BDC Financing — Newcomer Entrepreneur Loan
- Open continuously
Overview
If you immigrated to Canada within the past 3 years, you can get between $25,000 to $50,000, along with expert advice, to start your own business.
At a glance
Funding available
- Develop strategic partnerships
- Develop workforce skills
- Maximum amount : 50,000 $
- Minimum amount : 25,000 $
- Open continuously
Eligible candidates
- All industries
- Canada
- For-profit business
- Sole proprietorship
- All revenue ranges
- All organization sizes
- Newcomers to Canada
Next Steps
Activities funded
This grant supports newcomer entrepreneurs in establishing their businesses in Canada. It focuses on overcoming the common challenges such as limited credit history, knowledge gaps of the local market, and cultural barriers.
- Establishing a new business by newcomers to Canada.
- Expanding existing business operations for entrepreneurs with less than three years of residency.
- Accessing resources to aid business growth in new markets.
- Engaging in training and advisory services to navigate the Canadian business landscape.
- Building viable business plans and strategies tailored to local market conditions.
Eligibility
Who is eligible?
This grant helps immigrant entrepreneurs who have faced challenges related to credit history, understanding the local business environment, and language barriers succeed in Canada. Applicants should meet specific criteria to be considered for the grant.
- Little to no credit history is acceptable.
- Applicants must have limited knowledge of the Canadian business environment.
- Cultural and language barriers faced by the applicant are considered.
Who is not eligible
There are specific types of companies that are not eligible for this grant.
- Businesses that have been in operation for less than 12 months and are not generating revenues
- Entrepreneurs over the age of 39
Eligible expenses
This grant does not specify particular projects or activities that are eligible. Instead, it provides financial support and resources for newcomer entrepreneurs looking to establish or grow their businesses in Canada. The focus is on offering access to loans, mentoring, and advisory services to help overcome challenges faced by immigrant business owners.
Additional information
Here are additional relevant details for newcomer entrepreneurs seeking financing from BDC:
- BDC provides resources in multiple languages, including Arabic, Punjabi, Simplified Chinese, Traditional Chinese, Tagalog, and Spanish, to assist those less comfortable with English or French.
- Potential applicants can access between $25,000 and $50,000 without needing a credit history under certain conditions.
- The Newcomer Entrepreneur Loan is specifically tailored for immigrants who have been in Canada for less than three years and are running viable businesses that have been operational for at least 12 months.
- For businesses less than 12 months old, Futurpreneur Canada offers additional financing options for entrepreneurs aged 18 to 39, with up to $60,000 in funding and two years of mentoring.