News Release Article from  Innovation, Science and Economic Development Canada

Canada Small Business Financing Program Improves Access to Financing

March 10, 2016 – Ottawa – Innovation, Science and Economic Development Canada

Important changes to the Canada Small Business Financing Program will make it more appealing to lenders and borrowers and ensure that the program remains an important tool in helping small businesses access financing.

Terms for real property loans are being changed to allow small businesses to access up to $1 million over 15 years. This will reduce cash flow pressures on small businesses by not overburdening them with onerous repayment terms.

Quotes

"By providing more flexible loan repayment schedules for small business borrowers, the government is committed to supporting the growth and success of small businesses in Canada. The changes announced today will help borrowers have access to funds over a longer period of time and achieve greater success, which will benefit the Canadian economy."

– The Honourable Bardish Chagger, Minister of Small Business and Tourism

"On an annual basis, Invest Ottawa engages with more than 5,000 entrepreneurs through one-on-one consultations, workshops and seminars. Financing is always a top priority for them. We are pleased to hear how the Government of Canada is supporting the small business community in Ottawa and across the country."

– Bruce Lazenby, President and CEO, Invest Ottawa

Quick facts

  • Over the past 10 years, the Canada Small Business Financing Program, on average, has helped entrepreneurs access more than $900 million in financing annually.
  • The Canada Small Business Financing Program helps fill a gap in the marketplace by assisting small businesses in securing loans from private sector lenders—loans that would not otherwise be available to them.
  • Small and medium-sized enterprises are key drivers of economic growth, and their success is crucial to Canada's long-term prosperity.
  • The Government of Canada is committed to helping small businesses grow through trade, innovation and skills training, as well as by reducing the federal small business tax rate.

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Contacts

James Fitz-Morris
Director of Communications
Office of the Minister of Small Business and Tourism
343-291-2700

Media Relations
Innovation, Science and
Economic Development Canada
343-291-1777
ic.mediarelations-mediasrelations.ic@canada.ca


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