Programs for Small Businesses From the Canadian Government

Canada Small Business Financing Program

The Small Business Financing Program is offered by Industry Canada and aims to make financing available to small businesses for expansion, improvements and modernization. Industry Canada partners with your financial institution to facilitate financing of up to $500,000 Canadian ($497,156 U.S.). Businesses with annual gross revenues of less than $5 million Canadian are eligible to apply for financing that covers up to 90 percent of the cost of purchasing property, improving leased property or purchasing new or used equipment. Businesses can apply for this program directly through their financial institutions.

The Small Business Internship Program is offered by Industry Canada and aims to encourage small- and medium-sized businesses to hire post-secondary students as interns. This program is designed to bring the e-business expertise of young people to businesses to increase competitiveness and productivity. Industry Canada will pay up to 75 percent of an intern's wages, up to a maximum of $10,000 Canadian ($9,895 U.S.), over a period of up to 420 hours. Students must be full-time and work at least 30 hours per week. To qualify, businesses must have been in operation for at least one year, have no more than 500 employees, have an existing website and be interested in expanding e-business opportunities.

The Business Development Bank of Canada (BDC) is owned by the Canadian government and provides financing, venture capital and consultation services to Canadian entrepreneurs, with particular focus on small- and medium-sized businesses. The BDC works with more than 29,000 businesses and is primarily interested in businesses starting in the manufacturing, innovation, knowledge and export sectors. The BDC repayment terms are often more flexible than regular banks, and the BDC generally offers higher levels of financing than other financial institutions.

The SME Benchmarking Tool is a free online service offered by Industry Canada to help small- and medium-sized businesses see how competing firms operate across their industries. The SME Benchmarking Tool helps new businesses get the data they need to build business plans and make accurate predictions of costs and revenues. This tool can also help existing businesses get the data they need to make decisions on expansion and investment. The tool can accessed through the Industry Canada website.