Revving Up Ontario’s Small Business Engine: Resources to Drive Your Success
By Alterna Team
October 02, 2023

Did you know that nearly 98% of all Canadian businesses fall into the small business category? These entrepreneurial powerhouses are the unsung heroes of the Canadian economy, driving innovation, creating jobs, and fostering economic growth.

But here’s a reality check: while over 100,000 new small businesses rev their engines each year, the journey isn’t always smooth. After 5 years of operation, the reality is only 50% of those small businesses will still be revving their engines. So, what separates the road warriors from the roadkill? What resources are available to avoid a crash on the entrepreneurial highway? There’s a wealth of support ready to help fuel your success story. Here are a few examples:

  1. Small Business Enterprise Centres (SBECs): Your Pit Crew for Success
    With locations sprinkled across Ontario, offering free, one-on-one business consultations, workshops, and resources to help entrepreneurs like you not just start but conquer, manage, and grow your business. They’re your GPS throughout the labyrinth of business planning, your headlights cutting through market research fog, and your turbocharger for accessing financing.
  1. Canada Business Network (CBN): The Navigator of Business Success
    CBN is your trusty GPS that provides invaluable information and guidance. Whether you’re in need of business planning templates, craving regulatory insights, or searching for market research data, CBN has your back. With this government resource, you’ll have access to an arsenal of tools and resources to steer your business in the right direction.
  1. Futurpreneur Canada: Accelerate Your Dreams
    If you’re a young entrepreneur between the ages of 18-39 with dreams of hitting the entrepreneur autobahn, Futurpreneur is your turbo boost. They offer financing, mentoring, and unwavering support.  With loans of up to $60,000 for eligible entrepreneurs, along with the wisdom of experienced mentors who’ve navigated the winding roads of entrepreneurship before you.
  1. Your Alterna Business Banking Specialist: Customized Support for the Long Haul
    Imagine having a personal pit stop at every twist and turn in your entrepreneurial journey. Alterna’s Business Banking Specialists are your trusted pit stop crew. We’ll help you set up your business banking products, from chequing & savings accounts to business loans and lines of credit.  But that’s not all; Alterna also has a Microfinance department that empowers underserved communities. They provide financing options, mentorship, and support to help you tackle the toughest hills.

Starting your business is like embarking on a thrilling road trip.  It’s essential to do your research, plan meticulously, and seek advice from industry experts. These resources, coupled with potential consultations with a lawyer and accountant, will help you navigate the regulatory twists and turns, overcome obstacles, and seize the opportunities that come with entrepreneurship. So, fasten your seatbelts and get ready for an exhilarating ride to success.

Your journey begins now with Alterna Business Banking at your side.

*Alterna Savings & Credit Union Limited operates as Alterna Savings. Alterna Savings is a credit union operating in Ontario. For information on deposit insurance, please ask for a brochure at the credit union or visit the FSRA’s website at