Entrepreneurship & Small Business

Business grants and loans for small start up comaanies

  • Last Updated:
  • Aug 7th, 2018 6:41 pm
[OP]
Newbie
Jan 28, 2014
15 posts
Toronto

Business grants and loans for small start up comaanies

Hello RFD family, I am interested in starting a smaill app based start up, I don’t have the capital right now but I am seeking loans and funding advice for small business start ups?

Also any websites recommend to check out for information on how to get started in business start up.

Any recommend would be greatly appreciated.
5 replies
Newbie
Nov 24, 2010
4 posts
2 upvotes
Toronto, ON
If you are in Vaughan, you can go to VBEC... to apply for Grant for your start-up company.
I am currently in the program. If you are not in Vaughan, I am sure that there are similar program since it is Provincial/Federal funded program
Member
Oct 7, 2017
494 posts
630 upvotes
I think this program in no longer active. I may be weong though.
Penalty Box
Dec 27, 2013
8003 posts
4031 upvotes
Toronto
www.canada.ca/csbfp

government backed loan, administered/loaned from your local bank.
Unsure if you will qualify under this loan.
You need to have about 25% equity/stale in the business/put up that much as collateral. the rest is funded by bank... around Prime+3% if I'm not mistaken. I don't know all of the details. u do need to have a business plan though for any bank to take you seriously.

i think max funding is up to 350,000.....
Banned
Apr 5, 2013
5810 posts
3014 upvotes
keenland
daivey wrote: www.canada.ca/csbfp

government backed loan, administered/loaned from your local bank.
Unsure if you will qualify under this loan.
You need to have about 25% equity/stale in the business/put up that much as collateral. the rest is funded by bank... around Prime+3% if I'm not mistaken. I don't know all of the details. u do need to have a business plan though for any bank to take you seriously.

i think max funding is up to 350,000.....
its all bs ...they don't take chances...if you "qualify "...chances are you will qualify anywhere at any loan provider..usually you have to back everything personally..if you have nothing..you get nothing ..if you have lots..and are willing to put it up, they will give you loans..this is what I have learned in my experiences with these programs. NEVER have they offered to finance a risk venture (even secured with chattels)...they invite you to apply, make everything look rosey ..then disappoint and tell you the same thing a regular bank tells you ...
In my eyes..nothing but a waste of time and you must spill your personal finances.
Nothing different from a regular bank, and not more leniency either..so whats the point?

BS
Penalty Box
Dec 27, 2013
8003 posts
4031 upvotes
Toronto
cardguy wrote: its all bs ...they don't take chances...if you "qualify "...chances are you will qualify anywhere at any loan provider..usually you have to back everything personally..if you have nothing..you get nothing ..if you have lots..and are willing to put it up, they will give you loans..this is what I have learned in my experiences with these programs. NEVER have they offered to finance a risk venture (even secured with chattels)...they invite you to apply, make everything look rosey ..then disappoint and tell you the same thing a regular bank tells you ...
In my eyes..nothing but a waste of time and you must spill your personal finances.
Nothing different from a regular bank, and not more leniency either..so whats the point?

BS
no the CSBF is backed by the government. There are rules to qualify of course, but this is a legit program. The only reasons bank will lend is because it's government backed, so the banks take no risk.. they just underwrite the deal.

of course you need some assets. if you walk in with ZERO assets, ZERO dollars, and demand $350,000... well they will laugh at you.
If you walk in with $50,000 in assets, a solid business plan, business experience (which you can just make up as no one will investigate it), and are investing in a real business, they will likely approve you. Of course your credit comes into play. The funds are not meant to help pay for good will, inventory costs, or licence fees... but for lease improvements, etc.

no such thing as a free lunch.

Top