“Sometimes a dream needs a little help”

When starting a business, you have to consider the financial needs from startup to ongoing daily needs, to expansion or diversification to getting through difficult economic periods.

Many small businesses do not anticipate their financial needs until they are faced with an urgent problem or they are overly optimistic when preparing their projections. It is important to be conservative and realistic.

There are numerous methods of financing your business. They may include a short term demand loan, an operating line of credit, bridge or interim loan, conditional sales purchases, floor financing, leasing, accounts receivable financing or personal loan.

Chartered banks are a common source for financing for small business, however, because all levels of government are aware of the vital importance of small and medium sized business to the economic well-being of Canada, financial assistance is available through various government agencies.

The government of Canada has set up some programs which will assist small businesses in obtaining financing. Industry Canada’s Sources of Financing website is designed to increase small and medium-sized business’ awareness of the financial options available to them with a tool to finding appropriate financing from a broad range of Canadian sources of capital. The website address is:

Find government grants, loans and financing

One of your choices is FedNor / Industry Canada through the Community Futures Development Corporations which provide loans, loan guarantees and equity investments at competitive rates to new or existing businesses that have viable business plans, demonstrate personal commitment, will help maintain or create jobs and cannot obtain sufficient financing from other sources. All CFDC financing decisions are made by the local CFDC board of directors, placing economic development decision making at the community level. The Parry Sound Area Community Business & Development Centre Inc. is your local CFDC. We can be reached at 746-4455 or 1-888-746-4455.

Another choice is the Business Development Bank of Canada; a federal Crown corporation set up to help create and sustain Canadian small and medium sized businesses by offering a variety of specialized financing programs. Contact them at:

Business Development Bank of Canada
222 McIntyre Street W.,
North Bay, ON P1B 2Y8

Telephone: 1-800-463-6232, 1-705-495-5700
Fax: 1-877-329-9232
Business Development Bank of Canada