Beyond 'just an idea' - what stops Canadians?

Published: Oct 18, 2010
Last Updated: Jun 8, 2017

An interesting article came out a few days ago, taking a look at the main reasons why many Canadians who might have a great idea for starting their own business, may never take it to the next level by transforming that idea into a business of their own. The reasons are, in short: money, numbers and confidence.

Read the whole article here: For Canadians, Business Ideas are Easy, Finance is Not.

The article points to two particular roadblock that the study found:

  1. Finding the money for start-up costs - (72 per cent of Canadians)
  2. Convincing lenders that they're a good risk - (71 per cent of Canadians)

While both of these are certainly legitimate concerns that one might hold, much of that fear and uncertainty can be overcome with the right information - often available freely on the internet. One of the biggest mistakes that potential business owners make is assuming that there is one way, and one way only of finding that elusive 'start-up' financing: their bank.

Before limiting your options, it's a good idea to check out the site Canada Business - Government Grants and Financing. Here you can easily run through a comprehensive list of financing sources such as grants, loans, loan guarantees, wage subsidies and equity investment options available from the Government of Canada. 

Just to give a quick taste of a few available programs: 

Again - do visit Canada Business and check out their Government Grants and Financing section. It's best to get this information direct from the source - and there might be a program that offers you just what you were looking for.

Between traditional bank financing, government-guaranteed financing, Business Development Bank of Canada, Community Futures British Columbia and all of the grants, loans and programs offered through the Canadian government - you're odds of financing a new business are looking much better!

  

BC Community Futures Program disbursed 644 loans, ($33 million) in 2009
Source:
BC Community Futures 2009 Annual Report 

BDC lent over 4.4 Billion dollars to Canadian business in 2009.
SourceBDC 2010 Annual report

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