Canada announces improved access to financing for Canadian small businesses

logo ypswaJanuary 22, 2015  – Prime Minister Stephen Harper today announced the Government’s intent to make changes to the Canada Small Business Financing Program, which will allow more small businesses to apply and will make larger loans available for small businesses to purchase or improve their land or buildings.

These measures will enhance the ability of small businesses across Canada to grow their businesses and create jobs. The Prime Minister Harper made the announcement at Framecraft Ltd. He was joined by Rick Dykstra, Member of Parliament for St. Catharines, and Dean Allison, Member of Parliament for Niagara West-Glanbrook.

The changes to the program will make loans available to more firms by increasing the revenue threshold under which a small business can apply for the program, and will support business start-up and growth by increasing the maximum loan amount and the maximum term length for loans financing the purchase or improvement of land and buildings.

This is one of several measures that our Government is taking to help small businesses across the country grow and prosper. Other recent examples include introducing the New Small Business Job Credit in 2014 which will lower small businesses’ Employment Insurance premiums; launching the Business Innovation Access Program in 2014 to help small- and medium-sized businesses access the business and technical services they need to get innovative products and services to market faster; and concluding negotiations on both the Canada-European Union Trade Agreement and the Canada-Korea Free Trade Agreement which will generate billions of dollars in additional opportunities for Canadian exporters and job creators.

Our Government has also taken action to cut red tape. Since it came into effect in 2012, the Red Tape Reduction Action Plan has provided a successful, system-wide control on the growth of regulatory red tape impacting business. To date, the Plan’s One-for-One Rule has resulted in over $22 million less in net administrative burden annually and businesses spend 290,000 fewer hours yearly dealing with regulatory red tape. Under the Plan’s Small Business Lens, Canada has also helped save an estimated $75 million annually in administrative and compliance costs for over 5,000 small businesses.

Improvements announced today were informed by consultations with small businesses and would be implemented once the supporting legislation and regulations are passed.

The Canada Small Business Financing Program helps new businesses get started and helps established firms make improvements and expand; improves access to loans that would not otherwise be available to small businesses; and stimulates economic growth and creates jobs for Canadians.

Since 2006, the Small Business Financing Program has provided over 50,000 loans to small businesses. While Industry Canada administers the program, private sector financial institutions are responsible for all credit decisions and the funds loaned are those of the lenders.

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