The Federal and Provincial governments have a variety of programs, supposedly designed to support small business. About eight years ago when I went to see my banker about the Canada Small Business Financing Program, before purchasing a practice I was convinced not to bother with this program. They were really more interested in conventional financing. Fast forward to the midst of the pandemic and my new bank actually approached me the Federal Government’s loan guarantee program for COVID 19. There are probably 3 factors here:
- my wife and I have significant assets under management with them
- the Canada Emergency Business Account is an attempt by the Federal Government to shovel money off the back of the truck as quickly as they can to keep the economy moving
- my new bank is a little more forward-looking
The point is – if you can’t get financing for a new (very) small business with a bank – AND – you’re not trying to knock one out of the park with a growth business…
war stories 