Starting a Business

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Can I get a grant to start my business?
No, not an outright grant. 16/37 provides loans to help you start, expand or continue a business. The Self-Employment Benefits (SEB) program provides funding assistance while you are starting your business (see the SEB page for more information)

Why do I need a Business Plan, when I know in my head what I want to do?
A business plan is a written guide and plan of action for the business. It lets you know where you are, where you should be, how much time and money you need to invest in the business and what type of return you are getting from the business. It also helps you to prove to others (bankers, investor, creditors) that you know what you are doing and your business is viable.

I have an old Business Plan from a few years ago. Can I dust it off and use it or do I need a whole new plan?
You need a new plan. So much has changed in the past few years that the figures you used are not valid anymore. If your business idea is the same, update the Plan. If you now have a different business idea, you need a whole new Business Plan.

Will you write my Business Plan for me if I tell you what I want to do?
No - it is your business so the plan has to be written by you. However, we will assist you in writing the plan. We will guide you through the process and tell you what information you need in your plan. All information for the Plan has to be gathered by you. We will help you put it together into a feasible Business Plan format.

How do I qualify for the Self Employment Benefits (SEB) program?
You must be on Employment Insurance, or have been on EI in the last 3 years.  You must also be unemployed.

Can I get SEB benefits while I'm receiving EI or Social Assistance?
No, SEB replaces your EI or Social Assistance. The difference is that on SEB you are allowed (and expected) to make as much money as you want without losing your SEB funding.

If my business fails, can I go back on EI?
No. You cannot go back on EI since you were self-employed.

I have a business plan, can I get on the SEB program right away?
No. Your business plan is submitted to our Board of Directors for approval. We accept up to 5 SEB applicants per month provided they have a feasible business proposal.

Can I get a loan from the CFDC while I am on the SEB program?
Yes, it is possible to access both programs at the same time. However, you are required to have personal investment in the business to fulfill the SEB requirements.

Do I need a different business plan to apply for a loan or can I use my SEB business plan?
Yes, you can use the same business plan for both programs as the financial information required required for the SEB application and a loan application should be the same. It is always a good idea to look at your business plan at the end of each year to see if you are on target.

Once I have a business plan, can I come to you first for a loan?
No. We are a lender of last resort. You must be turned down by banks before you can apply to us for a loan.

Can I get rich going into business for myself?
Going into business is not a "Get rich quick" scheme. If often takes long hours and lots of work, but the rewards in terms of being your own boss, setting your own schedule and making as much money as you can are worth it. A wise man once said "The harder I worked the more successful I became."

Can I get on your programs if I don't live in your region?
No, but we will be happy to direct you to a Community Futures office in your own community.

How much do your services cost?
All services provided by Community Futures are free.