BDC Financing: Newcomer Entrepreneur Loan
Get up to $50,000 to grow your business even with little to no Canadian credit history. This is a repayable loan from BDC, so confirm interest rates and terms on the official page.
“To be eligible for this loan, you must have immigrated to Canada less than three years ago and have permanent resident status as well as a viable business plan.”
From the official program page
Before you spend any money
Confirm on the official page whether funds are disbursed before or after project completion.
At a glance
Subject to program rules, available funding, and approval. Confirm current details with the official program administrator.
Is this for you?
- You immigrated to Canada less than three years ago.
- You hold permanent resident or protected person status.
- You have a solid business plan but need help building Canadian credit.
Probably not the right fit if
- You have lived in Canada for more than three years.
- You do not have permanent resident or protected person status.
- You do not have a viable business plan ready for review.
How much you'd realistically get
Up to $50,000
What may be supported
- Business growth initiatives for new immigrant-owned companies.
How applying works
Effort: moderateYou must prepare a viable business plan and apply online through the BDC portal.
- 01Ensure you have immigrated to Canada less than three years ago and have permanent resident or protected person status.
- 02Prepare a viable business plan that outlines how you will grow your company.
- 03Open the Newcomer Entrepreneur Loan form on the BDC website.
- 04Submit your application online.
- 05Wait for BDC to review your application and business plan.
- 06Confirm repayment terms and disbursement timing if approved.
Documents commonly required
- Proof of permanent resident or protected person status.
- A viable business plan.
- Proof of immigration date (less than three years ago).
What to know before you count on it
- This is a loan, not a grant, so you must repay the principal plus interest.
- Interest rates and fees are not published, so confirm on the official page.
- You must have a viable business plan to qualify.
- Approval is not guaranteed and depends on BDC's assessment of your plan and status.
What are your odds?
Approval depends on the strength of your business plan and your status as a new immigrant; there is no guarantee of funding.
Frequently asked questions
Is this money free?
No, this is a loan that must be repaid. Confirm interest rates and fees on the official page.
Do I need a strong credit history?
No, this program is specifically designed for new immigrants with little to no credit history.
How long have I been in Canada to qualify?
You must have immigrated to Canada less than three years ago.
What documents do I need?
You need proof of permanent resident or protected person status and a viable business plan. Confirm other requirements on the official page.
What you can combine it with
You may be eligible for other programs like Futurpreneur Canada, but confirm eligibility and stacking rules on the official pages.
Get alerted when this changes
Programs open and close, budgets run out, rules change. We send one short email when something changes that matters for this program.
Page last updated ; status and deadline checked . Source: official program page.