fbpx

Raising capital for a start up or small business can be tricky, especially in the wake of the COVID-19 pandemic while there is still a level of uncertainty. The pandemic has however led to many government programs offering financial assistance for small businesses to help them survive this difficult time.

Funding for small businesses can come from other sources in addition to the government with many businesses and organizations looking to help out those starting out. If you are a business owner looking to grow your business, gain funds to find affordable office space or buy important equipment, then look no further. Here at Headquarters Office Services, we work with many different types of business looking to rent an office in Coquitlam. To help you out, we have collated a list of different ways to raise capital for your business to get you off to a great start, so keep reading to find out more.

Funding for small businesses can come from other sources in addition to the government

Start-up Accelerators
A great way to find your business and gain expert education and advice is through start up accelerators or incubators. Many successful companies around the world such as the Founder Institute want to invest in small businesses, sharing their expertise and promoting the entrepreneurs of tomorrow. These companies can be found all over the world, including in Canada. You will find a list of Canada’s top 8 biggest start up accelerators here to help you get started.
If you are a tech company, this could be a great option for you as the majority of start up accelerators are within this field. Traditional businesses may struggle to find a start up accelerator but there are plenty more options on our list for you to investigate.

Compete For Funds
One of the more unusual options on our list is the idea of entering a competition to gain funding. This may seem strange at first, until you realise the large amounts of prize money available for businesses. The best prizes often come with additional extras to help your business such as an advisor who will pass on their expert advice.
Some competitions that run in Canada in life the annual Challenge Contest which is sponsored by The Globe, Mail and Telus. This contest can be entered if you are a small business, or a start up company and it has a grand prize of $100,000. What is even better is that this prize money is a grant that doesn’t need to be paid back.
The Big Ideas Lab by the Canadian Youth Foundation also offers funding up to $75,000 CAD for young aspiring business owners, as do many other companies, so keep an eye out for them.
Banks and Financial Institutions

There are many banks across Canada that are willing to loan businesses money for expansion or purchasing new assets. With so many loans on the market, it can be difficult to decide which ones to apply for. When comparing loans look at the length of the loan term, the interest percentage, collateral and how flexible the repayments are. This will help you narrow down your choices. Arranging a meeting with the bank will help you assess whether you will get approved for a bank loan – this will be based on your projected earning, current earnings and credit rating.
Business Development Bank of Canada (BDC)

The Business Development Bank of Canada
is the only Canadian bank that caters solely to business owners and entrepreneurs, and is owned by the government. The bank aims to support business owners and can lend start up loans as well as business loans to help grow a company. Their start up loans can lend as much as $100,000 CAD, which can be transferred to your account in around 48 hours after an online application. Interest rates on these loans are competitive and designed to business owners.
Government Programs And Grants

Their start up loans can lend as much as $100,000 CAD

The Canadian government has a variety of programs designed to kick start small businesses or help them grow when times are tough. Due to the COVID-19 pandemic, there is more support to help businesses during this difficult time. The government website has details on all programs where you can identify which innovation funding program is the best suited to your business. They also have an eligibility criteria which will help you assess if you can access support.
Canada Small Business Financing Program (CSBFP)

This program is state sponsored and successful applicants can receive business loans of up to $350,000 CAD to set up or expand a company. Loans can be used to buy necessary equipment, rent affordable office space, or complete renovations to a property for business needs amongst other investments. As this financing program is funded by the government, it has a large funding pot meaning that it can help many businesses.

Futurpreneur Canada Finances and Mentors Businesses
Futurpreneur Canada is a non-profit organization that invests in the entrepreneurs of the future. If you are between the ages of 18 and 30, then you could receive funding and mentoring support to help guide you through setting up your business. Over the past 20 years, the organization has helped more than 12,000 young businessmen and there is plenty more funding in the pipeline. The Federal Budget in 2019 set aside $38 million CAD for the organisation to be used up until 2024.
Futurpreneur understand that setting up a business can be difficult and therefore set their loans at lower interest rates than many banks. Their lines are collateral free and they finance up to $15,000 CAD for every business. The expert business mentor is there to help you start out, as well as giving you great advice for a two year period that will help you manage your growing company.

Community-based organizations
Many community organizations offer funding options for small business owners or start ups hoping to set up in a particular area, or with CEOs or leaders that belong to certain demographic groups to encourage them to get involved in business. This funding can be used for start-up costs, affordable office space and many other investments. The Canadian Government website has a complete list of community based organizations that offer funding, which you can access here.

Conclusion
As you can see from the details above, there are many different funding options available that both small businesses and start ups can apply for. We hope this helps you on your journey towards growing your business. If you are looking for office space in Coquitlam, or boardroom rental in Coquitlam, we can help you out with this too. Contact us today to find the best work space available to help get your business up and running.