Financing your small business in Carman: What you need to know
As a central agricultural hub, trading area, and featuring two industrial parks, the Town of Carman and RM of Dufferin is a wonderful place to start your small business. We have a strong mix of commercial and retail businesses nestled in a safe, close-knit community, allowing you to grow your business both locally and within Manitoba.
While a major part of starting your business is making money, you first have to fund your endeavour — start-up costs, employees, rent, and maybe even a salary for yourself! Luckily, if you’re light on start-up capital, there are plenty of financing options, with two major Canadian banks and a credit union in town, as well as financing through both the provincial and federal governments, which is provided via the Entrepreneurship Manitoba program and Community Futures Heartland.
There are 36 separate programs offered through Entrepreneurship Manitoba, which are all available depending on your circumstances. The widest-reaching and most general of these is the Business Development Bank of Canada. The Business Development Bank is a non-profit organization that is dedicated solely to businesses across Canada. It operates in over 100 locations across the country and supports entrepreneurs in all industries with complete financial solutions.
With respect to starting your business in Carman or the RM of Dufferin, there are several rural financial programs that can greatly benefit your business. The Rural Entrepreneur Assistance program helps you access financing in the form of loan guarantees, as well as funds for new businesses, the expansion or purchase of existing businesses, as well as non-agricultural businesses in rural Manitoba. This program is available to any businesses outside of Winnipeg.
Another rural program is the Rural Small Business Operating Credit Guarantee, which provides guarantees on lines of credit from participating lenders. You can use these loans to buy inventory, cover your overhead, and finance receivables.
Community Futures Heartland is another resource at your disposal — it’s a community-based economic renewal initiative funded by the Government of Canada and directed by a local volunteer board. Community Futures helps with planning your business through education and mentorship, and it also provides loans of up to $150,000 to qualifying businesses.
If you’re looking for the best place to start, the Economic Development Office (EDO) is here and very willing to help. The EDO is all about improving the economic wellbeing and quality of life for area businesses and residents by creating and keeping jobs, as well as growing incomes and the tax base.
If you have any questions, please don’t hesitate to give the EDO a call or drop by our office in Memorial Hall.