Where does Rise operate?
Rise Asset Development works across Ontario.
If you live outside of the Ottawa, Kingston, or London regions, please contact us directly at 647 232 RISE (7473) OR 1 855 464 RISE (7473).
If you are in the Ottawa region, please contact Rise Ottawa, which is based out of Causeway Work Centre at 613 725 3494 x 118.
If you are in the London or Windsor region, please contact Rise London and Windsor, which is based out of the London Small Business Centre at 519 659 2882 x 225.
If you are in the Kingston region, please contact Rise Kingston, which is based out of Addiction & Mental Health Services – Kingston Frontenac Lennox & Addington, at 613 217 1469.
What types of financing does Rise provide?
• Low interest business loans and short-term loans for events.
How do I know if I am eligible for financing from Rise?
To be eligible for financing from Rise, the entrepreneur should:
• Be interested in self-employment
• Self-identify as an individual who has experienced mental health and or addiction challenges
• Unable to acquire traditional bank financing for your business
• Not have money owing to CRA
In addition, clients should not be in active bankruptcy or behind on child support payments.
What documentation do I have to provide for financing to be initiated?
• Rise application form
• Your business plan
• 12 month projected cash flow
• Business registration
• Legal Canadian status
• Photo ID
• Confirmation of home address
• Prior year CRA Notice of Assessment
Further documents may be required throughout the process.
When do I need to pay back the money that I borrowed? What is the repayment schedule?
The term of the financing varies with each client. A lot depends on the needs of your business. Rise provides a maximum term up to 5 years.
How much does it cost? What is the interest rate and application fee?
Rise does not charge an application fee.
The interest rate on our loans is Prime + 2.5%.
What collateral do I have to provide?
Rise uses your business inventory and/or leased equipment as collateral for financing.
What happens if I get sick during the financing?
Under special circumstances, including health problems or other emergencies beyond your control, you can request in writing to delay one or more payments. This request must be accompanied by third-party documentation, such as a doctor’s note or other proof of an emergency, and will be granted at our sole discretion. Should this period be extensive, we may require that you repay the remainder of the financing immediately or provide us with business assets in the form of receivables, inventory or other goods of equivalent value.
Is there a penalty on late payments?
How will my income support from Ontario Disability Support Program (ODSP) or Ontario Works (OW) be affected by Rise financing?
The business financing is not considered personal or business income and will not affect your ODSP or OW payments. However, business profits in the subsequent months should be reported following the ODSP/OW rules. You can find more information on how to report your business income to ODSP on this site.
Please note that we do not report directly to your ODSP or OW case worker.
Do I need to charge tax to my clients?
Yes. As a business owner you must collect the 13% HST on all taxable supplies of property and services that you provide to your customers.
When you start your business, you generally need to register for GST/HST if your total revenues from taxable supplies exceed $30,000 in a fiscal year. However, if you expect your business revenue to be less than $30,000, you don’t need to charge GST to your clients. Once you register for GST/HST, the CRA will assign you the reporting period in which you are responsible to file your GST/HST returns.
Even if you don’t expect your revenue to be greater than $30,000 in your first year of business, you may want to consider applying for a GST/HST number and charge tax anyway. Not collecting taxes may send a mixed message to your customers that your business is very small and that may not be the impression you want to give. Once you charge tax, you’ll be able to get back the GST/HST you pay on the goods and services your business buys.
For further information on GST/HST, please refer to the CRA guide here.
How do I register my business in Ontario?
If you will be using a business name that is different from your full name or the name of your corporation, then you will need to register that business name. The cost to register your business ranges from $60 to $80. You can complete an optional name search and register your business:
•Through Service Ontario’s Website
•In person at a Service Ontario centre
•By mailing an application to the address indicated on the form
For more information on business registration, please refer to the Service Ontario’s website here.
If I do not have a history of mental health and/or addiction challenges, how can I access support (financing and business advice) to help grow my small business?
1. For individuals who do not self-identify with a history of mental health and/or addiction challenges and are unable to access financing from mainstream financial organizations, we encourage you to explore other Ontario based community loan funds. You can connect directly to: Access Community Loan Fund, Ottawa Community Loan Fund, Alterna Savings and PARO Centre.
2. Access our free online resources to assist you in growing your business.
What type of businesses does Rise finance?
We do not support any activity that involves sexual exploitation; illegal activity; the production of materials that promote hate, discrimination, or illegal activity; proselytizing of a particular religious or political opinion.
Rise Asset Development
105 St. George Street
Toronto, ON M5S 3E6
Toronto & Ontario (Excluding Ottawa, Kingston, and London)
647 232 RISE (7473)
1 855 464 RISE (7473)
613 725 3494 (ext. 118)
519 659 2882 ext. 225
613 544 9056