Frequently Asked Questions
We've compiled a list of the most frequently asked questions (and answers) that you may find helpful.
Business Start-up
Q: What time frame am I realistically looking at to complete my Business Plan and open my business?
A: Once you're accepted into the program, you'll be given a schedule of important dates. Due to the high interest in the Ontario Self-Employment Benefit Program and the high volume of applicants, there will be a delay between the time you submit your application at the Information Session and the date when you begin receiving funding and mentoring—one of our staff will be able to give you an idea of the current waiting time (905-641-2252 x 4456).
It takes about six weeks once you start writing your Business Plan during the 1-week Business Basics training, complete the first draft, fine-tune it at the Business Plan Clinics, and present it to the Review Committee for approval to start your business and remain on the SEB program.
Q: Where do I go to register my business and get a business license?
A:
You
can register your business at any Provincial Land Registry
Office, the Ontario Ministry of Consumer and Business Services.
You can find the office nearest you in the Provincial Government
section of the Phone Book. In St. Catharines, the Land Registry
Office is located at 59 Church Street, phone 905-684-6351. Upon
registration you'll be issued a Business License that you will
need to display in your place of business. The Business License
costs $60 and it's recommended that you have a Name Search done
at the same time for $8.
Government Support & Assistance
Q: What kinds of financial assistance can I expect from the Ontario Self-Employment Benefit Program?
A:
The
Ontario Self-Employment Benefit Program offers financial
assistance for those who qualify through
Employment Ontario. The length
and type of assistance depends on many factors, including the
amount of government assistance you've received in the past. If
you're interested in the Self-Employment Benefit Program, you
can attend an Information Session, held every month at the
Niagara-on-the-Lake Campus, for details. For more information
call Mary Ann Martin at 905-641-2252 ext. 4456.
If you're interested in the program sponsored through Ontario
Works, talk to your Case Manager for more information. Once
you're referred to us, we will help you with the steps towards
starting your own business.
Q: If I qualify for funding through Employment Ontario, when does the Income Support kick in?
A: The income support begins at the start of the second week after you've come in to sign your papers for the program. You will continue to receive funding until you've made your presentation to a Review Committee. If your Business Plan is accepted by the Review Committee, and we receive final approval for your acceptance into the program from Employment Ontario, you will continue to receive funding for the amount of time originally determined by Employment Ontario.
Q: I am presently working but plan to quit to start my own business. Am I still eligible for assistance through Employment Ontario?
A: You are not eligible for support through the Self-Employment Benefit Program if you quit your job. For more details see the program description on the Self-Employment Benefit Program page.
Q: I am currently receiving a severance package. Can I apply for the Self-Employment Benefit Program?
A: Yes, you can apply for the program. However financial assistance will not begin until your severance is complete.
Q: I am currently receiving Employment Insurance benefits and am planning to start a business with a partner. He/she is also eligible. Can we both apply for the program?
A:
No,
only the majority share-holder in the company is eligible to
continue to receive Employment Insurance benefits or income
support throughout the program. The partner who qualifies must
own at least 51% of the shares of the business.
Financing
Q: What do investors and bankers look for in a viable business venture?
A:
There are generally four areas that they will examine carefully.
1. Market Potential
2. Growth Potential of Products & Services
3. Uniqueness
4. Management's ability to make it work
Each of these areas will be detailed in your Business Plan.
Q: Can you help direct me to the financing that I need to get my business started?
A: There are a couple of ways that we can help. Assistance for accessing financing can be provided through the Centre's network of community partners. In addition, we keep a current copy of the Canadian Subsidy Directory which you can use to research funding opportunities.