Business Financing for Western Canada
Micro Loans For Small Businesses
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Small Business is Canada's fastest Growing Trend
Do you have the financing you need to be a part of it?
Western Canadian small businesses compete with the best the world has to offer. But quite often, the main obstacle hampering these businesses and their growth is an inability to access financing.
Whether you employ one person or one hundred, you may be able to take advantage of flexible financing solutions and other business services designed specifically for people starting or expanding a small business in British Columbia's Lower Mainland, Fraser Valley or Victoria Metropolitan Area.
- The Self-Reliance Loan Program is a program offered
in cooperation with Vancouver City Savings Credit Union (VanCity)
Who is eligible?
The Self-Reliance Loan Program has been specifically designed to benefit small business people meeting the following criteria:
- are a VanCity Savings Credit Union member in good-standing for at least six months; or
- enrolled in or a graduate of the Self-Employment
Benefits Program ,
or similar entrepreneurial program; and
- are operating, or about to operate, in British Columbia's Lower Mainland, Fraser Valley or Victoria Metropolitan Area.
To be eligible, interested applicants must clearly show a commitment to starting or expanding a small business. This may involve demonstrating a significant time commitment to the start-up or management of the business and some financial stake in the potential or existing business.
What can the loans be used for?
The Self-Reliance Loan Program is designed to provide access to credit for projects not normally financed by traditional lenders, such as:
- research and development of projects leading to commercialization;
- pre-commercial and commercial product or service development;
- domestic and international market development;
- new production and service capacity enhancements;
- acquisition and application of new technology;
- lines of credit for business operations.
What are the terms of the loans?
The loan terms are designed to be flexible to help you maintain adequate cash flow throughout the year. Individual loans are subject to the following terms:
- up to 5 years for repayment.
- loans can range to a maximum of $35,000 per borrower.
- principal payments may be postponed up to two times a year, including an option to delay the first two principal payments.
- interest rates are set at VanCity Savings Credit Union’s Prime Rate* plus a risk premium of 3 to 6%.
- VanCity Savings Credit Union to make final decisions on all loan approvals.
* The VanCity Savings Credit Union Prime rate fluctuates with market interest rates
How can my company apply?
For more information on the Self-Reliance Loan Program, or other programs
and services available through VanCity Savings Credit Union, visit their website
at www.vancity.com
What other services may I be eligible for through Western Economic Diversification Canada?
Small and medium-sized businesses in most rural and urban centres can easily access WD's and a range of other business services through WD’s Business Service Network.
With over 100 points of service in urban and rural communities across the West, the Business Service Network is made up of several integrated organizations that provide entrepreneurs with what they need to establish a business or make it grow.
Network partners work at the local level to ensure western Canadians have direct access to information and advice on a wide range of financing alternatives and will help you determine your eligibility for those that best suit your needs. Services they offer range from marketing information and funding options, to counseling and support. For information on the services our network provides and the network member nearest you, visit http://www.wd.gc.ca/pos/default_e.asp.