This program is designed specifically for newcomer entrepreneurs like you. It offers financing between $25,000 and $50,000 to help grow your business, even if you have little to no credit history. This is a unique opportunity to access funds that can be used for various business needs, such as purchasing equipment, expanding operations, or covering operating expenses.

Why should you apply?

• Tailored support: The program understands the challenges you face as a new immigrant, including limited knowledge of the local business environment and cultural barriers.
• Flexible financing: Unlike traditional loans, this program does not require an extensive credit history, making it easier for you to qualify.
• Comprehensive resources: Beyond financing, you will have access to training, networking, and advisory services to help you navigate the Canadian business landscape.

Being approved for this program can significantly boost your business by providing the necessary funds and support to overcome initial hurdles. The application process is straightforward, ensuring you can focus on what matters most—growing your business.

Type of Financing: Loan

Loan Amount: Access between $25,000 and $50,000

Repayment Terms:

• Subject to approval
• No specific interest rates mentioned

Eligible Expenses:

• Business expansion
• Operational costs
• Equipment purchases
• Marketing and advertising
• Working capital

Ineligible Expenses:

• Personal expenses
• Non-business-related activities

Fees:

• No specific fees mentioned

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

Disqualifications:

• Businesses that have been in operation for less than 12 months.

You can access between $25,000 and $50,000 to help grow your business. This funding can be used for various needs, such as purchasing equipment, hiring staff, or expanding your operations.

No credit history? No problem. This program is designed to support newcomer entrepreneurs like you, even if you have little to no credit history in Canada.

The loan terms are straightforward. You will have a set period to repay the loan, making it easier to manage your finances. This program aims to remove barriers and provide the financial support you need to succeed in your new business venture.

1. Gather Required Documentation:

   • Business plan
   • Financial statements
   • Proof of permanent resident status or protected person status
   • Revenue records for the past 12 months

2. Prepare Your Business Plan:

   • Ensure it is detailed and viable
   • Highlight how the loan will help grow your business

3. Complete the Application Form:

   • Fill out all required fields accurately
   • Double-check for any missing information

4. Submit Your Application:

   • Send the completed application form along with the required documentation to BDC

5. Follow Up:

   • Monitor the status of your application
   • Be prepared to provide additional information if requested

6. Review Loan Terms:

   • Understand the interest rates, repayment schedule, and any associated fees
   • Ensure the terms align with your business's financial situation

7. Receive Loan Approval:

   • Upon approval, review the final loan agreement
   • Sign the necessary documents to finalize the loan

8. Loan Disbursement:

   • Once all documents are signed, the loan funds will be disbursed to your business account

9. Implement Your Business Plan:

   • Use the funds as outlined in your business plan
   • Track your progress and ensure timely repayments

By following these steps, you can successfully apply for the program and secure the funding needed to grow your business.