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Canada Small Business Financing Regulations

Version of section 1 from 2022-07-04 to 2024-04-11:

  •  (1) The definitions in this subsection apply in these Regulations.

    Act

    Act means the Canada Small Business Financing Act. (Loi)

    borrower

    borrower means a person who carries on or is about to carry on a small business to whom a loan has been made under the Act. It does not include Her Majesty or an agent of Her Majesty in right of Canada or a province, a municipality or a municipal or other public body that performs a function of government. (emprunteur)

    conventional loan

    conventional loan means a loan that is not subject to the Act. (prêt ordinaire)

    equipment

    equipment means equipment that is used or to be used in the course of carrying on a small business, and includes computer software, any ship, boat or other vessel used or to be used in navigation and water supply systems. It does not include inventory of the small business except inventory that is leased by the borrower to the borrower’s customers. (matériel)

    going concern

    going concern means a small business that has carried on operations at any time within 60 days prior to purchase or, in the case of a small business that operates on a seasonal basis, during the season prior to purchase. (entreprise en exploitation)

    health care industry

    health care industry means a small business classified under the heading Major Group 86 - Health and Social Service Industries, of the Standard Industrial Classification, 1980 published by Statistics Canada. (industrie des soins médicaux)

    hospitality industry

    hospitality industry means a small business classified under the headings Major Group 91 - Accommodation Service Industries, and Major Group 92 - Food and Beverage Service Industries, of the Standard Industrial Classification, 1980 published by Statistics Canada. (industrie hôtelière)

    improvement

    improvement includes construction, renovation and modernization and, with respect to equipment, installation. (amélioration)

    intangible asset

    intangible asset means a non-monetary asset without physical substance that can be sold, transferred, licensed, rented or exchanged or that arises from a contractual or other legal right. (bien incorporel)

    loan agreement

    loan agreement means any document described in section 10. (contrat de prêt)

    loan term

    loan term means the period set out in a loan agreement for repayment of the total amount of the loan. (durée du prêt)

    mini-storage industry

    mini-storage industry means a small business classified under the heading 479 - Other Storage and Warehousing Industries, of the Standard Industrial Classification, 1980 published by Statistics Canada. (industrie du mini-entreposage)

    responsible officer of the lender

    responsible officer of the lender[Repealed, SOR/2009-102, s. 1]

    working capital costs

    working capital costs means costs to fund the day-to-day operating expenses of a business. (frais liés au fonds de roulement)

  • (2) Whether persons are at arm’s length from each other must, for the purposes of these Regulations, be determined in accordance with the Income Tax Act.

  • (3) For the purposes of these Regulations, a loan is considered to have been made on the day on which the first disbursement of funds is made by the lender.

  • SOR/2009-102, s. 1
  • SOR/2014-7, s. 1(F)
  • SOR/2022-157, s. 1

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