How much funding can be received?

Funds up to 50000% of admissible expenses.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the BDC Financing — Newcomer Entrepreneur Loan?

BDC Financing — Newcomer Entrepreneur Loan is funded by Business Development Bank of Canada (BDC), Government of Canada

What are BDC Financing — Newcomer Entrepreneur Loan's eligibility criterias?

Have been in operation for at least 12 months and generated revenues. Immigrated to Canada less than three years ago. Have a permanent resident status or protected person status.

BDC Financing — Newcomer Entrepreneur Loan

Last Update: January 24, 2025

Canada

Loans for immigrant entrepreneurs

BDC Financing — Newcomer Entrepreneur Loan at a glance

Eligible Funding

From $25,000 to $50,000

Timeline

Continuous Intakes

Financing Type

Loans and Capital investments

Eligible Industries

All industries

Grant Providers

Business Development Bank of Canada (BDC)
Government of Canada

Status

Open

Overview of the BDC Financing — Newcomer Entrepreneur Loan program

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.

Financing terms and conditions

The BDC Financing — Newcomer Entrepreneur Loan provides specific financial support options to help immigrant entrepreneurs establish and grow their businesses. The financing modalities address common startup challenges by offering flexible and accessible loans.

Loan amounts ranging between $25,000 and $50,000 to support business growth.

Eligible projects & activities

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.

Examples of admissible projects:

$ 25,000

Opening a café specializing in artisanal coffees

$ 35,000

Opening a community-focused gym and wellness center

$ 35,000

Launching a non-profit organization to provide after-school programs

$ 30,000

Expanding a digital marketing agency

$ 30,000

Establishing a tech start-up focusing on healthcare solutions

$ 40,000

Starting a fashion boutique featuring sustainable clothing

Eligibility criteria of the BDC Financing — Newcomer Entrepreneur Loan program

Eligibility for the Newcomer Entrepreneur Loan from BDC is based on several key criteria related to the immigrant entrepreneur's status and business operations.

The business must have been in operation for at least 12 months and generated revenues.
The entrepreneur must have immigrated to Canada less than three years ago.
The applicant must have permanent resident status or protected person status in Canada.
The entrepreneur needs to have a viable business plan.

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.

Eligibility criteria of the BDC Financing — Newcomer Entrepreneur Loan program

There are evaluation and selection criteria for the Newcomer Entrepreneur Loan:

Length of operation (must be at least 12 months with generated revenues)
Immigrated to Canada less than three years ago
Permanent resident status or protected person status
Viable business plan

How to apply to the BDC Financing — Newcomer Entrepreneur Loan program

Eligibility Confirmation

Ensure you meet all the eligibility criteria such as having permanent resident status and a viable business plan.
Verify that your business has been in operation for at least 12 months and is generating revenues.

Preparation

Gather all necessary documentation, including proof of business operation and revenue generation.
Prepare a comprehensive business plan to support your application.
Familiarize yourself with any content BDC offers in your native language if needed.

Complete the Application

Visit the BDC website to access the application for the Newcomer Entrepreneur Loan.
Download and fill out the application form with accurate and complete information.

Submit Application

Submit your completed application form along with all necessary documents directly to BDC through their online portal or as instructed on their website.
Ensure submission is done before any specified deadlines.

Confirmation and Follow-Up

Receive confirmation of your application submission from BDC, typically via email.
Keep this confirmation for your records and wait for further communication regarding approval or additional requirements.

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.

Apply to this program

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