ALL OF YOUR QUESTIONS ANSWERED
ALL OF YOUR QUESTIONS ANSWERED
Rise works across Canada.
Low-interest business loans and short-term loans for events.
To be eligible for financing from Rise, the entrepreneur should:
- Be interested in self-employment
- Self-identify as an individual who has experienced mental health and/or addiction challenges
- Unable to acquire traditional bank financing for your business
- Not have money owing to CRA
In addition, clients should not be in active bankruptcy or behind on child support payments.
- Rise application form
- Your business plan
- 1 year cash flow projection
- Business registration
- Legal Canadian status
- Photo ID
- Confirmation of home address
- Prior year CRA Notice of Assessment
Further documents may be required throughout the process.
The term of the financing varies with each client. A lot depends on the needs of your business. Rise provides a maximum term up to 5 years.
Rise does not charge an application fee.
The interest rate on our loans is Prime + 2.5%.
Rise uses your business inventory and/or leased equipment as collateral for financing.
Under special circumstances, including health problems or other emergencies beyond your control, you can request in writing to delay one or more payments. This request must be accompanied by third-party documentation, such as a doctor’s note or other proof of an emergency, and will be granted at our sole discretion. Should this period be extensive, we may require that you repay the remainder of the financing immediately or provide us with business assets in the form of receivables, inventory or other goods of equivalent value.
How will my provincial income support (Ontario Disability Support Program (ODSP), Ontario Works (OW), Expected to Work (ETW), Income Assistance (IA), etc). be affected by Rise financing?
The business financing is not considered personal or business income and will not affect your payments. However, business profits in the subsequent months should be reported following the program’s rules. For further information on how to report your business income, please visit the respective sites:
Please note that we do not report directly to your case worker.
Yes. As a business owner you must collect the GST/HST on all taxable supplies of property and services that you provide to your customers.
When you start your business, you generally need to register for GST/HST if your total revenues from taxable supplies exceed $30,000 in a fiscal year. However, if you expect your business revenue to be less than $30,000, you don’t need to charge GST/HST to your clients. Once you register for GST/HST, the CRA will assign you the reporting period in which you are responsible to file your GST/HST returns.
Even if you don’t expect your revenue to be greater than $30,000 in your first year of business, you may want to consider applying for a GST/HST number and charge tax anyway. Not collecting taxes may send a mixed message to your customers that your business is very small and that may not be the impression you want to give. Once you charge tax, you’ll be able to get back the GST/HST you pay on the goods and services your business buys.
For further information on GST/HST, please refer to the CRA guide here.
If you will be using a business name that is different from your full name or the name of your corporation, then you will need to register that business name. The cost to register your business ranges depending on your province. For more information on business registration, please refer to the respective websites:
If I do not have a history of mental health and/or addiction challenges, how can I access support (financing and business advice) to help grow my small business?
- For individuals who do not self-identify with a history of mental health and/or addiction challenges and are unable to access financing from mainstream financial organizations, we encourage you to explore other community loan funds. You can connect directly to:
We do not support any activity that involves sexual exploitation; illegal activity; the production of materials that promote hate, discrimination, or illegal activity; proselytizing of a particular religious or political opinion.