Canada Small Business Financing Act (S.C. 1998, c. 36)

Act current to 2013-05-20 and last amended on 2009-04-01. Previous Versions

Canada Small Business Financing Act

S.C. 1998, c. 36

Assented to 1998-12-10

An Act to increase the availability of financing for the establishment, expansion, modernization and improvement of small businesses

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

SHORT TITLE

Marginal note:Short title

1. This Act may be cited as the Canada Small Business Financing Act.

INTERPRETATION

Marginal note:Definitions

2. The definitions in this section apply in this Act.

“lender”

« prêteur »

“lender” means

  • (a) a member of the Canadian Payments Association, established by subsection 3(1) of the Canadian Payments Act,

    • (i) referred to in paragraph 4(1)(b) or (c) or any of paragraphs 4(2)(a) to (c) of that Act, or

    • (ii) referred to in any of paragraphs 4(2)(d) to (h) of that Act if the member meets the prescribed conditions;

  • (b) a local cooperative credit society, within the meaning of subsection 2(1) of the Canadian Payments Act, that is a member of a central cooperative credit society, within the meaning of that subsection, if that central cooperative credit society is a member of the Canadian Payments Association; or

  • (c) any other organization designated by the Minister as a lender for the purposes of this Act.

“loan”

« prêt »

“loan” means a loan that meets the conditions set out in subsection 4(1) and is made to a borrower that meets the criteria set out in subsection 4(2).

“Minister”

« ministre »

“Minister” means the member of the Queen’s Privy Council for Canada designated as the Minister for the purposes of this Act.

“prescribed”

Version anglaise seulement

“prescribed” means prescribed by the regulations.

“small business”

« petite entreprise »

“small business” means a business carried on or about to be carried on in Canada for gain or profit with an estimated gross annual revenue

  • (a) not exceeding $5 million or any prescribed lesser amount for the fiscal year of the business during which a loan is approved by a lender in respect of the business; or

  • (b) in the case of a business about to be carried on, not expected at the time a loan is approved by a lender in respect of the business to exceed $5 million or any prescribed lesser amount for its first fiscal year that is of not less than fifty-two weeks duration.

It does not include the business of farming or a business having as its principal object the furtherance of a charitable or religious purpose.

  • 1998, c. 36, s. 2;
  • 2001, c. 9, s. 587.