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Home : Sources of Financing
Business Financing for Western Canada
WD Sponsored Loan Programs
Western Economic Diversification Canada (WD) has created new and alternative sources of capital for small and medium-sized businesses by working closely with financial institutions to create a specialized series of loan programs. These loan programs target industry sectors important to Western Canada and provide patient and flexible debt capital on terms especially suited to the unique needs and cash flow requirements of these small businesses.
These programs are provided on commercial terms by financial institutions
such as chartered banks, credit unions, trust companies, cooperatives,
the Farm Credit Canada (FCC) and the Business Development Bank
of Canada (BDC). Each lending institution funds its own program
and makes the decision on all loan approvals
To help small and medium-sized businesses access these specialized loan programs, WD assists with:
- expertise for developing and refining business plans
- completing technology reviews
- preparing other documentation required by a lending institution.
Arrangements between WD and financial institutions provide for increased financing of a variety of Pan-western, sector-oriented businesses (e.g. agricultural value-added and knowledge-based industry) as well as provincially and locally targeted loan funds (e.g. micro businesses).
Sector-oriented Loan Fund Agreements
Knowledge and Growth
WD and the Business Development Bank have established a loan program for companies that develop or apply advanced technologies.
Growth Capital Program
The Growth Capital Program has been designed to benefit small and medium-sized B.C. companies in traditional industries.
Conservation Finance Program
The Conservation Finance program is a partnership among VanCity Credit Union, Ecotrust Canada, and Western Diversification (WD) that aims to promote environmentally responsible business growth in British Columbia.
Micro Loans for Small Businesses
If you are thinking about starting, or already own and operate, a very small business in Vancouver/Victoria, Edmonton, Winnipeg, Regina or Saskatoon, you may be able to take advantage of the urban micro-loan programs offered in cooperation with VanCity Savings Credit Union (Vancouver), Assiniboine Credit Union (Winnipeg), PAGE Credit Union (Regina), Capital City Savings Credit Union (Edmonton), or Saskatoon Credit Union.
Community Futures Development
Corporations Funding Activities
Community Futures Development Corporations (CFDC) are community economic development organizations which work in partnership with other local organizations, business associations and municipal governments to enable rural communities to develop and strengthen the economic potential of their area. Business financing available through the CFDCs includes:
- Community Futures Development Corporation Small Business Financing
CFDCs provide business counseling and management assistance to small businesses and entrepreneurs in rural communities and fill a capital niche not addressed by other financial institutions.
- Entrepreneurs with Disabilities Program (EDP)
Disabled entrepreneurs face more limited opportunities in pursuing self-employment due to a lack of capital and a greater need for assistance. The Entrepreneurs with Disabilities Program confirms the government's commitment to reducing barriers and increasing opportunities for people with disabilities.
- Growthstart Investment Fund
The Growthstart Investment Fund provides an innovative source of funding for CFDCs and helps them assist small businesses and local economies in the communities of British Columbia. Growthstart is a partnership between Western Economic Diversification Canada (WD), the Community Futures Development Corporations in British Columbia, and the Savings and Credit Unions of British Columbia.
Women’s Enterprise Initiative (WEI) Loan Programs
The Women's Enterprise Initiative provides business information and services specifically aimed at women entrepreneurs. Women entrepreneurs are playing an increasingly important role in the creation and operation of small businesses across Canada, yet often face barriers and a lack of support.
- Women's Enterprise Initiative Loan Program
The Women’s Enterprise Initiative Loan Program offers access to a loan fund, advisory services, pathfinding to existing services plus a host of unique products and services tailored to meet the needs of women entrepreneurs in their province.
Canada Foundation for Innovation Support Program
The Canada Foundation for Innovation Support Program is designed to enhance western institutions' rate of participation in the Canadian Foundation for Innovation and help them access a fair share of the funds.
The Conference Support Program
The Conference Support Program (CSP) is designed to offer financial assistance to institutions and groups holding conferences within the west that are directly related to topics supporting WD objectives.
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