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Franchise Finance in Canada



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Franchise Finance in Canada calls for both you as the owner, as well a lender, to, on a combined basis, complete the financing you need for a franchise acquisition. In Canada, you could of course be acquiring a new turn-key franchise from a U.S. or Canadian franchisor, or in many cases also considering the purchase of an existing franchise.

Several key questions are always tabled by our clients – inevitably they are:

  • How much do I have to put into the business as my investment?
  • Where do the other funds come from?


And, oh yes, how long does the process take!

We always encourage clients to start thinking of financing very early in the process. A great place to start is often, guess who? Your franchisor! That is simply because if they have a multi-unit system already in place they usually have a strong indication of how these franchises were financed. Information you obtain from the franchisor or other existing franchisees is invaluable, as the franchise financing journey is a puzzle to many. We also are quick to add that you should never expect financing assistance from a franchisor in the form of loans, etc. – The franchisor grows their business from selling you franchises, not loaning you money.

In the U.S. the majority of franchises are financed via the SBA, which stands for Small Business Administration. This is a government-sponsored / funded loan, and Canada has a similar program that is commonly known by several different names – they are SBL, CSBFL, and BIL. All of these are acronyms for the same program.

You should most certainly incorporate your business to both gain access to business credit as well as limit personal liability. Personal liability under the Canadian version of the program is limited to only 25% – that’s a great deal for the business owner, as it of course limits your risk.

Most franchises in Canada are financed via this program. Sounds good so far right. We simply point out to clients that achieving success in this financing program is simply a case of:


  • Ensuring you understand the basics of the program – i.e. what it does not do?
  • complying with the information required by the program


When planning your franchise financing focus on what amount you can contribute personally to the business, and also understanding the components of financing you need. What are those components? They are:

  • Soft costs (example – franchisee fees, prepaid rent, etc.)


  • Equipment


  • Leaseholds (if required)


  • Working capital


We can’t overemphasize the need to work with an experienced and credible business financing advisor who preferably has a track record of franchise financing success. A thorough business plan, the right advice, and an understanding of your financing needs – all are critical elements to franchise financing success!

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Nova Scotia to accept shipment of AstraZeneca's COVID-19 vaccine –



Nova Scotia has decided to receive its first shipment of the Oxford-AstraZeneca vaccine.

Next week, the province will get 13,000 doses of the third COVID-19 vaccine approved for use by Health Canada.

They don’t have a long shelf life and must be used by April 2.

Because of that, even though it is a two dose vaccine, the province announced today it plans to administer all of the supply as first doses. They will be going into the arms of Nova Scotians between the ages of 50 and 64 at 26 locations throughout the province on a first-come, first-served basis.

Earlier this week, the National Advisory Committee on Immunization recommended the Oxford-AstraZeneca only be used for people between the ages of 18 and 64.

“AstraZeneca is different than the two vaccines we’re using now,” explained the province’s chief medical officer of health at Tuesday’s briefing. “The Pfizer-BioNtech and the Moderna are mRNA vaccines, which have been shown to be 94 to 95 per cent effective in preventing symptomatic COVID-19 illness.”

“The AstraZeneca is slightly different. It’s called a viral-vector vaccine and it’s been shown to be about 62 per cent effective against preventing symptomatic illness.”

Because of that, Dr. Robert Strang said it won’t be used for any group considered to be a high risk for severe disease and/or exposure.

Unlike the mRNA vaccines, the Oxford-AstraZeneca vaccine does contain a virus, however the province says it isn’t the one that causes COVID-19. It’s a “different, harmless virus that triggers an immune response.”

The vaccine also doesn’t need the cold or ultra-low cold storage that the other two require. It can be stored between 2 and 8 degrees Celsius, which is similar to the standard flu vaccine.

Doctors Nova Scotia and the Pharmacy Association of Nova Scotia will be handling the launch.

“This vaccine provides another tool in our fight against COVID-19 and builds on the roll-out that is already underway in our province as we work to vaccinate all Nova Scotians,” said Premier Iain Rankin in a news release. “We have to move fast as we are mindful of the fact that we have a short window to use it given that they will expire in a month.”

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Redacted Novavax COVID-19 vaccine contract for Canada released in U.S. regulatory filings – National Post



All of Canada’s seven vaccine contracts have been kept confidential since they were signed last year and the government has fought against their disclosure

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OTTAWA – Canada’s agreement with COVID-19 vaccine manufacturer Novavax has been released in regulatory filings, showing the drug maker has set delivery schedules, but also has broad leeway to miss them for a variety of reasons.

Novavax was the fifth vaccine maker to submit their COVID-19 vaccine to Health Canada for regulatory approval and could be given the green light as early as April. The company has a deal to provide at least 52 million doses and as many as 76 million doses of its two-dose vaccine to Canada.

All of Canada’s seven vaccine contracts have been kept confidential since they were signed last year and the government has fought moves in parliament to force the disclosure of the contracts. The released contract is still heavily redacted, with all the details on price, deliveries and penalties for missed timelines for Novavax blacked out.

The contract, filed with the U.S Securities and Exchange Commission on Monday, does specifically acknowledge there are many problems that could prevent the company from making its deliveries on time.


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“Customer acknowledges that the delivery schedule may change due to several variables. Including but not limited to speed of clinical trial enrolment and accrual of events, manufacturing delays and/or timing of regulatory approval,” reads the contract. It also specifies the delivery schedule is an “estimate only.”

Under the deal, Novavax is set to deliver vaccines monthly to Canada and like other vaccine manufacturers has quarterly targets, though the specifics of those targets are redacted from the deal. The government agreed to pay up front for the vaccines, in part because the company agreed to manufacture doses ahead of regulatory approval so they can be moved out quickly after the vaccine is approved.

  1. Procurement Minister Anita Anand  announces a delay to COVID vaccine delivery via videoconference, Friday, January 15, 2021 in Ottawa.

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  2. None

    Federal government signs deal to make Novavax COVID vaccine at Montreal facility still being built

The company’s CEO has said they could produce as many as 150 million doses per month starting in May. They have also signed deals with the United Kingdom, United States and several other countries, but Canada is one of the biggest orders.

If Novavax misses targets it has the opportunity to catch up and if they continue to fail Canada has the ability to cancel the agreement. Canada paid an upfront payment, but it is unclear how much Canada would be out if it cancelled the contract.

The deal does specify the company has to make “commercially reasonable efforts” to deliver on the contract, a phrase, which also exists in the company’s contracts with U.K. and Australia, though its specific definition is redacted.


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On deliveries, the U.K. and Australia’s contract includes similar language, but the U.K deal includes lots of specifics on the company’s commitment to attempt to manufacture the vaccine in British facilities.

Medical lab scientists work on samples collected in the Novavax phase 3 COVID-19 clinical vaccine trial at Harborview Medical Center on February 12, 2021 in Seattle, Washington.
Medical lab scientists work on samples collected in the Novavax phase 3 COVID-19 clinical vaccine trial at Harborview Medical Center on February 12, 2021 in Seattle, Washington. Photo by Karen Ducey/Getty Images

The company has also signed a deal to produce its vaccine on Canadian soil, at the National Research Council’s under construction facility in Montreal, but that was not part of the original agreement.

The Montreal facility is expected to take until late December to actually produce doses, and Canada’s first shipments are expected to come from other countries.

The regulatory documents include the detail that the company is committed to go further and will expand its presence in Canada

“The MOU also includes a broader intention for the Government of Canada and us to work together to increase our Canadian presence,” reads the filling. “We will explore a range of partnership opportunities for us to expand vaccine production in Canada, including partnerships with Canadian contract manufacture.”

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Henry confident of B.C. plan to delay second dose despite critics – Times Colonist



Provincial health officer Dr. Bonnie Henry, who is delaying second doses of COVID-19 vaccine to 16 weeks from six to free up vaccine and give every British Columbian a first jab by July, said she is confident in the face of criticism.

Dr. Mona Nemer, Canada’s chief science adviser, has compared B.C.’s delay of second doses with a “population level experiment,” saying that while it’s plausible to do it, we should not tinker with the data provided by Pfizer and Moderna to leave three to four weeks between first and second doses.

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Dr. Anthony Fauci, the top infectious disease official in the U.S., said that country will stick to its two-dose regimen, resisting calls to use a single dose to give more people immediate protection, the Washington Post reported.

Henry is standing behind her decision. Studies show that the first dose of the Pfizer and Moderna vaccine is upwards of 90 per cent effective after three weeks and it lasts for several months, preventing serious illness, hospitalizations and deaths, Henry said on Tuesday.

The National Advisory Committee on Immunization has reviewed the data in detail and its statement is “imminent,” she said. “That is why I am so confident that the decision we made over this past weekend to extend that interval is the best one, based on all of the scientific and the data that we have to maximize the benefit to everybody in our community, so that we can both stop people from getting seriously ill, prevent people from needing ­hospitalization, and prevent people from dying.”

The freeing up of doses to vaccinate more people quickly will allow the province to ease pandemic restrictions much sooner, she said.

The province will be able to increase visits to long-term care facilities “and have families be together with their loved one in care homes before the end of this month,” she said. “We now know from the real-world data that we don’t need to rely on second doses before we can lift some of these restrictions, if we have enough people protected, and we can stop that transmission in our communities.”

Come June or July when everyone in B.C. is protected with a first dose of vaccine, “we will know more about when is the optimal timing for booster dose,” said Henry.

Fauci did not recommend the delaying of doses in the U.S. because he felt they had sufficient vaccine “which is fine,” Henry said. The United Kingdom is also delaying the second dose, and Fauci went on to say “each of those approaches is correct and is right,” she said.

Henry said that Nemer, the chief science adviser, “who obviously was not involved in some of these discussions and decision making … perhaps didn’t understand the context that this decision was made in.”

Infectious diseases specialist Dr. Isaac Bogoch in Toronto said that in December and even January there was hesitancy over delaying the second dose, “but there’s been a growing global experience delaying the second dose and there’s also accruing evidence suggesting that delaying that second dose is a ­reasonable thing to do.”

If one were to line up 100 scientists, epidemiologists, public health providers and infectious diseases physicians there probably wouldn’t be an argument over delaying the second dose. “I think the argument you’d get is how long can you delay that second,” Bogoch said.

Canada’s chief science adviser has valid concerns, but there’s growing evidence suggesting it’s OK to delay, he said.

“It’s going be just like everything else we have seen in the pandemic,” Bogoch said. “You can have multiple people look at the exact same data and come to different conclusions. And that’s OK, as long as we’re open and honest and transparent about how we’re making our decisions, and we understand what the benefits are and what the potential risks are.”

B.C. Health Minister Adrian Dix said 283,182 doses of COVID vaccine have been administered — 186,654 people have received first doses, 86,537 have received second doses. That includes 95 per cent of long-term care and assisted living residents who have received their first doses of COVID-19 vaccine.

Everyone needs to focus on maintaining all levels of protection including physical distancing, wearing masks, and not gathering outside one’s household, and getting tested if symptomatic, Henry said.

On Tuesday, the province reported 438 new cases of COVID-19, including 19 new cases in Island Health. Of 4,679 active cases, there are 243 people in hospital, including 63 in intensive or critical care. Another 8,445 people who are contacts of an infected person are under public health monitoring.

Two more deaths have been reported, for a total of 1,365 COVID-related deaths since the pandemic began.

Twenty-two new variants of concern have been detected — 159 of the U.K. variant and 23 of the South African variant — of which eight are still active.

The province made a data correction on Tuesday, announcing another 254 cases of COVID-19 over the past week that went unreported.

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