by Bernard (Bud) Beauchesne, Account Manager, Small Business, WE Banker, TD Canada Trust –
The past few years, as well as the current economic environment, have presented businesses with unique challenges, many of which they have never faced before. The impacts of these challenges vary greatly by industry, location and financial strength.
One of the most common needs business owners face across different types of businesses and industries is access to financial capital. Where can businesses go to obtain financing or other types of funding?
Given my role as a business account manager for a major financial institution, my obvious first answer is going to be go see your business banker. There are circumstances, however, where it is not always possible to qualify for financing from your bank. This will be unique to each business and business owner, and the specific reason or purpose for which the funds are required. Also keep in mind, through your bank, there may be special, segment-specific opportunities.
I would encourage all business owners to explore other opportunities that may be available for their business. Specifically, business owners should make themselves aware of opportunities, such as:
- BC Employer Training Grant through WorkBC (up to $10,000 per employee and up to $300,000 per year) – check
workbc.ca/find-loans-and-grants. - Small Business BC’s website and the various grant opportunities at www.smallbusinessbc.ca, where there are multiple Provincial grant opportunities and links to Federal Programs.
- Federal grant programs through the Government of Canada – Business Benefits Finder: https://innovation.ised-isde.canada.ca/innovation
- The Business Development Bank of Canada (BDC) also offers grants in addition to traditional financing options and educational resources for entrepreneurs. Visit www.bdc.ca/en.Additionally, your business banker may be able to provide you with access to unique resources to access other grant or loan opportunities.
For those business owners who were able to take advantage of the Government of Canada’s CEBA (Canada Emergency Business Account) program, they will want to be paying extra attention in the coming weeks and months to ensure they do not miss important deadlines. The Federal Government announced changes to this program on September 14, 2023, extending the repayment deadline to qualify for partial loan forgiveness from December 31, 2023, to January 18, 2024. Missing this repayment deadline could result in the loss of $10,000 or $20,000 in loan forgiveness, depending on the amount your business borrowed. Be sure to discuss your CEBA loan status with your banker.
