Financial Assistance

Are there grants available for starting a business?

While there has been a great reduction in the number of grants available to general business start-up over the past several years, there are some monies available. Most of the existing programs are targeted strictly to specific industries, geographical areas or particular groups of entrepreneurs (minority groups, youth, employment insurance recipients, etc.) To search the database of government programs available in Ontario, click here.

Where can I get a loan for my business?

In the early stages, the most important financial sources will probably be you, friends, relatives and financial institutions. The most common source of financing for small businesses is the chartered bank. Banks can provide a number of financing options, such as short-term loans, long-term mortgage loans and, in some cases, loans against inventory or accounts receivable. Other important sources of financing in this category include trust companies and credit unions. For very small firms and home-based businesses, credit cards and lines of credit often provide a ready means of obtaining small-scale debt capital. While convenient, they bear relatively high rates of interest and limit the amount of capital available. Each situation is different, and it is critical that a good business plan be developed to determine the overall needs of the business.

Business Loans

The Community Futures Development Corporation can also provide assistance in a number of ways. Click to learn more about what they offer, please visit their website.

Business Taxes

If you are already registered for GST, no further registration is required. Your first HST return is due at the same time that your old GST return would have been due. HST will save businesses over $500 million a year in administrative and compliance costs alone.

Harmonized Sales Tax

The 13% HST came into effect on July 1, 2010 in Ontario. What is HST?

Is it mandatory to register for a HST number?

If your taxable sales are more than $30,000 and they are not exempt from HST, you must register. If your sales are less than $30,000, you have the option of registering. Registering is generally a good idea since you can then claim input tax credits in respect of your expenses.

Grant Programs

Interested in learning more about grant programs for small businesses in Cornwall, SD&G and Akwesasne?

Click here for more details on the Starter Company PLUS and Summer Company programs.