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Do banks’ new small-business lending platforms deliver on their promise? We applied for loans to find out
Small-business owners have long complained about the difficulty of getting bank loans. The process has often been slow and bureaucratic, and many small companies, particularly those without hard assets, say rejections for funding have been all too common. But in recent months, some banks – nudged by upstart competitors in the fintech space – have unveiled new platforms to serve small business. They claim to make it easier for these customers to access money, but do they live up to their promise? Story
New Ryerson fellowship offers a boost to black entrepreneurs in Canada
Ryerson University wants to help more black entrepreneurs turn their ideas into businesses, and is launching a program offering seed money, mentorship and access to further investment for startups led by black businesspeople. The Black Innovation Fellowship is partly funded by a donation from property developer Isaac Olowolafe Jr. It will start recruiting applicants in the new year, with its first cohort of 10 businesses set to start in the spring. Story
Dragons' Den star’s startup secures another US$50-million in financing
Dragons' Den star Michele Romanow and her partner Andrew D’Souza have secured another US$50-million to grow their latest startup, Clearbanc, just weeks after announcing they had raised US$70-million to bankroll the financing provider for e-commerce firms. Story
Three recipients of Ottawa’s venture capital program hit halfway mark on funds
Three of the five fund-of-funds managers that were chosen by the federal government to stimulate Canada’s venture-capital industry have surpassed half of their fundraising targets. Story
Revival of beloved Cuban Lunch candy bars met with huge demand, supply issues
A peanut-and-chocolate candy popular decades ago has been flying off shelves since an Alberta couple revived it earlier this year. The Cuban Lunch bar disappeared in 1991 when the Paulins factory in Winnipeg stopped making it. Story
WHAT WE’RE READING ELSEWHERE
Stop posting videos of shoplifters, N.L. privacy commissioner says
The alleged dildo thief of 2017 — and a man caught sticking a chicken down his pants — should be protected under a law that denies businesses the right to share footage of bad customers, Newfoundland and Labrador’s privacy commissioner warns. CBC
Cannabis entrepreneurs in ‘tough spot’ after Ontario caps licences
An Ottawa cannabis entrepreneur who’s already leased two spaces for prospective stores says he’s frustrated with the Ontario government’s decision to cap the number of licences for retail pot shops. CBC
Toronto’s only food startup incubator to shut down due to lack of funding
Toronto’s only food startup incubator says it is shutting down due to a lack of funding, leaving dozens of food companies without production space. CBC
Alberta Finance Minister to unveil Calgary Digital Dollars as part of new effort to promote small businesses
Alberta Finance Minister Joe Ceci unveiled Calgary Digital Dollars Friday afternoon as Calgary becomes the first city in the country to have its own digital currency. Ceci made the first transaction, buying a round of coffee and showcasing how the app can be used for everyday purchases. Global
Gig economy could spawn Vancouver ‘micro-lease’ office
A Hong Kong-based startup that matches tenants in the “gig” economy with short-term office space is eyeing opportunities in Vancouver’s tight office market. David Wong, who was born in Alberta and grew up in Vancouver, is the co-founder and CEO of Booqed. He participated in Colliers International’s December Techstars accelerator program in Toronto, which focuses on ways to merge technology and real estate. Booqed, founded two years ago, was among 10 international startups invited to the 13-week Colliers program, which gave young tech companies an opportunity to network with real estate leaders and venture capitalists. Business in Vancouver
Sarah Efron