Many small businesses have felt extra financial pressure in the past two years, and new companies have also faced their share of challenges.

We value the entrepreneurial spirit and understand the unique challenges that face small business owners. Whether you are a start-up, if your business is expanding, or you need credit to cover cash shortages, we have options to help.

Access to credit

We want to do whatever we can to help you reach your business goals, and we offer a variety of credit options aimed at helping you get there, regardless of your situation.

• Business Overdraft Protection - Similar to standard personal overdraft, this type of overdraft, and the approval is based on, is linked to your business account.
• Business Lines of Credit - A business line of credit (BLoC) is essentially an extension of your business chequing account. The money is there when you need it, and there are very flexible terms for paying it back as long as you meet the minimum monthly payment.
• Business Visa Credit Card - This credit card is issued in the name of your business. If your company is incorporated, this card will be issued in the company's name. If you are a sole proprietor, the card will have your company's name on it, but qualifying for the card will require your personal credit score and financial eligibility.
• Standby Letter of Credit - If you are making a payment to another company or organization but do not currently have the funds available, a standby letter of credit is issued by your financial institution to the 3rd party and essentially guarantees the payment. It is a legal document that says the financial institution is vouching for you, and even if you cannot pay, the financial institution will still follow through and cover what is owed.

Government resources

The Canadian Small Business Financing Program encourages financial institutions to lend entrepreneurs money by sharing the risk. To be eligible, your revenue must be less than $10 million, and the loan must be used for building improvements, capital equipment, or updating technology. With up to $1M available to borrow, the money could go a long way to getting your small business off the ground.

Increase advertising

If you’re already using social media to promote your business, great but, if you’re not, now is the time to use it to your advantage. Promoting yourself on social media is free and keeps you top of mind if someone is looking for what your business offers.

You don’t need to be a social media specialist. Look up ‘best practices’ on the internet for some common dos and don’ts and start posting to your social media channels. You’ll be surprised how effective an advertising tool it will be.

Crowd source

If you have a great business idea that you’re trying to get off the ground, consider crowd sourcing. Many businesses, just like yours, use Kickstarter, or similar websites that give people interested in your business an opportunity to contribute to your success.

Find an angel

Angel investors and venture capitalists (think Shark Tank) invest in businesses they believe have significant opportunities for growth. While crowdsourcing is a way for people to support your business without any expectations, investors will expect a return with very clear terms. In exchange for money to help you grow, they will receive part ownership or shares in your company. It's not for everyone, but if you are looking for capital to help you grow, this is one option to consider.

Running a small business is not for the faint of heart. It takes a lot of work, intense planning and reliable financial support to be successful. We need entrepreneurs like you to keep Canada running.

Reach out today to see how we can help support you on your journey to success.

Updated: February 2023