Starting a business as a new immigrant in Canada



I immigrated to Canada a few years years ago, and I am loving this welcoming country and its friendly people. For a lot of new immigrants, finding a job is one of the biggest challenges, as most companies prefer people with Canada work experience. Starting a business is an alternative, but it is daunting when you are new with limited knowledge of the country, no connections and little capital.


If you are thinking of starting a small business (or buying an existing small business) and need some startup capital, or if you are already in operations and need more capital for growth, Business Development Bank of Canada (BDC) might be a good option to explore. I have worked with a few people in BDC and they have been really helpful and flexible. Below are some of their programs you can consider:


Futurpreneur Canada: Up to $60,000 and a business mentor

Requirements for entrepreneur: aged 18 to 39, has a Canadian citizenship or permanent resident status.

Requirements for business: has been in operations for less than 12 months

Link to application: https://www.bdc.ca/en/financing/partners


Newcomer Entrepreneur loan: $25,000 to $50,000

Requirements for entrepreneur: immigrated to Canada less than 3 years ago, has a permanent resident or protected person status, no credit history required.

Requirements for business: has been in operations for at least 12 months, is generating revenue

Link to application: https://www.bdc.ca/en/i-am/newcomer-entrepreneur/financing-newcomer-entrepreneur-loan-form


Small Business loan: Up to $100,000

Requirements for entrepreneur: has good credit history.

Requirements for business: has been in operations for at least 24 months, is generating revenue.

Link to application: https://www.bdc.ca/en/financing/small-business-loan