CSBFP Start Up Loans
CSBFP Start Up Loans
At Ashani Capital, we understand the passion and determination that drive aspiring entrepreneurs forward. That’s why we are proud to offer start-up business loans designed to empower you on your path to success.
Why choose Ashani Business Capital
Tailored Solutions
At Ashani Business Capital, our in-house CPAs craft business plans that have a proven track record of significantly enhancing approval ratings. Our team ensures that each business plan is tailored to reflect the financial health and potential of our clients’ ventures.
Long-Term Partnership
Beyond providing financing, we aim to establish a long-term partnership with our clients. As your business grows and evolves, we will support you with additional business loans for start-up options, resources, and guidance to help you achieve your goals.
Guidance from Specialists
Trust our team of experts to provide comprehensive guidance throughout your loan application journey. Whether it’s unravelling your financing options or handling paperwork intricacies, rest assured we will offer a smooth and transparent process.
Commitment to Success
Your success drives our mission at Ashani Business Capital. We are fully dedicated to empowering entrepreneurs like yourself with the essential financial tools and resources required to excel amidst the complexities of today’s competitive market.
Flexible loan options
With flexible repayment terms and competitive interest rates, you can focus on growing your business without worrying about financial constraints.
Entrepreneur-friendly policy
We understand that startups may not have a long credit history or substantial assets to offer as collateral. Thus, we evaluate loan applications based on factors such as business potential, market viability, and entrepreneurial spirit.
What is the Canada Small Business Financing Program?
The CSBFP, a federal initiative, collaborates with financial institutions like banks and credit unions to mitigate lending risks for small businesses across Canada.
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How much can I borrow?
- The Canada Small Business Financing Program (CSBFP) offers small business owners access to loans to support various aspects of their business operations. Under this program, borrowers can apply for loans up to a maximum amount of $1.15 million.
- For term loans, the maximum amount available to any single borrower is $1,000,000. Within this limit, borrowers can allocate funds for different purposes. Specifically, up to $500,000 of the term loan can be utilized for purchasing leasehold improvements, improving leased property, and acquiring or enhancing new or used equipment. Within this $500,000 limit, a maximum of $150,000 can be designated for intangible assets and working capital costs. This flexibility allows borrowers to invest in tangible assets necessary for business operations while also allocating funds for intangible assets such as intellectual property or for covering day-to-day operational expenses.
The prime objective of the CSBFP program is to help businesses get start-up loans easily from financial institutions through the Ashani network. Over the past ten years, small businesses have received over 53,000 CSBFP loans, totalling $10 billion dollars. These start-up business loans in Toronto mainly support two kinds of borrowing: term loans and lines of credit.
What is the process to get loans under the CSBFP program?
- Eligibility Check: The first step is to ensure that your business meets the eligibility criteria set by the CSBFP. Generally, businesses must be for-profit, operating in Canada, and have annual gross revenues of $10 million or less.
- Select a Participating Lender: Once eligibility is confirmed, you’ll need to choose a participating lender. These include banks, credit unions, and other financial institutions that partner with the CSBFP.
- Loan Application: We facilitate your application with the chosen lender to start the loan application process. You will need to provide detailed information about your business, including financial statements, business plans, and projections.
- CSBFP Registration: If your loan application is approved by the lender, they will register it with the CSBFP.
- CSBFP Guarantee: Once the loan is registered with the CSBFP, the government provides a guarantee to the lender for a portion of the loan amount.
- Loan Disbursement: After the CSBFP guarantee is in place, the lender will disburse the loan funds to your business.
- Loan Repayment: As with any business loan for start-ups, you are responsible for repaying the borrowed amount plus any accrued interest according to the terms of the loan agreement.
What is the process to get loans under the CSBFP program?
As with any business loan for start-ups, you are responsible for repaying the borrowed amount plus any accrued interest according to the terms of the loan agreement.
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Frequently Asked Questions
- With floating rates, your interest rate can change over time and is capped at the lender's prime lending rate plus 3%.
- For fixed rates, your interest remains steady throughout the loan term, with the maximum chargeable rate set at the lender's single-family residential mortgage rate plus 3%.
- Construction companies may utilize a CSBFP loan to acquire equipment and resources necessary for their operations.
- Hotels could apply for a CSBFP loan to facilitate the purchase of commercial real estate, aiding in their expansion or renovation efforts.
- Retail establishments may opt for a CSBFP loan to fund improvements to leased properties, enhancing the overall shopping experience for customers.
- Technology startups could benefit from a CSBFP loan to invest in essential software solutions, supporting their innovation and growth initiatives.
- Franchise owners looking to establish or expand their operations could access a CSBFP loan to cover various expenses associated with purchasing and launching a franchise location.