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When looking to finance growth, you have a number of
options available. It is much easier to obtain bank
financing for an existing business than it is for a new
venture. If you are an existing business, the bank may finance
your growth based on your company's accounts receivables,
inventory, assets, and debt coverage (the ability of your
company to service the debt repayment through their cash
flow). Ensure that you have your most current financial
statements prepared as well as a document outlining why
you require financing, and how much money you require.
You may also want to consider factoring, an equity investment
or growing through cash flow. Visit the Ottawa Capital Network's
Web site
for more information. The objective is to explain the funding
game, what it's all about, and what you can do to increase
your odds of success.
You might also visit Industry Canada's
Steps to Growth Capital Web site. It's very comprehensive
and informative.
As well, the Entrepreneurship Centre can offer you
consultations with one of our business advisors to
review financing options more specific to your situation.
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