Funding Your Canadian Business
Securing adequate funding is a critical step in your entrepreneurial journey. As a newcomer to Canada, you have access to various funding options specifically designed to support immigrant entrepreneurs. This step will guide you through identifying suitable funding sources, preparing compelling applications, and developing financial projections to support your business growth.
Key Funding Sources
Non-repayable funds provided by federal, provincial, and municipal governments to support business development, innovation, and job creation.
Small loans (typically under $15,000) designed for entrepreneurs who may not qualify for traditional bank financing, often with more flexible eligibility requirements.
Individual investors who provide capital for startups, usually in exchange for equity or convertible debt, often bringing valuable expertise and networks.
Investment funds that manage pooled money from investors to provide capital to high-growth potential startups and businesses in exchange for equity.
Newcomer-Specific Funding Programs
Canada offers several funding programs specifically designed for newcomer entrepreneurs:
- Futurpreneur Canada Newcomer Program: Offers up to $60,000 in collateral-free loans for newcomers aged 18-39 who have been in Canada for less than five years.
- Business Development Bank of Canada (BDC): Provides specialized financing solutions for newcomer entrepreneurs, including working capital and equipment loans.
- Immigrant Access Fund: Offers microloans of up to $15,000 to help immigrants and refugees restart their careers or businesses in Canada.
- Start-Up Visa Program: Provides permanent residency to immigrant entrepreneurs who secure funding from designated Canadian venture capital funds, angel investor groups, or business incubators.
Expert Insight
"Many newcomer entrepreneurs focus solely on traditional bank loans and miss out on the diverse funding ecosystem in Canada. I recommend exploring a mix of government grants, angel investment, and community-based microloans to create a robust funding strategy that aligns with your business stage and goals."
— Raj Sharma, Investment Manager, Newcomer Entrepreneur Fund
Estimated Time
4-8 weeks
Key Tasks
3 essential activities
Resources Available
20 guides, tools, and templates
Prerequisite
Business Plan Draft
Your Progress
- Identify suitable funding sources
- Prepare funding applications
- Develop financial projections