Running a small business could be made easier with small loans
Canadian small businesses have traditionally had trouble securing loans. As the economy worsened, this problem was magnified further. A recent article from the Globe and Mail suggests that businesses that are having trouble getting conventional bank loans may want to look at microfinancing as another option.
Organizations that provide microfinancing options, like the Ottawa-based Alterna Savings, can help new entrepreneurs that can't seem to catch a break anywhere else, assisting them with small loans and business advice. They offer small loans, often as small as $5,000, which can be just enough to start up a new business.
"Too often, microfinance gets treated as if it's a charitable donation. It is not, it creates real benefits," John Lahey, president and chief executive of Alterna Savings, told the Globe and Mail.
Alterna has given loans to more than 300 small business owners, totaling more than $1.5 million in loans.
Another article from the Globe and Mail suggests that business owners could also look to angel investors, friends, or families for loan money.
