How To Start A Business – Financial Support

Things to consider;

Credit Score – How Do I check my credit score?

Many major Canadian banks provide free credit score checks for their customers though TransUnion and/or Equifax. It is important to know and understand your credit score as this will heavily weigh on if a lender will want to work with you and to what extent.

Checking your own credit score through these services is a soft inquiry and does not impact your credit. Only hard inquiries, like loan applications, can affect your score.
Debt to Income Ratio.

The Debt-to-Income (DTI) Ratio is a financial metric used to compare your monthly debt payments to your monthly income. It helps lenders assess your ability to manage debt and repay loans.

How to Calculate DTI Ratio:

What’s a Good DTI Ratio?

• Below 36% – Healthy, good for loan approval.
• 36% – 43% – Acceptable but may limit borrowing options.
• Above 43% – High risk; lenders may hesitate to approve loans.

Debt to Income Ratio is important as it determines loan eligibility, affects interest rates (lower DTI often means better loan terms), and helps individuals manage financial health and avoid excessive debt.
 

Where do I go for funding?

Trenval

Trenval Business Development Corporation is a federally supported, not-for-profit Community Futures Development Corporation, administered by a volunteer Board of Directors in partnership with the Federal Economic Development Agency for Southern Ontario, committed to helping to develop and diversify the local economy through community strategic planning, business information, counselling and investment in small business.

Trenval has been helping local businesses thrive in Belleville, Quinte West, Stirling-Rawdon, Tyendinaga Township, Tyendinaga and Deseronto since 1987 and has invested over $45 million in small businesses impacting over 8,000 jobs through advisory services and investment resources.

• Graham Copestake – Executive Director (613) 961-7999 x225
• Eileen Brown – Business & Loans Advisor (613) 961-7999 x221
• Barb Wilson – Accounting Clerk & Office Manager (613) 961-7999 x224

Business Development Bank of Canada (BDC)

The Business Development Bank of Canada (BDC) provides financing solutions tailored to Canadian entrepreneurs. Their offerings include small business loans (up to $100,000), working capital loans, and equipment financing for growth and operational needs. They also offer commercial real estate loans, technology financing, and business purchase loans to support acquisitions and expansions.

For specialized funding, BDC provides venture capital, growth equity partnerships, and intellectual property-backed financing. Their purchase order financing helps businesses fulfill large orders without cash flow constraints. Entrepreneurs can explore these options to find the right funding for their needs.

Learn more at BDC.ca.

• Brett Prikker – Manager, Business Centre (613) 389-3831
• Derrick Morgan – Manager, Major Accounts (613) 389-5680
• Amelia Campbell – Senior Account Manager (613) 210-9990
• Lauren Morton – Account Manager (613) 389-1158