Most entrepreneurs don’t start their small businesses because they’re experts in financial management. And that wasn’t the case for me either. I started my online marketing company seven years ago because I was passionate about sharing my skills, making a difference, and creating a lifestyle that works for my family. But as a wordsmith, the numbers side of the business didn’t come easily to me. 

Thankfully, I was able to get some help from colleagues and business advisors as my business grew. If you need a little help with the money side of your business, there are many financial resources and funding options available to help entrepreneurs (and particularly women, immigrant, and Indigenous business owners) launch and grow their businesses. Read on and tap into the ones that fit your unique situation.

Financial support for women entrepreneurs

Women-owned businesses make up 19.6% of all private sector businesses in Canada, but they have a significant impact on the economy, adding as much as $150 billion to Canada’s GDP. 

As a woman entrepreneur, I was acutely aware of the gender gap in the business world, and felt apprehensive about networking in this seemingly male-dominated sphere. But, as I started attending events and building my confidence, I began to see and understand the powerful impact women like me are making on our communities. 

If you’re a woman entrepreneur, here are some financial resources to help give you the confidence to be a change-maker in your local economy: 

• Women Entrepreneurship Loan Fund: This program provides microloans of up to $50,000 to women entrepreneurs of startups, underrepresented groups, or sole proprietorships. 
• WeBC: This not-for-profit group in BC provides various workshops, mentorship programs, and financial support for women entrepreneurs, including:
  • Business Loans for Women: Up to $150,000 to start, grow, or buy a business
  • Vancity Unity Women Entrepreneurs Program: Get access to a line of credit of up to $20,000 or loans up to $100,000 through Vancity
  • WEOC National Loan Program: Business loans up to $50,000 for women and non-binary entrepreneurs

Business resources for Canadian immigrants

By 2024, immigrants will represent close to the majority of entrepreneurs in BC. Small Business BC is an excellent resource for new immigrants planning to start a business in this province. 

Here are some additional financial resources for new immigrant business owners:

• Business Development Bank (BDC) financing: The BDC has many financial resources for new immigrants to Canada, including the Newcomer Entrepreneur Loan ($25,000-50,000), programs designed for young entrepreneurs (ages 18-39), and options for those who need more than $50,000.

Community Futures Newcomers Loans: Those who live in the North Okanagan and wish to start a business may qualify for $2,500-25,000 in business loans through Community Futures.

Funds and business support for Indigenous entrepreneurs

Did you know that BC has over 3,900 Indigenous-owned businesses? Many promote products and services that elevate the local Indigenous culture and traditions or have strong “buy local” and sustainability values. 

Here are some helpful financial resources for Indigenous-owned businesses: 

• All Nations Trust Company: This 100% Indigenous-owned organization provides a multitude of financial resources to support Indigenous entrepreneurs and businesses:
  • Aboriginal Business Financing Program: Grants of up to $99,999 for Indigenous entrepreneurs to use for business planning, feasibility studies, marketing, and other business support services.
  • New Relationship Trust: Equity matching grants up to $5,000 to reduce the cash burden of meeting equity requirements for a loan.
  • First Citizens Fund: Contributions of up to $75,000 to contribute to your business loan principal. 
• Business Development of Canada (BDC) : The BDC provides Indigenous entrepreneurs with up to $350,000 in business loans to help grow or scale their businesses. They also give back a portion of the interest paid to a registered charity of your choice! 
• Indigenous Women’s Entrepreneur Loan Fund: To help indigenous women overcome financial capital challenges, the National Aboriginal Capital Corporations Association (NACCA) offers women microloans of up to $50,000.  

Learn more about business resources available to Indigenous entrepreneurs.

Funding sources for small businesses and startups

Small businesses are the backbone of our economy and communities, and in BC, small businesses account for 98% of all businesses. Across Canada, there are over 3,000 startups. 

There are many sources of private and government support for these businesses, including:

• Vancity loans for startups: Up to $50,000 loans for first-year businesses
• InnovateBC: Funding to innovative companies in BC.

Your industry may have specific funding programs for you, too. You can search for other funding and benefits through the Business Benefits Finder from the Government of Canada or ask local professional associations in your industry in BC. 

Business bank accounts and credit cards

When I started as a solopreneur, I used my personal bank account for business payments. This resulted in a lot of extra reconciling time during tax season! I now always recommend that my colleagues in business (even if they are solopreneurs with no employees), get a separate account for business banking. 

A business bank account and credit card that’s separate from your personal accounts means you don’t need to waste time separating your personal and business transactions, making your bookkeeping and accounting much easier. 
Check out the business bank accounts and credit cards through Vancity. 

Employees and payroll

There have been recent developments in the obligations of employers in BC. This includes laws around minimum wage ($17.40 per hour), living wage requirements (if you become a living wage employer), statutory holiday pay or time off, and payroll rules and regulations you must follow. 
Get details on the most current BC regulations regarding employees and payroll. 

Mentorship and networking opportunities

I’ll be the first to praise mentorship and networking benefits for business owners! Aside from my mad-awesome writing skills (wink-wink), I credit much of my business and personal growth to the connections I made and the business knowledge I gained while networking. 
Look to your local chamber of commerce to network with business owners in your community, and search sites like Meetup.com to find other more specialized business networking opportunities that pique your interest.

Affordable climate action for your small business

Making your business more eco-friendly doesn’t have to be complicated or expensive. Simple changes like cutting back on waste, improving energy use, or considering electric vehicles can make a big difference—and attract customers who care about sustainability. BC Green Business makes it easy with guides tailored to different industries, from restaurants to retail, helping you take practical steps toward becoming a climate leader. Plus, if you’re a Vancity business member, you get 30% off your first-year certification, and Indigenous-led businesses can join for free! You can even access a Planet-Wise™ Business Loan to help fund your green upgrades.

When in doubt…talk to someone!

If you’re like me, sometimes it’s just easier to talk to a human being! You’ll find a wealth of financial and business advice at your local Vancity branch, where business advisors can help you understand the ins and outs of starting your business on the right financial footing – and growing it into a profitable company. 
Start with an online business bank account from Vancity, then move on to positively impacting the community with your new business.