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	Delancey Street – Grow Your Business 5.0 Delancey Street is a premier small business lender, based out of NYC, that has helped broker 100's of millions in business loans. They are a pro, at making sure you get all of your financing needs satisfied.	Apply Now Over $200 million in funding secured Can handle low risk credit Handles all industries Handles high risk and low risk loans

Delancey Street – Grow Your Business

5.0

Delancey Street is a premier small business lender, based out of NYC, that has helped broker 100's of millions in business loans. They are a pro, at making sure you get all of your financing needs satisfied.

Apply Now

• Over $200 million in funding secured
• Can handle low risk credit
• Handles all industries
• Handles high risk and low risk loans

What are Ontario Small Business Loans?
Ontario Small Business Loans (OSBL) are designed to provide entrepreneurs with access to financial resources to start, expand or improve their businesses. These loans are typically offered by the government’s Ministry of Economic Development, Job Creation, and Trade (MEDJCT), banks and other financial institutions.

Who Can Apply for Ontario Small Business Loans?
Entrepreneurs who live in Ontario are eligible to apply for Ontario Small Business Loans. MEDJCT offers these loans to small businesses that meet specific criteria, including:

– Being located within Ontario
– Employing less than 500 people
– Generating less than $10 million in annual revenues

Banks and other private lenders may also offer Ontario Small Business Loans to entrepreneurs who meet their own lending criteria.

What Are the Benefits of Ontario Small Business Loans?
There are several benefits of Ontario Small Business Loans. Firstly, they provide entrepreneurs with the capital they need to start, expand or improve their ventures. This capital can be used for things like marketing, inventory, equipment, and hiring staff.

Secondly, these loans typically come with lower interest rates than traditional loans, making them more affordable for entrepreneurs just starting out. Additionally, OSBL usually have more flexible repayment terms, which allows borrowers to tailor their payments to fit their cash flow.

Thirdly, OSBL is usually quicker to process, meaning you can receive your money sooner compared to other types of loans.

Finally, these loans are often accompanied by additional support from the government. This includes programs that help entrepreneurs plan, market and grow their businesses, as well as mentorship and networking opportunities.

What are the Different Types of Ontario Small Business Loans?
Let’s now look at some of the different types of Ontario Small Business Loans available:

1. Canada Small Business Financing Program (CSBFP):
This program is designed to help small businesses obtain financing when they are unable to gain regular bank financing due to reasons such as a lack of collateral or a poor credit rating. The loans can be used to purchase equipment, leasehold improvements or commercial real estate.

2. Regional Development Program (RDP):
The RDP is offered by FedDev Ontario and is aimed at supporting start-up companies that are located in southern Ontario. The program offers interest-free loans of up to $100,000 which are repayable over five years. To qualify, entrepreneurs must provide a detailed business plan and budget, as well as demonstrate market potential.

3. Business Development Bank of Canada (BDC):
The BDC provides a range of financing products and small business solutions to Canadian entrepreneurs. They offer working capital loans, term loans, asset-based lending, venture capital, and equity investments.

4. Microloans:
Microloans are small loans that provide short-term financing to start-ups and micro-enterprises. These loans are usually for amounts between $500 and $35,000 and are provided by non-profits, charities and community organizations.

How Can You Apply for Ontario Small Business Loans?
The application process for Ontario Small Business Loans varies depending on the lender you choose. In general, however, you will need to provide several documents, including a business plan, financial statements, tax returns and other relevant information specific to your lender’s requirements.

Once you have submitted your application, you will need to wait for it to be reviewed and processed. Depending on the lender, this could take anywhere from a few days to several weeks.

Testimonials
Here are some testimonials from entrepreneurs who have successfully applied for and received an Ontario Small Business Loan:

“I couldn’t have started my business without the help of an Ontario Small Business Loan. The lower interest rates and flexible repayments made all the difference in helping me get my venture off the ground.” – Sarah, Toronto

“My bank said no to my loan application, but with the help of Ontario Small Business Loans, I was able to secure the financing I needed. Now my business is thriving, and I couldn’t be happier.” – Alex, Ottawa

Counter Argument
While Ontario Small Business Loans are a great resource for entrepreneurs, there are some concerns that need to be addressed. Firstly, access to capital can incentivize some entrepreneurs to jump in without completely thinking through their business idea or planning for failure.

Secondly, although these loans are usually affordable, interest rates can still add up quickly, especially if you take out larger sums over time. It is essential to calculate and budget your expenses accordingly.

Lastly, applying and receiving Ontario Small Business Loans takes time and effort. Entrepreneurs must go through a rigorous application process, submit multiple documents, and wait to receive confirmation from lenders.

Conclusion
Ontario Small Business Loans can provide entrepreneurs with the financial resources they need to start, expand or improve their businesses. These loans come with several benefits, including lower interest rates, more flexible repayment terms, quicker processing, and additional support from the government. But there are also some risks, such as increased incentive to start a business without proper planning, interest rates adding up quickly, and a lengthy application process.

If you’re considering starting your own business, I encourage you to explore the options offered by Ontario Small Business Loans. By doing so, you’ll be taking the first step towards making your entrepreneurial dream a reality.

Table Outline 1:

Types of Ontario Small Business Loans.

Table Outline 2:

Testimonials

Source:
MEDJCT (2021). Ontario small business loans. Government of Ontario. Retrieved from https://www.ontario.ca/page/small-business-loans-and-other-programs-start-or-grow-your-business