Banks are an important source of capital for SMEs. But they’re far from the only place where you can secure the funds you need to run and grow your business.
These days, there are more alternatives to bank financing than ever before. Angel financing has become much more widely available thanks to the proliferation of angel investor groups, and the Business Development Bank of Canada has stepped up its lending volumes. Financing from family and friends has become a more appealing option with the declining cost of starting a business. And new methods such as crowdfunding are starting to evolve from exotic to mainstream.
Canada’s Fastest-Growing Companies have overcome the financial challenges brought by exponential growth by means such as tapping into federal R&D tax credits and other government programs, attracting private equity from firms specializing in their sector and, in one case, suspending work for any client that doesn’t pay its invoice within 30 days.
Smart entrepreneurs don’t wait until they need money to go looking for it. So, whichever options you pursue, now is the time to get started. And your first step should be to explore the possibilities presented in these stories.
Canada’s Fastest-Growing Companies reveal how they found the funds they needed to run and grow their businesses
It’s never easy to raise money for a startup. But here are your two best bets for obtaining the money required to launch a company
Two valuable federal and provincial tax-incentive programs will put money back in your pocket
They won’t let you sell shares—yet—but “crowdfunding” websites are helping firms fund production, test the market and secure buyers
When friends and family are your financiers, there’s a lot more at stake than a business. Take these steps in order to cut the risk