(NC) With supply chain issues, inflation and labour shortages, it can be tough running a small business these days. Fortunately, a government program is stepping up to help.
The improved Canada Small Business Financing Program has recently been updated to offer businesses new financing options, including lines of credit and higher loan amounts.
If your company earns less than $10 million in revenue a year, you could qualify for a line of credit of up to $150,000. This money can be used to cover day-to-day operating expenses. This means you can use it for practical things like payroll, rent, website software, inventory and much more.
If you’re looking for a term loan, know that the program’s maximum amount for a borrower is $1 million. Of this, $500,000 can be used for equipment and leasehold improvements, which includes a maximum of $150,000 for intangible assets like good will, and working capital costs such as inventory.
To see if you’re eligible for these new financing options and expanded categories, speak to your lender or find more information at canada.ca/csbfp.