To kick off Small Business Month, The Globe has launched a series on one of the biggest issues facing entrepreneurs - getting money to grow. Over the next six weeks, reporter Cailynn Klingbeil will be taking a look at the problems businesses face in getting financing, and will have in depth reviews of some of the major players in the online loan space. Here are the first two pieces in the series, as well as other small business stories from the Globe this week.
Despite new, expanded loan options, Canadian small businesses still struggle to get financing
The promises for easy and fast online financing for small business owners are plentiful. Instead of lengthy applications and weeks spent waiting for a decision and deposit, new companies and established banks tout simple and convenient online applications, followed swiftly with automated decisions and fast funds. But as Canada’s online lending scene transitions – with both new lenders and traditional banks moving online to offer loans, lines of credit and cash advances – entrepreneurs across the country still struggle to secure capital. Story
Lending Loop offers a novel way for business owners to get funding
Growing up with parents who were both small-business owners, Cato Pastoll saw first-hand the struggles entrepreneurs face when it comes to financing. “One of the things that always stood out for me as they were growing their businesses was they were often very reliant on family and friends to give them the capital they needed to grow those businesses, as opposed to being able to find things from a more formal source,” Mr. Pastoll says. Story
Facebook, Google and Amazon will reportedly face U.S. inquiry into their impact on small business
Facebook Inc, Amazon.com Inc and Alphabet Inc’s Google will face a congressional inquiry on how the big technology companies may be damaging the competitive landscape for small businesses, Bloomberg reported on Tuesday. Story
I’m a Canadian entrepreneur and I don’t have a life: What a new survey shows
Many Canadian entrepreneurs are so tied up with their businesses that they don’t have a life. Indeed, a survey released this week by Canadian Imperial Bank of Commerce shows many business owners are working long hours, they’re stressed, and they’re desperate for a vacation. Story
WHAT WE’RE READING ELSEWHERE
Ontario announces $15M in funding for craft alcohol producers
The provincial government announced $15 million in funding on Friday that it says will help grow small alcohol producers.The funding, which will roll out over the next year, supports wineries, tourism activities, marketing and research development, the province said in a news release. CBC
Square Canada doesn’t have a tech issue: it’s a Cuban coffee issue
The owners of a Toronto coffee stand say Square Canada has told them they can no longer use the popular payment technology because of concerns the coffee stand is selling beverages made from Cuban coffee beans. CBC
B.C. tech company granted $3.5M from city fund, promising 200 jobs for downtown Calgary
A B.C.-based tech company that has been awarded up to $3.5 million from a city economic stimulus fund is promising to create at least 200 new jobs in downtown Calgary. Calgary Herald
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Sarah Efron