An Overview of Federal Small Business Programs. March 15, 2010 Anne Pigeon Senior Policy Advisor Small Business and Tourism Branch Industry Canada

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1 An Overview of Federal Small Business Programs March 15, 2010 Anne Pigeon Senior Policy Advisor Small Business and Tourism Branch Industry Canada

2 Canada Small Business Financing Program The Canada Small Business Financing Act (CSBFA or the Act) took effect in 1999, enabling Industry Canada and commercial lenders to share the risk of providing term loans to small businesses. About 9,000 loans worth $1 billion annually Industry Canada administers the CSBF Program, registers loans, collects fees and pays lenders eligible portions of losses on defaulted loans however the Department is not involved in assessing individual loan applications. 1

3 CSBF Program - Eligibility criteria Small businesses operating for profit in Canada with gross annual revenues of $5,000,000 or less Farming businesses, not-for-profit groups, charitable and religious organizations are not eligible. Agricultural businesses may be eligible for the Canadian Agricultural Loans Act (CALA) Program (see 2

4 CSBF Program - Financing Maximum loan amount is: $350,000 for leasehold improvements or equipment purchase $500,000 for real estate purchase or improvement 90% of the cost of the purchase or improvement can be financed through the program 3

5 CSBF Program - Examples of eligible expenses Loan can be used to finance: buildings and land commercial vehicles hotel or restaurant equipment computer or telecommunications equipment and software production equipment Loan cannot be used to finance: working capital inventories franchise fees research and development 4

6 CSBF Program - Application Procedure Loan applications are made through banks, credit unions and other financial institutions The lending decision is made by the financial institution Industry Canada does not get involved in the decision-making process of financial institutions and does not accept loan applications 5

7 CSBF Program - Costs Interest rate: Set by the financial institution but with limits: Variable rate: The maximum chargeable is the lender s prime lending rate plus 3% Fixed rate: The maximum chargeable is the lender s single family residential mortgage rate plus 3%. Registration fee: 2% of the amount of the loan can be financed as part of the loan 6

8 CSBF Program - Terms Lenders are required to take security in the assets financed. Lenders also have the option to take an additional unsecured personal guarantee, which cannot exceed 25% of the total amount loaned. 7

9 CSBF Program - Contact information Small Business Financing Program Directorate Industry Canada C.D. Howe Building 235 Queen Street, 5 West Ottawa, Ontario K1A 0H5 Canada Telephone: (toll-free) Fax: Website: ic.gc.ca/csbfa 8

10 Business Development Bank of Canada (BDC) Created in 1995, the BDC s mandate is to offer financing, consulting services and venture capital to small and medium-sized enterprises across Canada, with a special focus in sectors such as manufacturing, exporting, innovation and knowledge-based industries. The value of loans issued in 2008 reached $2.8B across Canada. 9

11 BDC - Financing Secured and unsecured term loans Fixed and variable interest rates Available for the following: commercial real estate purchase new and used equipment and machinery purchase working capital start-up financing business succession market expansion (domestic and international) projects without tangible assets Aboriginal lending 10

12 BDC - Financing Operating line of credit guarantee for lines of credit between $400K and $40M BDC guarantees 100% of the increase for a 12-month period (renewable) Eligibility criteria: business is commercially viable currently has an operating line of credit secured by shortterm assets (eg. acounts receivable, inventory) financial institution assess the eligibility criteria Application is made by the financial institution to the BDC 11

13 BDC - Consulting Aim to to improve the skills of their clients and increase the competitiveness of their businesses Some examples: business and financial planning globalization ISO 9000/14000 transition planning R&D human resource management 12

14 BDC Subordinate & VC financing Subordinate financing: mix of debt and equity financing typically for fast-growing businesses can be used for buyouts, working capital or the financing of intangible assets Venture capital focus on the following sectors: life sciences ICTs Energy Environment Electronics and materials 13

15 BDC Contact information Nunavut is served through the NWT office th Street Yellowknife, Northwest Territories X1A 1P3 Phone: Fax: bdc.ca BDC-BANX ( ) 14

16 Canadian Youth Business Foundation (CYBF) The CYBF is a national charity that helps young entrepreneurs between the ages of start their own business. It provides: pre-launch coaching start-up financing mentoring 15

17 CYBF Who is eligible? Individuals who: are between 18 and 34 are eligible to work in Canada have produced a viable business plan demonstrate a commitment to start or expand their business (full-time students are not eligible) agree to work with a mentor for a minimum of 2 years. 16

18 CYBF Financing Up to $15,000 in start-up financing low interest rate flexible 3 to 5 year repayment schedule Repayment schedule: Year 1: interest only at prime + 2% Year 2: interest at prime + 1% + principal Year 3-5: interest at prime + remainder of principal 17

19 CYBF Financing The BDC will also provide up to an additional $15,000 requires a minimum investment of 10% of the total value of the project from the entrepreneur, including the transfer of personal assets borrower must meet the BDC s eligibility criteria Repayment: BDC loan matches the amortization period of the CYBF loan Only one application file required (with CYBF) 18

20 CYBF - Mentoring Young entrepreneurs must agree to work with a mentor for a minimum of 2 years CYBF recruits, trains and matches the mentors Mentor and mentee must file separate quarterly updates ot the CYBF for the 2- year period 19

21 CYBF Other information CYBF s Online Business Centre: Interactive Business Planner financial advice guidance for mentors links to other information For more information: cybf.ca

22 BizPaL BizPaL is an online service that benefits Canadian businesses by helping them identify which permits and licences they require and how to obtain them: Entrepreneurs simply answer a series of questions on the type of business they want to start or expand and the activities they plan to undertake. BizPaL then automatically generates a list of all required permits and licences from all levels of government, along with basic information on each, and links to government sites where the entrepreneur can learn more and, in some cases, apply online. 21

23 Before and After BizPaL SCENARIO: An entrepreneur is thinking of opening a restaurant and wants to find out what government permits and licences are required. BEFORE Several hours are spent visiting federal, provincial/territorial, and municipal government websites to find information Telephone calls or visits are required to complete and confirm the list of requirements Ongoing risk of missing something or of getting conflicting advice from different government offices AFTER All levels of government and all channels direct clients to the BizPaL service The client spends 10 minutes answering a series of diagnostic questions. The client is then presented with a comprehensive and customized list of exactly the permits and licences that they require from all levels of government and links and contact info to allow them to proceed with applications. 22

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