Resources for Small Start Up Business - Sophie Chatel Sophie Chatel

Resources and Programs Support for SMEs

Information on Federal and Provincial Funding Opportunities to Help a Small Start Up Business

Federal Resources

Canada Economic Development for Quebec Regions (CED)

Canada Economic Development for Quebec Regions (CED) plays an important role in supporting economic growth and diversification in Quebec’s regions. It offers several key programs aimed at helping local businesses thrive:

Quebec Economic Development Program (QEDP), Diversify your Economy component

Promotes economic diversification and development within Quebec’s regions. It supports projects in tourism, local economic activity, and the acquisition of collective infrastructure. Eligible local businesses can receive financial assistance to promote regional development and create sustainable economic opportunities.

Regional Economic Growth through Innovation (REGI)

Focuses on fostering business innovation and increasing productivity.

Business scale-up and productivity stream

Provides financial support to businesses at various stages of development. It helps fund the acquisition of production equipment, advanced machinery, and digital infrastructure, allowing companies to innovate and grow while staying competitive.

Community Futures Program (CFP)

CED provides financial assistance to organizations, such as the Réseau des SADC et CAE, to help local communities and businesses reach their full economic potential. Through the CFP, small businesses and entrepreneurs can access resources, financing, and support for their start-up or expansion efforts.

For more information, businesses can contact CED or their local SADC office for guidance and access to these programs.

Business Development Bank of Canada (BDC)

The Business Development Bank of Canada helps Canadian small and medium-sized businesses with financing, venture capital, and advisory services. Key offerings include:

Start-up Financing

Provides up to $250,000 in funding along with expert advice to help businesses grow. To qualify, businesses must have been operating for at least 12 consecutive months and generating revenue. This loan supports business expansion and operational improvements.

Small Business Loan

Tailored to businesses that have been operational for at least two years and generating consistent revenue, this loan helps fund business expansion and the acquisition of equipment or services to fuel growth.

Working Capital Loan

Helps businesses fund ambitious projects without jeopardizing their cash flow. It offers flexible terms to ensure that businesses can pursue growth opportunities while maintaining financial stability.

Equipment Loan

Provide financing options to help businesses purchase necessary equipment or upgrade their technology infrastructure. This is vital for companies looking to scale operations or modernize their processes.

Technology Equipment Loan:

For more information about these programs, businesses can contact the BDC using the contact forms or by calling 1-877-232-2269.

Futurpreneur Canada

Futurpreneur Canada, in collaboration with BDC, offers specialized support for young entrepreneurs aged 18 to 39. Futurpreneur Canada is an ideal resource for those who are just starting or looking to scale their operations early on. Their offerings include:

Mentorship

Futurpreneur’s experts help entrepreneurs navigate business challenges, develop management skills, and refine their business strategies.

Start-up Support

Provides up to two years of mentoring alongside financing to guide young entrepreneurs through the complexities of starting and growing a business.

Innovation, Science and Economic Development Canada (ISED)

Innovation, Science and Economic Development Canada (ISED) offers a range of programs designed to foster growth and innovation among small businesses:

The Canada Small Business Financing Program

Helps small businesses secure loans from financial institutions by sharing the risks.

Interactive map

Businesses can access the interactive map provided by ISED to identify lenders that participate in the program and learn about eligibility requirements.

Business Benefits Finder

Generates a personalized list of grants, loans, and funding programs from both federal and provincial governments, helping businesses easily identify financial assistance opportunities.

Women Entrepreneurship Loan Fund

Managed by Evol and the Réseau des Femmes d'affaires du Québec RFAQ, this fund offers tailored financial support and advisory services to female entrepreneurs in Quebec.

Canada Summer Jobs Program

The Canada Summer Jobs Program provides wage subsidies to encourage employers to create quality summer jobs for young people aged 15 to 30. This program is ideal for small businesses looking to support youth employment while benefiting from wage subsidies. While the application window for 2024 has closed, businesses can monitor this program for future opportunities to apply and receive support for seasonal hiring.

Additional Government Support for Small Businesses

Canada Carbon Rebate

We are delivering $2.5 billion to about 600,000 Canadian businesses by the end of this year. A portion of the price on pollution proceeds from 2019-20 through 2023-24 will be returned to around 600,000 small and medium-sized corporations with 1 to 499 employees through this new refundable tax credit.

Corporations that filed their tax return for 2023 by July 15, 2024, will receive their Canada Carbon Rebate for Small Businesses by the end of this year. The government is also extending the tax filing deadline to December 31, 2024.

Proceeds from the price on pollution from this year and future years will be returned to small businesses in a similar manner each year.

Credit Card Fees

Our government has negotiated with Visa and Mastercard to lower credit card interchange fees by up to 27%, benefiting over 90% of SMEs. This will take effect on October 19, 2024.

These fee reductions are expected to save eligible SMEs around $1 billion over five years.

We expect all members of the credit card industry, including payment processors, to pass these savings on directly to small businesses.

For example, a store processing $300,000 in credit card payments currently pays nearly $4,000 in annual fees. With the new agreements, the store could save $1,080 in fees every year.

Code of Conduct for the Payment Card Industry:

Our government announced a revised Code of Conduct for the Payment Card Industry to protect over 1 million businesses that accept credit and debit card payments.

Starting October 30, 2024, the revised Code will help businesses compare prices and offers from different payment processors and shorten the complaint handling response time by nearly 80%, to just 20 business days.

The revised Code also increases transparency and disclosure by requiring payment processors to notify eligible businesses if network fee reductions will not be passed on in full.

All major payment card network operators in Canada have agreed to the terms of the revised Code.