions with ease. This program has provided over $10 billion in loans to small businesses.\\Eligibility\\� The business should be operating in Canada\� The business should generate gross revenues of $10 million or less\\Unfortunately, businesses practicing agricultural ventures are ineligible to receive funds from the financing program but can apply for the Canadian agricultural loans program.\\Available Financing\\Any business owner can apply a maximum of $1.15 million from the financing program. For term loans issued, no more than $500,000 can be used to improve leased properties, purchase leasehold improvements, or purchase any new or used equipment. A maximum of $150,000 can be incorporated into working capital costs and intangible assets. Lines of credit can occupy a maximum of $150,000 of the loan amount.\\Applying for A Loan\\Financial institutions aid in implementing the program and have the sole responsibility of either rejecting or approving small business loans depending on factors such as available financing, among others. Have a discussion with a financial officer at any bank or credit union in Canada regarding your business's financial needs.\\The financial officer will go through your business proposal and afterward determine if you're eligible for the loan or not. Upon approval of your loan, the funds will be released to your bank account.\\What Can Be Financed Using Term Loans\\Term loans issued by the financing program can be used to:\� Purchase or improve both new and used equipment\� Purchase or improve buildings and land used for commercial purposes\� Investing in working capital costs and intangible assets\\Lines of credit cater to day-to-day operating expenses.\\The interest rates are determinable by your lender. The same case applies to financing terms too.\\Registration fee\\� A 2% of the total amount is charged as the registration fee for all term loans and lines of credit.\\You can check with your financial institution whether you are eligible for the small business financing program. Visit the website to learn more about the available financing options.
