Small business loans in Saskatchewan: where to get one

This guide covers Saskatchewan and the national routes that also operate there. It is a map of where to look, not a ranking, and it does not tell you which lender or loan to pick or whether a business will qualify. It does not describe a general provincial loan program, because the sources read for this page do not set one out; it reports what the Government of Saskatchewan’s own pages point to. Those pages name Community Futures and three Indigenous funding organizations; this guide adds the national routes that a Saskatchewan business can approach: a Canada Small Business Financing Program loan, the Business Development Bank of Canada and Futurpreneur. Terms change, so treat each section as a starting point for a conversation with the lender.

What the province’s own page points to

The Government of Saskatchewan’s resources page for starting a business says that Community Futures Saskatchewan provides loans, advice and support to entrepreneurs in rural and northern Saskatchewan. It adds that assistance is also provided for First Nation, Métis, Inuit and non-Status individuals. The same page lists SK Startup Institute, which it describes as providing programs and services to assist and guide entrepreneurs through startup and management of their businesses. The page does not describe it as a lender, so do not read it as a loan route.

Community Futures in rural and northern Saskatchewan

Prairies Economic Development Canada describes Community Futures as taking a grassroots approach to community and economic development, primarily focused on creating jobs outside major urban centres. It says each one delivers a variety of services, including technical and advisory services to businesses and loans to small and medium-sized businesses. Community Futures Saskatchewan says its solutions are tailored to the needs of the individual business and that decisions are made locally. It also says that if you are starting a new business and already know your financing requirements, you can complete your business plan and loan application and submit it to your closest Community Futures office. Ask that office what it lends for and how it assesses an application.

A CSBFP loan from a bank or credit union

The federal government describes the Canada Small Business Financing Program as making it easier for small businesses to get loans from financial institutions by sharing the risk with lenders. Its page says to contact a lender near you. The loan-finder page says to present your business plan directly to any bank, credit union or caisse populaire. The Canada Small Business Financing Act also allows the Minister to designate other organizations as lenders, so the list is not limited to those three. The first step is an application to a lender, not to a government office. If you are buying a business, our CSBFP guide for buyers covers that case.

BDC and Futurpreneur

The Business Development Bank of Canada lists a Working Capital Loan among its business loans, and its small business loan page names buying inventory among the uses. BDC’s own pages are the place to read its current terms and what each product covers. Futurpreneur describes its Startup Program as providing aspiring young entrepreneurs with loan financing and up to two years of mentorship, with added access to tools and networking opportunities across Canada. That is Futurpreneur’s description of its own program, so read its page for who qualifies and what it lends. If you are comparing routes nationally, our guide to government loans for small businesses in Canada explains the wider picture.

Indigenous business funding organizations

The province’s Indigenous business funding page names three organizations. It describes Saskatchewan Indigenous Enterprise Foundation Inc. (SIEF) as an Aboriginal financial institution that offers developmental lending to First Nations businesses in Saskatchewan. It describes the SaskMétis Economic Development Corporation (SMEDCO) as a Métis Capital Corporation that finances the startup, acquisition and expansion of Métis-controlled small businesses in Saskatchewan. The same page lists the Clarence Campeau Development Fund, which it describes as providing equity for Métis businesses, loan support to community economic development initiatives, and help for Métis business owners and entrepreneurs to develop management skills. Contact the organization directly to ask who it serves and what it finances.

Questions to ask any of these lenders

The routes above differ in who they lend to and what they will finance, so the same few questions help with each. Ask them in writing where you can, and keep the answers with your application file. For the neighbouring Prairie provinces, see our guide to government loan programs for small businesses in Manitoba.

• Does this lender or program say it serves a business like mine, in my location, and is the purpose I have in mind an eligible use?
• What does the lender need from me to start: a business plan, financial statements, or something else?
• Is the loan secured, and does the lender ask for a personal guarantee or other security?
• What fees and what interest rate apply, and are they fixed or variable?
• If a federal program is involved, does this lender offer it, and how does the lender say the program works?