Category Archives: Government Loans

6 Tips for Your First Year in Business

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1. Develop a great business plan: A business needs a plan to succeed. You need to work out the crucial elements to your business: finances, marketing, management, and strategy. Getting everything organized before you get your business going can increase your  odds for success.

2. Market your business: Successful business owners use marketing professionals who understand the industry and know which channels will effectively reach their  target audience. You must also  use advertising through online marketing, social media and other digital resources.

3. Know your customers: Your first customers are key to the success of your business. They help legitimize your idea and show a market for your products and services. Getting paid is equally important. Use tools that help you know who your best customers are.  Who pays you on time, and who takes longer will help you grow.

4. Monitor your competition: Every business has competition. Keep a close eye on your competitors to help manage changes in your marketing strategy and pricing structure. Watching what your competitors are doing can help you to be successful. With a full understanding of the other players in a market,  you can stay a step ahead.

5. Supplier relationships: Your vendor relationships are key. Know who gives you the best payment terms, and those with the best service and support. These relationships will help carry you through your first year, and help to inform your spending, on everything from inventory, and equipment, to professional services.

6. Seek professional help: Develop a relationship with a financial professional for advice and strategic insight. Working closely with trusted business advisors throughout the year enables them to better understand your business needs as a whole and get you the best results.

For help with government funding for your business and to achieve your goals please contact the National Business Finance Centre at:

http://nbfcentre.com/contact-us/

Top 4 Start-Up Financing Sources in 2016

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The biggest challenge that any entrepreneur faces today with their start-up is finding a way to bring their ideas to life with cash flow. Any brilliant business venture needs to be backed by enough capital. That funding is used for anything, from paying down expenses, to drive expansion, recruit talent, payoff loans and establish your presence in the market.

Funding is available from different sources, but all of them differ from each other in ways that may meet your needs. Below are the top 4 funding options in 2016 to consider for your start up:

Government Grants and Loans for Small Businesses

Today there are many different small business grants and Loans for your start ups that you can use to drive cash flow. But when it comes to government grants, keep in mind that there are criteria that need to be met and some of the approval processes are particular in nature. Grants can target niche businesses, be location based or product specific.

Available Grants for your startup could include:

-Young Entrepreneurship
-Social and Economic Development
-Process Research and Product Development

NGO Financing

In addition of government grants, there is a large number of non-governmental funding available to entrepreneurs. Some, NGO’s may give you a specific amount of funding needed, will other NGO’s will only finance a percentage of what your business needs.

NGO’s are available at the local, provincial or federal level. The application process is similar to government grants and are available for many different business niches

Crowd Funding

Crowd funding is the newest method to raise capital for your business. If you are unaware of what crowd funding is, it a group contribution from a collection of people not attached to the financial sector.

There are many crowd funding platforms online. It’s a great way that allows you to take pre-orders or receive awards while donating. The negatives of crowd funding is that your idea is available to everyone who can copy and deliver to market faster than you can, the pro is that you can test market validity of your product, during the donation phase.

Private Sector and Personal Assets

The oldest method on the list is to either go to a lender using financial institution or funding the project through your personal assets. Most financial institutions will need to see you have starting capital before they lend you money. You will also need financial forecasts and a positive credit score statement. Further more you can use your assets to get the financing needed by using them as collateral.

Getting a loan against personal assets is a particularly good option for business owners who do not have enough capital to start up their business, further they do not to fill out forms or meet certain criteria’s that other funding options require. The process is usually quick and user friendly.

If any of these funding methods meet your needs, we can help you match up with your funding needs. The National Business Finance Centre can help you make the right choice. Contact us at 1-888-707-3222.

Financial assistance for the Industrial Waste Technology Centre (CTRI)

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New Financial Assistance announced for CTRI, located in Rooyn-Noranda who focuses on technological innovation and development connected with deriving value from industrial waste and agricultural sectors.

During the visit to the organization’s premises, the Parliamentary Secretary to the Minister of Innovation, Science and Economic Development and Minister Responsible for CED, the, announced financial support that will help support the activities of the Industrial Waste Technology Centre.

This financial assistance amount came in over $600,000. It is awarded in the form of a non-repayable contribution under CED’s Quebec Economic Development Program. Created in 2000 by the Cégep of Abitibi-Témiscamingue, the CTRI is a college centre for technology transfer that operates primarily in the innovation sector.

CED is one of the six regional development agencies under the responsibility of the Minister of Innovation, Science and Economic Development.

Quick facts

  • The CTRI has developed expertise in the fields of forestry and agricultural biomass, among others, deriving value from industrial sludges (paper manufacturers and municipalities), energy sources or fuels (pellets), industrial minerals and, most recently, in developing new capabilities in rehabilitating and re-vegetating mine sites and treating contaminated water.
  • The funding awarded will enable the CTRI to support the performance of enterprises through its activities with SMEs in the region. The project’s aim is to purchase, install and start up a waste-washing circuit in the semi-industrial multi-purpose plant already in place.
  • The CTRI provides its clients (private enterprises or community organizations) with the following products and services: applied research activities, technology development, technical support, customized training, and technology diffusion and transfer activities.

Manitoba Government Provides Loan to Support Loewen Windows

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October 19th, 2015 – STEINBACH, MB

A $7-million Government loan will help to create more than 100 jobs at Loewen Windows and support Manitoba’s thriving manufacturing sector, Jobs and the Economy Minister Kevin Chief announced here today.

“As Canada’s largest wood window builders, Loewen Windows has an international reach, but it knows its biggest impact is creating good jobs here in Steinbach,” said Minister Chief. “We want to help and this loan means it can hire more than 100 new people right here in its hometown.”

Loewen Windows is located in Steinbach and employs more than 500 people. The company brings opportunities to the province through its efforts to compete in the North American and global manufacturing markets, the minister noted.

“This funding helps more Manitobans become part of our dedicated, highly trained workforce. It will help us grow our customer base, and deliver the highest quality of products and customer service,” said Al Babiuk, president and chief executive officer, Loewen Windows. “The loan and training assistance combine with the company’s own investment to help achieve our strategic plan.”

In addition to the government business loan, there will also be up to $1,366,000 in training assistance provided to Loewen Windows, Minister Chief said. This assistance will be part of a $6.5-million company investment that will increase the skills of its workers and contribute to strengthening Manitoba’s workforce, he added.

Funding from the Manitoba government will add to the company’s commitment to a five-year strategic plan that involves creating up to 180 jobs. Existing staff will also be trained in areas such as new equipment and technology use, and process and quality improvement.

“More than 500 people already make their living at Loewen Windows and we want to make sure they have the skills they need to stay competitive in one of Canada’s fastest growing economies,” said Minister Chief. “This training investment will help employees continue to produce some of Canada’s best windows while they earn a good living for themselves and their families‎.”