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Get Financed!

Get Financed!. Raising Money for Your Business. Raising Money - Sources. At 71%, banks are the single largest source of capital for small businesses (source: CFIB, 2002) Government grants account for 1%*. Raising Money – 1 st Things 1 st. Get a copy of your credit report (free)

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Get Financed!

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  1. Get Financed! Raising Money for Your Business

  2. Raising Money - Sources • At 71%, banks are the single largest source of capital for small businesses (source: CFIB, 2002) • Government grants account for 1%*

  3. Raising Money – 1st Things 1st • Get a copy of your credit report (free) • 6-year history so look for inaccuracies • Consumer vs. commercial reports • Key areas: • Inquiries • Credit Limits • Payment habits

  4. Raising Money – The Meeting • Have a clear purpose • Know your business inside-out • Be prepared to discuss financial information • Make an appointment

  5. Raising Money – The Proposal • You’ll need a business plan • Be careful when considering business plan formats (ie. bank’s vs. ‘real’) • Ensure goals and objectives contain repayment plans and contingencies • Let’s consider a business plan outline

  6. Raising Money – Relationship • How well do you know your banker • Insist on a tour of your business • Provide regular business progress updates • Invite your banker to special events • Make sure bad news comes from you

  7. Canada Small Business Loan Program Chartered Banks Business Development Bank of Canada Huron Business Development Corporation Heartland Credit Union Angels vs. Venture Capitalists Raising Money – Your Options

  8. 3-6 months cash flow Factoring Grant programs Family and friends Angel network Personal assets Hard assets vs. soft assets Banker motivations Basic business economics Your commitment in dollars and cents Raising Money – Think About

  9. Raising Money - Summary • Know your credit history • Have a plan • Develop a relationship • Maintain the relationship • Minimize surprises • Consider all options

  10. Get Financed! The End! Thanks!

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