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Financing

The Truth About Grants

The number one question for any new aspiring entrepreneur is "Where can I get a grant?" The truth is that there are not a lot of grants out there and they are generally for a specific business focus or industry. So if you are depending on getting a grant to fund your business, you may want to reconsider and look at the different financing options available.

Financing Options

Finances for you business may come from a number of different sources.
A few may include:

1. Your own personal sources
2. Family
3. Friends
4. Chartered banks
5. Credit unions
6. Community Futures Development Corporations
7. Your vendors
8. Credit financing companies
9. Leasing Agencies
10. Women's organizations
11. Agriculture lending organizations

The first thing that potential business owners think of when trying to borrow money is to go to the bank. Generally most small business owners will find it difficult to get financing from a bank when starting a new business. The bank will only work for you if you have cash, and collateral to back up your loan. Most new business owners find themselves turning to other organizations for their start up financing.

Where To Go When The Bankers Say No

Community Futures Development Corporations

Community Futures Development Corporations are located all over rural Alberta in small cities, towns and villages. They generally lend up to $125,000 with the requirements of security for the loan, a full business plan and loan application.

Community Futures may also have other services such as small business training, business libraries and databases, consulting services and much more.

This website will assist you in finding a Community Futures office in your area.

www.communityfutures.ca

Alberta Women Entrepreneurs

Fuelling the entrepreneurial spirit of Alberta's women business owners is the Alberta Women's Entrepreneurs (AWE). Our interactive events and workshops, business advising and loans are designed to help you take action to grow your business.

New business owners to experienced entrepreneurs can benefit from AWE's services, resources and connections. Thank you to Western Economic Diversification, a department of the federal government, and corporate sponsors for their ongoing support of AWE and women entrepreneurs.

Toll-free: 1-800-713-3558
Web site: www.awebusiness.com

Business Development Bank of Canada (BDC)
The Business Development Bank of Canada provides small and medium-sized businesses with flexible financing, affordable consulting services and venture capital.

Toll-free: 1-800-361-2126
Web site: www.bdc.ca

Agriculture Financial Services Corporation (AFSC)

Agriculture Financial Services Corporation offers small business loans, farm loans and crop insurance programs.

Toll-free: 1-800-396-0215
Web site: www.afsc.ca

AVAC Ltd.

AVAC offers financing and consulting solutions value-added activities and business in the agriculture industry

Phone: (403) 274-2774
Website: www.avacltd.com

Canadian Youth Business Foundation

The Canadian Youth Business Foundation (CYBF) enables young entrepreneurs to pursue their aspirations of building successful enterprises by providing loans and business assistance.

Phone: (403) 265-3228
Web site: www.cybf.ca

Strategis Sources of Financing
Web sIte: www.strategis.ic.gc.ca/sources