Canada Small Business Financing Loan (CSBFL)
At a glance
- Max. $1,150,000
- Open Date : March 08, 2024
- All industries
- Science and Economic Development Canada
- Innovation Canada
- Government of Canada
Overview
Eligibility criteria
Eligibility criteria for this grant involve the borrower carrying on or about to carry on a small business in Canada, offering services or products to the public, and meeting certain revenue limits.
- Small business operating in Canada with assets held in Canada
- Business offering services or products to the public
- Gross annual revenues not exceeding $10 million
Who is eligible
Eligible types of companies for this grant include small businesses operating in Canada with estimated gross annual revenues not exceeding $10 million, offering services or products to the public. They can be owned by individuals (sole proprietors, partnerships) or legal entities (corporations).
- Small businesses with operations in Canada and assets held in Canada
- Businesses offering services or products to the public
- Existing businesses with estimated gross annual revenues under $10 million
- New businesses with projected gross annual revenues under $10 million within the first 52 weeks of operation
- Non-profit, charitable, and religious organizations that carry on a business
Who is not eligible
There are specific types of companies that are not eligible for this grant. For example, businesses engaged in farming, organizations not operating a business, holding corporations, trusts, and individuals or corporations purchasing real property solely for rental purposes are not eligible.
- Businesses engaged in farming
- Organizations not operating a business
- Holding corporations
- Trusts
- Individuals or corporations purchasing real property for rental purposes
How to apply
- Step 1: Determine if your small business meets the eligibility criteria outlined in the guidelines
- Includes operating in Canada, offering services or products to the public, and meeting revenue thresholds
- Step 2: Calculate the maximum loan amount your business is eligible for based on the guidelines
- Consider the purpose of the loan, such as for real property, equipment, leasehold improvements, intangible assets, or working capital costs
- Step 3: Prepare the necessary documentation and information for the loan application process
- Ensure all financial records, business plans, and relevant details are organized and ready for submission
- Step 4: Submit your loan application to the appropriate lender
- Follow any specific application instructions provided by the lender and await their decision
Small Business Financing Grants Summary
This grant program offers financial assistance to eligible small businesses in Canada through term loans for various purposes such as real property, leasehold improvements, equipment, intangible assets, and working capital costs. Businesses must meet specific criteria regarding revenue and operations to qualify for this grant.
Small Business Financing Grants in Canada
The Small Business Financing (CSBF) program in Canada provides term loans to support small businesses in acquiring assets necessary for their operations, such as real property, leasehold improvements, and equipment. Eligible businesses must operate in Canada, offer services or products to the public, and meet revenue thresholds to qualify for the grant.
The maximum loan amount for eligible businesses is up to $1 million, with specific limits for different purposes within that total amount. Loans can be used for real property purchases, improvements, decontamination costs, leasehold improvements, equipment acquisitions, and even intangible assets like computer software and websites.
However, certain expenditures are deemed ineligible for the grant, including labor costs of the borrower, pre-existing loans or lines of credit, share acquisitions, vendor take-back financing, and exchanges or barters. The program aims to support small businesses in expanding their operations and acquiring essential assets to enhance their growth and productivity.
