On June 30, 2021, the coming into force of legislative changes to the Canada Small Business Financing Program removed the restriction excluding not-for-profit, charitable and religious enterprises as eligible borrowers. Click here for more information.
The Canada Small Business Financing Program makes it easier for small businesses to get loans from financial institutions by sharing the risk with lenders. Loans can be used to finance the following costs:
- purchase or improvement of land or buildings used for commercial purposes
- purchase or improvement of new or used equipment
- purchase of new or existing leasehold improvements, that is, renovations to a leased property by a tenant
Up to a maximum of $1,000,000 for any one borrower, of which no more than $350,000 can be used for purchasing leasehold improvements or improving leased property and purchasing or improving new or used equipment.
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