If you are either a start up (pre revenue) firm or an established small or medium (we’ll define medium a bit later) sized company in Canada you should be investigating, and using the Government of Canada small business loan program.
Why? We will give you 4 reasons – great terms, rates, structures and qualification criteria. Could you ask for anything better in Canadian business financing? We don’t think so and we have been a fan of the program now for years.
Many clients or callers requesting information on the program (the formal name is BIL / CSBF) often utilize the terms ‘grants’ when requesting info on the program. The BIL /CSBF program is not a grant. It is a special business financing program sponsored by Industry Canada (those good folks in Ottawa…). The program was developed by the government to assist the thousands of firms who might not qualify for what the finance folks call ‘traditional financing’ – aka “the bank!”.
We also promised you we would qualify the term ‘medium sized firm’ when it comes to qualifying for the program. In the case of the Small Business loan program any firm under 5 Million dollars in either actual or projected revenue still qualifies for the program. Naturally your firm has to be privately owned, and be considered a ‘for profit’ business. (We’re all ‘for profit’!)
As we said, many customers call looking for ‘grants’ – we’re all for free grant money also – we are sure it exists out there somewhere, we just have never found it. Actually, let’s clarify that, two great programs, S R ED, and film tax credits are non repayable credits you can easily apply for if you qualify for either of those credits. Those two programs are a discussion for another day though.
Typical client questions always include – how much can we get or apply for? What are the rates and terms? And what’s the process involved? Get ready for a short, simply and basic primer in all those three areas!
The Canada government small business loan has a maximum cap of 350,000.00 dollars. However, if you chose to use this financing for real estate you can actually receive 500k. We note that for many years the program had a cap of 250k and during the global recession (2008-2009) the government raised the limit on the program.
Many firms who are either new or have challenges might think the rates and structures are onerous under the program. Exactly the opposite… financing is at only 3% over prime, and from a term perspective you can go from 5-7 years, we typically structure 5 years as a reasonable term.
Penalties to pay back if you’re successful – There are none!
There isn’t a day when we don’t spend time advising clients on what can be financed under the program…that’s where a lot of mis-information exists. The program only covers equipment, leaseholds and real estate. We would add that software is included in the equipment category.
So who is using the program? Almost 8000 businesses did in 2010 – so you can be sure that the program works and is robust.
The greatest challenge around the program in our opinion has been the confusion on where and how to apply. We’ve completed transactions in a week and then heard from clients that they have spent months floundering on their processes in this type of financing. Speaking to a trusted, credible and experienced Canadian business financing advisor in the area of government small business loans will get you on the fast track to some of the best financing available in Canada today.
By: Stan Prokop
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Government and private grants for starting a small business can provide you with the financing you need to get your new venture off the ground running. No body wants to risk everything they have, no matter how solid a business plan sees. But the economy must continue to grow, and that won’t happen unless entrepreneurs continue to launch successful new businesses.
That’s why the government supports small businesses by providing free grant money. Other organizations also benefit from major tax incentives when they give away money to help people start or expand a business of their own, which is why it is not uncommon to find grants in the private sector.
Those who apply should have a strong sense of the amount of money they need, what they will spend the money on, and their plans for business growth. The grant reviewer is going to want to know details about your business and why it should invest in you.
While they don’t expect you to pay the money back, the government and private foundations do want to be sure their money is being used in the right places. By helping people move their business to the next level. the government does benefit from potential job creation and more tax income. For the private and non-profit organizations, they get good PR by saying they helped you establish and build your venture.
When you search the grant database, don’t get overwhelmed by the number of options that are available. There is no limit on the number of small grants you can apply for, so making the perfect match is not critical.
By: Austin Warty
Category:
Business |
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The government has billions of dollars that serve as free grant money and this will be given away to help those first time home buyers who need financial assistance, aptly called as government grants for home buyers. With the government programs, now you can get a financial assistance to your down payment, your mortgage interest rate will be reduced and even help you to close the deal when buying your new home. All you have to do is to ask for it.
Aside from its essential features which are provided for affordable housing and those who are under financial difficulties, there are lots of grant programs that the government offers also for those who can somehow afford. It’s where the grants could be given to first time home buyers who want to buy a new home in developing locations.
The available grants vary in every state respectively. There are different programs offered to each state, county or city so you might want to check it within your area. But what the first time home buyers should know is that there is no need to overlook this option for financial assistance when buying. The grant program is offering free money for financial assistance that you may not need to pay back.
It helps eliminate your mortgage rate to become lower resulting to almost hundred- thousand-dollar worth of what you can save in your loan.
To avail this wonderful opportunity, ask first for the assistance. You have to work by yourself in order to receive this money by finding and applying for these programs. Another option is to ask your lender whether there are any special programs offered to first time home buyers. There are times that they are obligated to inform it to you but often times they just keep the information from you. Remember, lenders make money through the loan that they are selling to their borrowers.
By: Jack Cardell
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The minority small business grants that are available to Americans may not be as easy to get as you think. The hardest thing is not so much claiming these funds, but finding them. Since the government does not advertise or market these programs publicly, you have to know where to find them.
Once you’ve figured out exactly where to look for free minority small business grants, it becomes increasingly easy to apply for these programs. Because so few people don’t know where to find this type of financing, there is a pretty good chance that you will be approved to receive minority small business grants.
This is funding that is available for anyone to apply for that is an American citizen and is at least 18 years old. Minority small business grants can be obtained for people interested in starting a new business, those with existing business and want to expand, and those with a great idea for a product, but need help with the development.
Your local government and many private organizations provide this money as a way to help you build and expand your business. Since your business stimulates the economy, they are highly interested in reducing your financial risk and helping you succeed.
Many times people have a great idea, product or service, but they simply just don’t have the money to follow their dream. With minority small business grants, those individuals can put those concerns to rest and pursue their vision. When you qualify to receive free grant money for your small business, there may be no credit check, no down payment needed, and no collateral. You’ll simply receive a check for as much as $50,000, and you’ll never be asked to pay it back.
By: Melissa Sabella
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No woman in their right mind would want to be stuck in a dead end job. But unfortunately life does have its ups and downs. And before you know it you are stuck in the job that you did not plan to be in. And you are stuck in a horrible job for way too long and you end up desperately trying to find a way out.
Going into a job that you hate and dreadfully want to leave is never easy. Every morning you wake up for work can be a chore. Struggling to get yourself out of bed to go somewhere that you know isa dead end can make life very depressing. At this point in your life you must have felt that there is nothing left for you to do but to go back to school.
Going back to school will in fact open up many opportunities for you. You will get into a much better career, get a nicer paycheck and most importantly, you will get the financial freedom that you need.
But going back to school to get into a better career can sometimes be a challenge. Especially when it comes time to pay for those school fees. Money is tight and there are bills that need to be paid every month just so you can keep the light on. Fortunately right now for women out there, there is free money available that can help them jump start into that new career that they’ve always wanted to be in.
There are actually federal government grants for women available at this moment. The federal government grants for women allows women to go back to school and it also gives them the financial advantage they need so that they do not have to worry about how they’re going to be able to pay next months rent, find money to pay for their children’s day care and even a way to pay for those school fees.
By taking advantage of free government grant money, women can finally get the edge they need so that they can get into a successful career that will give them the financial independence that they want. But before you can take advantage of the free government grant money women can use, one has to meet certain qualifications.
In order to qualify you must be at least 18 years of age or older, currently living in the United States then you must also be a woman that is interested in bettering their career or wanting a better education.
If you feel that you comfortably meet these qualifications then you must take advantage of what is available to you while you still can.
By: L. Lorens
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Reference And Education |
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Those who can use some cash for their start up for small business expansion can claim free business grants to help come up with the capital need to move their business forward. The government and private foundations collectively provide billions of dollars in free grant money to help entrepreneurs and small business owners start and expand their venture.
These small business grants are not loans. This is money that you never have to repay, and it can be used to help your business succeed in this competitive environment. You can obtain small business grants to help you buy new equipment or office furniture, buy retail or office space, and even help you hire employees and make payroll.
The government provides this money as a way to help America moving forward as a competitive nation. Small business fuels the American economy and new business development is necessary to the continued success of this nation. Starting a business, however, can require a significant amount of financial risk, which may prevent very capable people from starting a business. That means a loss of potential jobs and tax income for the government.
Claiming your small business grant is just a matter of selecting from the hundreds of grant programs that are available by identifying the grants that most closely match your qualifications and business goals. From there, simply submit your grant application and any other requested material to be reviewed. Once approved, you’re cash can be sent directly to you or directly deposited in your account.
By: Austin Warty
Category:
Business |
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Ask the government for grants for start up costs, and you shall receive. That seems to be their motto when it comes to supporting small businesses and the entrepreneurial spirit. But don’t stop with the government when sourcing for free money for your new business venture.
There are hundreds of non-profit and private foundation grants that offer grants for start up businesses. Particularly at the local level, there tends to be more support for people who are interested in starting or expanding their business.
What is good for you, the small business owner, is good for the community and economy at large. Those who have the ability, vision and drive to start their own small business will help the American economy run strong and smooth.
Since your business has the potential ability to create jobs, produce competition, and encourage people to spend money on your products and services, you have the ability to bring in a lot of money over the years to your local government. Income and sales tax alone will help economically, but you also make your city or town more attractive when they can demonstrate how much success small businesses have. That leads to more people moving to your town, more people starting businesses, and more job.
That’s ultimately why grants for start up companies are available and some of the easiest grant money to obtain. With the over $700 billion in free grant money, more than a quarter of those funds are specifically set aside to help people start and expand their business.
For many reasons, obtaining grants for start up businesses should be the first place to find money for your new business. Even if you’re idea is to start an online, home-based business, this is a resource you can tap in to today. Not only is this cash that is available to entrepreneurs right now, but you’ll never have to pay the money back.
By: Austin Warty
Category:
Business |
Tags:
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While the federal government sends out over $80 billion in free grant money, state government grants are more likely where individuals will be able to find the funding they need for their personal use. Generally it is the state and local government that has a vested interest in the development and success of the community, which is why everyday people have opportunities to claim thousands of dollars for real estate, home repair, their education and starting a business.
By applying for state government grants, you may qualify to receive as much as $50,000 in grant money for a variety of purposes. While each grant serves a specific goal, the money that is awarded is provided tax-free and never has to be repaid.
There’s no limit on the number of state government grants that you can apply for, which means it is possible to obtain $5,000 to pay off debt and $15,000 to get a college degree, or more. While this money is budgeted by your local government to help establish a more attractive, higher-income community, many people do not know that these funds exist. As a result, millions of dollars go unclaimed every year.
For those who are resourceful enough to find and apply for state government grants, it’s important to realize that the government is not the only organization providing these funds. Private foundations receive tax incentives for giving away grant money, which is why many special interest groups provide financial aid for minorities, women and single parents. These grant funds can help individuals get rid of debt and obtain higher paying jobs when the money is put to good use.
By: Austin Warty
Category:
Finance |
Tags:
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If you are carrying debt, buying a new home, going to school, or a single parent, you may qualify for federal grant funding. Government grants help millions of American citizens every year by providing over $80 billion in financial aid to individuals. While many people believe grant money is only available for research or low income families, there are many programs that assist people regardless of credit or income.
Federal grant funding is just one are to find and apply for free government money. These programs typically serve to support big picture agendas. That could include providing economic support, working towards stabilizing the housing market, or helping more people afford an education. By searching a current grant directory, individuals can find the federal grant funding programs that are currently available and see what they need to do in order to qualify to receive these funds.
Access to a thorough grant database will not only provide a listing of federal grant funding. There are hundreds of grant assistance programs supported by local and state government agencies, as well as private foundations that receive tax incentives for giving away money.
By tapping into these resources, individuals can apply for as many grant programs as they see fit. That could mean obtaining multiple grants for multiple reasons: to start a home business, pay for daycare, to replace the furnace. There are a seemingly unlimited number of grants for many different purposes that anyone over 18 years old can apply for. As a result of getting your grant request approved, you could obtain as much as $20,000 in free grant money that never has to be paid back.
By: David Sklonic
Category:
Finance |
Tags:
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