Canada small business program aims to improve access to financing

Ottawa – Changes to the Canada Small Business Financing Program are intended to make it more appealing to lenders and borrowers and help give small businesses access to financing.

Terms for real property loans are being changed to allow small businesses to access up to $1 million over 15 years. This will reduce cash flow pressures on small businesses by not overburdening them with onerous repayment terms, the government said in a news release.

“By providing more flexible loan repayment schedules for small business borrowers, the government is committed to supporting the growth and success of small businesses in Canada. The changes announced today will help borrowers have access to funds over a longer period of time and achieve greater success, which will benefit the Canadian economy,” said Bardish Chagger, Minister of Small Business and Tourism.