Other Financing Programs
The Canada Small Business Financing Program seeks to increase the availability of loans for establishing, expanding, modernizing and improving small businesses. It does this by encouraging financial institutions to make their financing available to small businesses. Under the Program, a small business must apply for a loan at a financial institution (bank, credit union or caisse populaire) of its choice.
The Business Development Bank of Canada (BDC) helps create and develop Canadian businesses through financing, venture capital and consulting services, with a focus on small and medium-sized enterprises (SMEs). The BDC does this through:
- Financing: long-term loans for projects and working capital
- Subordinate financing: hybrid debt and equity financing
- Venture capital: direct and indirect investments in high technology companies
- Consulting services: tailored, quality consulting services at a price businesses can afford
The Southern Ontario Fund for Investment in Innovation (SOFII) is a program designed to promote growth among small and medium-sized businesses by providing them with the funds they need to develop and innovate products and services, create jobs, and make a positive economic impact on their surrounding communities.
In order to help businesses accomplish these objectives, SOFII provides support to business owners by offering them a stable source of capital. These funds for business owners in Southwestern Ontario come from the Federal Economic Development Agency. This organization invested in SOFII as a result of the Prosperity Initiative.
Many businesses and business owners throughout the region struggle to obtain traditional forms of funding to further the growth of their business. However, the SOFII program makes financial aid possible when other forms of funding are unavailable. Business owners who are interested in obtaining a loan through the SOFII program should contact the WOCFDCA office: http://www.wocfdca.ca/en/funds/sofii/