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