Get small business financing with federal government program
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(NC)- Entrepreneurs often ask: how can the federal government help me with the financing of my business? It is true that a well-managed loan is vital for most businesses so have you heard of the Canada Small Business Financing Program?
For many start-ups and new small businesses, it can be difficult to access financing, so this program makes it easier for entrepreneurs to obtain loans from financial institutions. It allows owners to access financing at reasonable interest rates, and with less collateral.
Financing can be made available for the start-up, for expansion, or for the improvement of your small business. You could be eligible for loans up to $500,000 of which no more than $350,000 can be used for equipment and leasehold improvements.
Most for-profit small businesses starting up or operating in Canada are eligible for these loans, as long as their estimated gross revenues do not exceed $5 million. The program has assisted more than 135,000 businesses since 1999, with loans totalling about $1 billion each year.
Industry observers agree that small businesses are key to the strength of our economy and are essential in creating jobs and building economic growth. To find a participating lender near you, visit the Industry Canada website at www.ic.gc.ca/csbfp, or call toll-free 1-866-959-1699.
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