Rise — Small Business Lending
At a glance
- Max. $10,000
- Open Date : November 14, 2019
- All industries
- Rise
Overview
Eligibility criteria
The Rise Small Business Lending Program is designed to support motivated entrepreneurs who have experienced mental health and/or addiction challenges and are unable to access traditional bank financing. Applicants must meet the following eligibility criteria:
- Be motivated entrepreneurs
- Self-identify as individuals who have experienced mental health and/or addiction challenges
- Be unable to access traditional bank financing for their small business
- Not be in active bankruptcy, behind on child support payments, or government taxes
- Reside in Canada
- Be a Canadian citizen or Permanent Resident
Who is eligible
There are eligible types of companies for the Rise Small Business Lending Program. Eligible companies must be motivated entrepreneurs who self-identify as individuals who have experienced mental health and/or addiction challenges. They should also be unable to access traditional bank financing for their small business, not be in active bankruptcy, behind on child support payments, or government taxes, and reside in Canada.
- Motivated entrepreneurs
- Individuals who have experienced mental health and/or addiction challenges
- Unable to access traditional bank financing for their small business
- Not in active bankruptcy, behind on child support payments, or government taxes
- Reside in Canada
Who is not eligible
Some types of companies are not eligible for this grant:
- Companies in active bankruptcy
- Companies behind on child support payments or government taxes
Eligible expenses
Eligible expenses for this grant include:
- Business development costs
- Equipment purchases
- Marketing and advertising expenses
- Professional services fees
- Training and education costs
Evaluation & selection criteria
There are evaluation and selection criteria for this grant. The criteria include:
- Be motivated entrepreneurs
- Self-identify as an individual who has experienced mental health and/or addiction challenges
- Be unable to access traditional bank financing for their small business
- Not be in active bankruptcy, behind on child support payments or government taxes
- Reside in Canada
- Be a Canadian citizen or Permanent Resident
How to apply
- Step 1: Complete the financing application, including personal and business details.
- Step 2: Prepare and submit a business plan outlining your business concept and strategy.
- Step 3: Create a 1-year cash flow projection to demonstrate financial planning.
- Step 4: Compile a resume highlighting relevant experience and skills.
- Step 5: Obtain and include a credit report to assess credit history.
- Step 6: Provide any additional supporting documentation as required for the application.
Rise Small Business Lending Program
About the Rise Small Business Lending Program
The Rise Small Business Lending Program offers low-interest business loans up to $10,000 to support entrepreneurs in launching or growing their small businesses. The program includes mentorship from experienced business professionals and support in improving business skills and financial management. Eligible individuals must be motivated entrepreneurs who have experienced mental health and/or addiction challenges, unable to access traditional bank financing, and reside in Canada.
Rise considers both the person and the business during the lending process, looking beyond just credit history. This character-based approach aims to support individuals committed to improving their financial situation. The program also provides mentorship to position entrepreneurs for long-term success, connecting them with mentors based on expertise and business needs. With no hidden fees, the low-interest loans help entrepreneurs kickstart their business ventures and drive economic growth.
