Published On: Friday, 11 March 2016
Updated Small Business Program Improves Access to Financing
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CANADA - Changes to the Canada Small Business Financing Program will make it more appealing to lenders and borrowers and ensure that the program remains an important tool in helping small businesses access financing.
"By providing more flexible loan repayment schedules for small business borrowers, the government is committed to supporting the growth and success of small businesses in Canada," says Bardish Chagger, Minister of Small Business and Tourism. "The changes announced today will help borrowers have access to funds over a longer period of time and achieve greater success, which will benefit the Canadian economy."
Terms for real property loans are being changed to allow small businesses to access up to $1 million over 15 years. This will reduce cash flow pressures on small businesses by not overburdening them with onerous repayment terms.
"On an annual basis, Invest Ottawa engages with more than 5,000 entrepreneurs through one-on-one consultations, workshops and seminars," says Bruce Lazenby, President and CEO, Invest Ottawa. "Financing is always a top priority for them. We are pleased to hear how the Government of Canada is supporting the small business community in Ottawa and across the country."
- The Canada Small Business Financing Program helps fill a gap in the marketplace by assisting small businesses in securing loans from private sector lenders—loans that would not otherwise be available to them.