Thriving small businesses have created a culture of hard work, creativity, and innovation in Canada. This has resulted in the development of some incredible start-ups in the country, especially in the province of British Columbia.
Here, some of Vancouver’s best start-ups such as AvenueHQ, Battlefly, Fi.span, Cuboh, NiceJob, Klue, Fresh Prep, Rival Technologies, and have created waves in the industry. Already, the city was known for the birth of tech giants such as Flickr, Slack and Hootsuite.
At SharpShooter funding, we’re especially proud to support start-ups in Canada’s westernmost province because of its business-friendly nature. Over the years, British Columbia has introduced over a hundred tax cuts that have motivated countless businesses to explore opportunities in the region. Small businesses that generate profits of up to $500, 000 can see low federal and provincial tax rates.
What’s more, tech companies and start-ups see generous R&D rebates. Combined with the country’s Start-up Visa Program that’s designed to help people immigrate to Canada by starting a business and creating jobs, or supporting entrepreneurs, British Columbia has become a favourite destination for start-ups.
Another reason that start-ups enjoy doing business in British Columbia is the closeness to Silicon Valley. With the southern part of the San Francisco Bay Area just a few hours away by air, entrepreneurs can easily fly back and forth to develop business.
If you’re a start-up in Vancouver or any other part of Canada, then you can take advantage of our start-up business Funding. Designed by the lending experts at SharpShooter Funding© — this is a great option for business owners with limited financial history who can put up equipment as collateral and need quick access to cash. The funding is provided in as little as 2 weeks with a maximum amount of $150K. The loan terms can be anywhere from 6 months to 4 years at reasonable interest rates of 7.9 to 19.9%.
To qualify for this, your business should be at least 6 months old with a credit score of 766 or higher. Moreover, funders will want to see if you have expertise related to your start-up. You’ll also need to provide some of the following documents.
- Driver’s license
- Credit report
- Bank account information
- Business plan
- Equipment details
The most significant part of this funding is that it’s based on your personal credit score. The better your score, the more perks you will unlock. With our expert guidance, your start-up may also qualify for some of the following options:
#1 Business Credit Cards
A business with less than six months of experience can benefit from a business credit card. While this is not a conventional start-up business loan, it can help you cover big start-up expenses. The processing time for these cards is very fast and there are no limitations on how much or little you need to borrow every month. The cards are offered at a 0% APR but must be paid off each month before the interest rate rises. Only your tax ID or your Social Security number is required.
#2 BDC Loans
The BDC Business Loans Program provides BDC loans to intermediary nonprofit funders that provide loans of up to $100,000 to start-ups and small businesses. These loans are especially helpful for small businesses run by women, veterans, and minorities. The process can take at least a few weeks and many documents are required.
#3 Small Business Grants
There are multiple small business grants available to start-ups in Canada. Some of the best options are from the federal government. However, they can be hard to qualify for unless your start-up is a nonprofit or associated with educational institutions, or local and state governments. While they can be challenging to secure, small business grants are worth applying for if your business qualifies.
There are less conventional options for start-ups that can be just as effective. Neither of the following options requires applications. Instead, they’re based on your creativity and ability to inspire others.
- Many successful start-ups start by securing investments from friends and family. When such businesses succeed, everyone involved profits. However, it’s easy for relationships to be soured. If you’re raising funds through friends and family, then make sure that all terms and conditions are transparently presented to them in writing to avoid complications later.
- Crowdfunding is one of the most popular ways for a start-up to raise revenue and for good reason. In exchange for rewards, future repayment, or equity in the company, start-ups can raise millions of dollars through crowdfunding platforms like Kickstarter or IndieGoGo. The top five Kickstarters such as Pebble Time, Coolest Cooler, Pebble 2, Time 2, Kingdom Death: Monster 1.5, and Pebble E-Paper Watch for iPhone and Android have raised around $70,000,000 between them. To use a crowdfunding platform, you must set up a pitch followed by a goal for the capital you’re trying to raise and then wait to see how much users believe in your campaign. Unlike some other forms of funding, you’re not required to pay interest or give up ownership.
If your Vancouver start-up doesn’t qualify for Start-up Business Funding, then you can still get small business funding in British Columbia by exploring our other options in beautiful towns such as New Westminster, Prince George, Maple Ridge, Chilliwack, Saanich, Langley, Skookumchuck, Osoyoos, Spuzzum, Clo-oose, Salmon Arm, Stoner, Burnaby, Richmond, Coquitlam, Delta, Nanaimo, Abbotsford, Kamloops, Kelowna, Whistler, Victoria, and Surrey.
If your business isn’t interested in such options, then flex funding by SharpShooter Funding© could meet your financing needs if you want to utilize your future sales for upfront working capital today with a simple borrowing and repaying experience. Applications are processed quickly, and you can start receiving your business funding in just a couple of days.
The program offers flexibility. You don’t have to pay a hefty amount if your monthly sales cycle is weak. What’s more, the funding can be tracked easily and is repaid at a fixed cost to avoid unpleasant surprises.
Whether your business needs a quick boost of cash or extensive funding, your start-up has several options with SharpShooter Funding©. Unlike the big banks, we don’t use traditional metrics to approve loans. Rather, we look at your business’s health and potential. Get in touch with us today for more information. You can apply for funding through our website within minutes.
This post was written by sharpshooterseo