Frequently Asked Questions
Q: Where are you located?
118 Oxford St, Ingersoll (beside the town hall/library complex).
Q: What services do you offer?
Our services include: business financing, business counseling and training, delivery of the Ontario Self-Employment Benefit program and Community Economic Development assistance. We also have an onsite business resource library.
Q: What is the cost of OSBSC’s services?
There is no fee for our business consulting services. Loan applications are also reviewed at no cost. Financing offers that are accepted by the applicant do incur a loan processing fee.
Q: Does the OSBSC deliver the Ontario Self-Employment Benefit program (OSEB)?
The OSBSC delivers the OSEB program for Oxford County and the MTCU Tillsonburg catchment area. This program provides advice, counseling, business training and a financial living allowance to eligible participants who wish to start a full time self employment career.
To be eligible, you must be UNEMPLOYED AND meet one of the following EI criteria:
- On EI now
- Collected EI in the past 36 months
- Collected parental or maternity EI benefits in the past 60 months.
Q: What legal business structure may I choose when starting a small business?
There are 3 basic legal structures to choose from:
a) Sole Proprietor – when one individual owns the business.
b) Partnership – when two or more individuals own the business
c) Incorporation – for 1 or more owners. Usually used when advantageous for tax and/or liability circumstances.
Q: What may be required at a municipal level to legally operate my business?
You will need to comply with all zoning designations and by-laws and you may be required to obtain a municipal business licence. Contact your local municipal office to ensure your business location is zoned appropriately for your intended business activities. You may also need to verify any applicable by-laws regarding such issues as signage, noise, light and parking as well as determine any applicable property taxes.
Q: How do I register my business name?
You can register online through Service Ontario-Gateway to Business – www.serviceontario.ca
Q: Where can I find general information about Ontario’s economy?
Online sources include Statistics Canada (www.statcan.gc.ca) and Industry Canada. You may also wish to consult with your local municipal Economic Development office.
Q: When do I need to register for HST?
If your business invoices $30,000 or more in gross revenues for your products and services in 4 rolling fiscal quarters, you are required to register, collect and remit H.S.T. You may wish to voluntarily register even before your sales exceed the $30,000 threshold. For more information, contact the Canada Revenue Agency: 1-800-959-5525 or www.cra.gc.ca.
Q: Are there specific tax deductions for home-based businesses?
Yes. If you operate a home based business and have a designated area in your home that meets the eligibility requirements as defined by the CRA, you may be able to take advantage of several home related expenses for tax deductions such as a portion of your utilities, phone, property taxes, insurance and maintenance. For details consult the current CRA publication T4002 which can be found online through an internet search. It is a complete guide for eligible income and expenses for self employed individuals.
Q: Are there grants to start a business?
There are assistance programs geared towards various types of businesses and specific business activities. Details on the available programs and criteria may be found at www.canadabusiness.gc.ca. Although grants may not be as readily available as some might hope, there are various government sponsored support systems in place to help small businesses.
Q: Do I need a business plan to apply for financing from OSBSC?
A business plan will be required for all financing applications. For more details, please consult the Financing section of our web site.
Q: What is a business plan? Do I need one?
A business plan is a detailed document describing how you will develop, promote and operate your business. It will include the resources you have and need, including detailed financial projections. A thorough business plan, prepared by the business manager, can be an invaluable resource when preparing and implementing your business strategies.
Q: What if I have a poor credit rating - or no credit rating?
If you believe you have a strong business concept and a detailed business plan for either starting a new business or expanding a current business, we recommend you contact us. Our Business and/or Loans Consultant will work with you to determine the feasibility of the plan and explore possible alternatives. Our mandate is to create and maintain jobs so we have some creativity and flexibility when developing business loans. Assisting businesses to succeed and grow is our goal. Therefore, we look at the whole business plan (i.e.: concept, management, partners, experience, demographics and the financial numbers.) However, there is no guarantee of approval as the business plan must pass the scrutiny of our Board of Directors as a feasible plan.
Q: Are your rates higher than banks?
Our interest rates are periodically adjusted to ensure they do not directly compete with traditional financial institutions and yet remain affordable.
118 Oxford St, Ingersoll (beside the town hall/library complex).
Q: What services do you offer?
Our services include: business financing, business counseling and training, delivery of the Ontario Self-Employment Benefit program and Community Economic Development assistance. We also have an onsite business resource library.
Q: What is the cost of OSBSC’s services?
There is no fee for our business consulting services. Loan applications are also reviewed at no cost. Financing offers that are accepted by the applicant do incur a loan processing fee.
Q: Does the OSBSC deliver the Ontario Self-Employment Benefit program (OSEB)?
The OSBSC delivers the OSEB program for Oxford County and the MTCU Tillsonburg catchment area. This program provides advice, counseling, business training and a financial living allowance to eligible participants who wish to start a full time self employment career.
To be eligible, you must be UNEMPLOYED AND meet one of the following EI criteria:
- On EI now
- Collected EI in the past 36 months
- Collected parental or maternity EI benefits in the past 60 months.
Q: What legal business structure may I choose when starting a small business?
There are 3 basic legal structures to choose from:
a) Sole Proprietor – when one individual owns the business.
b) Partnership – when two or more individuals own the business
c) Incorporation – for 1 or more owners. Usually used when advantageous for tax and/or liability circumstances.
Q: What may be required at a municipal level to legally operate my business?
You will need to comply with all zoning designations and by-laws and you may be required to obtain a municipal business licence. Contact your local municipal office to ensure your business location is zoned appropriately for your intended business activities. You may also need to verify any applicable by-laws regarding such issues as signage, noise, light and parking as well as determine any applicable property taxes.
Q: How do I register my business name?
You can register online through Service Ontario-Gateway to Business – www.serviceontario.ca
Q: Where can I find general information about Ontario’s economy?
Online sources include Statistics Canada (www.statcan.gc.ca) and Industry Canada. You may also wish to consult with your local municipal Economic Development office.
Q: When do I need to register for HST?
If your business invoices $30,000 or more in gross revenues for your products and services in 4 rolling fiscal quarters, you are required to register, collect and remit H.S.T. You may wish to voluntarily register even before your sales exceed the $30,000 threshold. For more information, contact the Canada Revenue Agency: 1-800-959-5525 or www.cra.gc.ca.
Q: Are there specific tax deductions for home-based businesses?
Yes. If you operate a home based business and have a designated area in your home that meets the eligibility requirements as defined by the CRA, you may be able to take advantage of several home related expenses for tax deductions such as a portion of your utilities, phone, property taxes, insurance and maintenance. For details consult the current CRA publication T4002 which can be found online through an internet search. It is a complete guide for eligible income and expenses for self employed individuals.
Q: Are there grants to start a business?
There are assistance programs geared towards various types of businesses and specific business activities. Details on the available programs and criteria may be found at www.canadabusiness.gc.ca. Although grants may not be as readily available as some might hope, there are various government sponsored support systems in place to help small businesses.
Q: Do I need a business plan to apply for financing from OSBSC?
A business plan will be required for all financing applications. For more details, please consult the Financing section of our web site.
Q: What is a business plan? Do I need one?
A business plan is a detailed document describing how you will develop, promote and operate your business. It will include the resources you have and need, including detailed financial projections. A thorough business plan, prepared by the business manager, can be an invaluable resource when preparing and implementing your business strategies.
Q: What if I have a poor credit rating - or no credit rating?
If you believe you have a strong business concept and a detailed business plan for either starting a new business or expanding a current business, we recommend you contact us. Our Business and/or Loans Consultant will work with you to determine the feasibility of the plan and explore possible alternatives. Our mandate is to create and maintain jobs so we have some creativity and flexibility when developing business loans. Assisting businesses to succeed and grow is our goal. Therefore, we look at the whole business plan (i.e.: concept, management, partners, experience, demographics and the financial numbers.) However, there is no guarantee of approval as the business plan must pass the scrutiny of our Board of Directors as a feasible plan.
Q: Are your rates higher than banks?
Our interest rates are periodically adjusted to ensure they do not directly compete with traditional financial institutions and yet remain affordable.