You don't apply to the government for a CSBFP loan — you apply to your bank, credit union or caisse, which approves it and registers it under the program. Here's the full process, the documents to bring, and what lenders look at.
Pick what you want to finance, then take your business plan, financial statements (or projections for a start-up) and supplier quotes to a financial institution that offers the CSBFP. The lender underwrites the loan like any other — your credit and the project still have to make sense — but because the government shares the risk, it can say yes to deals it might otherwise decline. If approved, the lender registers the loan and charges a one-time 2% fee, which can be rolled into the loan.
Equipment, commercial property, leasehold improvements, intangibles or working capital — and the amount, within the $1.15M limits. Get written quotes.
Approach a chartered bank, credit union or caisse populaire that offers the CSBFP. Most major Canadian financial institutions do.
Provide your business plan, financial statements or projections, and quotes. The lender reviews your credit and the viability of the purchase.
If approved, the lender registers the loan under the CSBFP and charges the one-time 2% registration fee (which can be financed).
Funds are released for the approved purchase. You repay on the agreed schedule over a term of up to 15 years.
Requirements vary by lender, but a strong CSBFP application almost always includes these. Having them ready speeds up the decision.
The government sharing the risk does not make approval automatic. Your lender still underwrites the loan: they look at your credit history, the strength and realism of your business plan, your ability to repay from cash flow, and whether what you're financing is sound. A clear plan, clean financials and firm quotes are what move an application forward. If your own bank declines, it's worth asking another CSBFP lender — credit policies differ.
No. The CSBFP is delivered by financial institutions. You apply directly to a chartered bank, credit union or caisse populaire; they make the lending decision and register the approved loan under the program.
Most major Canadian banks and credit unions participate. If yours declines, you can apply to another CSBFP lender — credit policies and risk appetite differ between institutions.
Yes. The government shares the lender's risk, but the lender still underwrites the loan based on your credit, plan and ability to repay. A solid business plan, clean financials and firm quotes improve your odds.
It's a one-time fee of 2% of the loan that registers it under the program. It can be financed as part of the loan rather than paid upfront.
Since July 2022, the maximum term — the length of government coverage — is 15 years for all loan classes. Your lender sets the actual schedule within that maximum.
Run a free check against your business profile — CSBFP and every other program you may qualify for.