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Important Notice

The Skilled Immigrant InfoCentre (SIIC) will be closing on March 31, 2025 due to funding cuts. This website will no longer be available after this date. Please save any guides you would like ahead of the closure. If you have any questions, please email siic@vpl.ca.

Personal Savings

spilled coins from the jar
Source

Much of your start-up funding may come from your personal savings. Advantages to using your own personal savings include:

  • you are not indebted to anyone
  • you have control over expenses and how you run the business
  • you are not paying interest on loans
  • you build credibility and create a good impression in the eyes of potential investors

Small Business BC advises that you aim to fund at least 25% to 50% of your business from your own assets. This shows prospective lenders and investors that you are personally assuming some risk, and are committed to your business success. It may also be a requirement for many small business loans.