Equipment Purchase Financing for Small Businesses in Canada
One of the greatest expenses when starting your own small business in Canada is the equipment purchase. No matter what business you are in, equipment costs add up and there goes a large chunk of money you had for your business. But you can’t do without.
This is one of the main reasons why entrepreneurs across Canada are asking about equipment purchase financing.
Is there financing or funding to help small business owners fund their equipment purchase?
There sure is!
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What exactly falls into the equipment category?
Business equipment is tangible property used in a business. Equipment is considered as more permanent, longer lasting than supplies, which are used up quickly. The term equipment includes machinery, furniture, and fixtures, vehicles, computers, electronic devices, office machines. Equipment does not include land or buildings owned by a business.
Please note that when applying for equipment purchase funding you will need to ensure that the equipment you are seeking to purchase is only used for business purposes and not personal.
Does everyone qualify for equipment purchase funding?
Just like any funding program, not everyone is eligible to apply. In order to obtain funding for equipment purchase, a business owner must apply to the correct funding agency or program, must meet all of the right criteria and simply qualify based on that criteria. You can find out more about available funding programs in our Funding Database.
How much funding can I get?
The amount of funding available depends on your location, your industry, your business and your funding needs. As each business is different, the availability of funding for equipment purchase is different as well. The best thing to do is to take a look at the Funding Database and see the programs available for you.
If you believe your small business can benefit from equipment purchase financing programs, do consider the Funding Database mentioned above and take a look to see what is available for your small business.