Financial Resources For A Business In Canada

These are some very helpful resources that will help you get finance for your craft business or as a matter of fact any other business in Canada.

Financing Your Business

You may want to use one or more types of financing in your small business. You may choose short-term debt financing, longterm debt financing or equity financing. For more information on financing your small business, visit the Canada/BC Business Service Society's web site at:

http://www.smallbusinessbc.ca/financing

Financing a Craft Business

The majority of individuals starting a craft business have relatively minor funding and financing concerns as compared to other small business ventures. Most entrepreneurs in this area of business will operate their venture from the home, minimizing many of their financing needs.

When starting a craft business, funding needs are likely to revolve around the purchase of equipment and supplies for developing your product. There may also be a need to setup a home office with required furniture, office supplies and equipment.

Funding / Financing continued

Given the relatively minor financing requirements of starting most craft businesses, the most likely sources will be traditional lending institutions such as banks and credit unions. Financing options appropriate to this type of business are a credit card; an operating loan; short-term financing in the form of an operating line-of-credit and equipment leasing.

Use of a credit card allows the small business owner access to a line-of-credit with a pre-determined limit, without restrictions on access or use of funds. Available through all banks and credit unions, credit cards are extended to business owners based on their personal credit history. Operating loans are made to small businesses and used to supplement operating capital. A short-term loan of this type may be negotiated through any bank or credit union and provides the small business with an operating line-of-credit with the same associated terms and conditions as other forms of loans.

Sources of Financing

Community Futures Development Corporations (CFDC)

Community Futures Development Corporations provide rural businesses with loans to assist expansion, or to help entrepreneurs create new businesses. Loan amounts are up to $125,000.

Canada Small Business Financing Program (CSBF)

The Canada Small Business Financing Program was created to help small businesses reach their potential by making it easier for them to get term business improvement loans to finance the purchase or improvement of fixed assets, for new or expanded operations. Administered under the Canada Small Business Financing Act (CSBFA), the program is a joint initiative between the Government of Canada and private-sector lenders.

Business Development Bank of Canada (BDC)

The Business Development Bank of Canada (BDC) is Canada's small business bank. BDC plays a leadership role in delivering timely and relevant financial and management services, with a particular focus on the emerging and exporting sectors of the economy. BDC is dedicated to helping create and develop Canadian small and medium-sized businesses.

Sources of Financing

To find the nearest Community Futures Development office in BC, check:

http://www.communityfutures.ca/provincial/bc/locations/

or call Canada/BC Business Service Society

Tel: 1-800-667-2272

Strategis Web Site – Sources of Financing

http://strategis.ic.gc.ca/sources

To find the nearest Community Futures Development office in BC, check:

http://www.communityfutures.ca/provincial/bc/locations/

or call

Canada/BC Business Service Society

Toll-free: 1-800-667-2272

Canada Small Business Financing Program

For further information on the CSBFA, contact the Lender of your choice or view the Web Site at:

http://strategis.ic.gc.ca/csbfa

Business Development Bank of Canada

Toll Free: 1-888-INFO BDC for a local branch check:

http://www.bdc.ca

Overview of Government Financial Programs

The Overview is the Canada/BC Business Service Society’s publication that lists government assistance programs and services for small business. Both federal and provincial government programs are listed.

Not meant to be a comprehensive list of all business assistance programs, the Overview is a collection of the more popular programs that are more readily available to the small business owner.

Creation/Production Grants to Professional Artists

The Visual Arts section of the Canada Council offers three types of grants to professional artists working in architecture, the visual arts, independent criticism and curating, craft and photography.

To be eligible to apply, you must: be a Canadian citizen or permanent resident of Canada; have completed basic training (not necessarily in a formal educational institution); have produced an independent body of work; have received recognition through public presentations of your work. The value of the grant varies for established, mid-career or emerging artists.

Overview of Government Financial Programs

http://www.smallbusinessbc.ca/

pdf/overview.pdf

Creation/Production Grants to Professional Artists

Visual Arts Section

Canada Council

PO Box 1047, 350 Albert St.

Ottawa, Ontario, K1P 5V8

Toll-free: 1-800-263-5588

Tel: (613) 566-4414, ext: 5060

Fax: (613) 566-4390

http://www.canadacouncil.ca

 

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