Considering starting a new business or expanding an existing one? The Assiniboine Credit Union Business Financial Centre (BFC) is here to help. Here are a few options to consider when deciding how to finance the endeavor.
Here are a few options that are available:
- The Manitoba Business Start Program, available through the BFC, provides government-guaranteed loans to new owner-managed businesses through participating financial institutions. The five-year term loan is a maximum $30,000 with an interest rate of prime plus one percent, and a one-year deferral of principal repayment. Loan proceeds can provide funds for business registration or incorporation costs, equipment and inventory purchases, promotional costs and working capital needs.
- The World Trade Centre of Winnipeg provides assistance to business owners through their Business InfoCentre (BIC). It offers a variety of resources for anyone trying to navigate their way through the process of starting or expanding a business. It can provide you with guidance on business planning, grants and financial assistance programs, and can help answer all your questions about registrations, taxes, permits and licenses. The BIC can also provide personalized research, and offers a variety of free business seminars and training workshops throughout the year.
- Futurpreneur Canada supports young entrepreneurs between the ages of 18-39 with up to $45,000 in financing, an expert business mentor for up to two years, and resources to help plan, manage and grow your business. Mentors provide business advice, as well as support and encouragement, to help young entrepreneurs remain focused on what is important for the success of their business.
- The Louis Riel Capital Corporation (LRCC) is a Manitoba Métis-owned lending institution created to finance the start-up, acquisition and/or expansion of viable Métis and Non-Status Individual controlled small businesses. Among other things, it provides: business term loans, business plan development, analysis of business performance, business advisory services, and assistance in understanding financing options. LRCC offers up to $99,999 in non-repayable funds (forgivable loan) to qualified applicants. The majority of financial institutions view this amount as equity invested in the business which may substantially reduce the owner investment requirement.