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Financing & Cash flow are the biggest issues facing business today
ARE YOU UNAWARE OR DISSATISFIED WITH YOUR CURRENT BUSINESS FINANCING OPTIONS?
CALL NOW - DIRECT LINE - 416 319 5769 - Let's talk or arrange a meeting to discuss your needs
EMAIL - INFO@7parkavenuefinancial.com
7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8
Direct Line = 416 319 5769
Email = sprokop@7parkavenuefinancial.com
Startup business funding in Canada and the decisions you make in start up capital choices shouldn't be ' flip of the coin ' type decisions. At this time, entrepreneurs wish their financing options could move at ' cosmic speed', but they rarely do. Careful review of your finance options and a thought out strategy are key. Let's dig in.
When you're starting to work on funding for your business, the business owner/ manager is probably well past the ' big idea ' stage and starts to explore the right options to finance the business. Now it's all about the type of financing you need and the rates and terms that come with that finance. Today's low rate environment is conducive to financing you can afford, and even alternate forms of ' non traditional' finance have come down in cost.
So things should be easy, right? Not quite , as traditional ' go to ' solutions for beginning a business aren't often' user friendly ' to the entrepreneurial stage of a business . Complicating things is the fact that different types of financing are needed for your business - and without expert guidance, a chance for failure looms.
What are the different types of financing often needed at the start-up phase and how are they best implemented?
Types of finance solutions required include:
Working Capital / Cash Flow Solutions:
Seasonal/bulge type financing needs:
Business Credit Lines
Fixed asset needs to purchase or replenish equipment / leaseholds, etc.
Real Estate - rare in start-up cases but occasionally required.
Funding to purchase an existing business or franchise
Refinance needs for existing debt
Rarely does ‘ Government ' come into the entrepreneurs finance strategy in starting a business, but two well used programs by thousands of entrepreneurs each year are worth mentioning . They include the Government Small Business Guaranteed Loan, andthe refundable cash credit program under the SR&ED program for those firms that might have a research aspect to their business.
While the Government SBL Small business loan maxes out at 350k it does come with solid competitive terms and structures.
Many business owners spend a lot of time (often wasted) searching for equity or angel or Venture Capital. These forms are most often suited only to tech firms with explosive growth potential, and will of course require you to give up significant equity in your ' big idea'.
The key elements to achieving the financing you require often revolve around a solid business plan and realistic cash flow forecast. Here it's all about your homework and moving forward with financing in the right direction. A well thought out business plan will show lenders how you plan to crawl and then walk!
Types of financing that are well suited to business start-up capital requirements include:
A/R Financing
Inventory Finance
Equipment Leasing
Working Capital Term Loans
Non Bank Asset Based Business Credit Lines
SR&ED Tax credit bridge loans
Sales/Royalty Financing
PO / Contract Financing
If you're looking to avoid ' flip of the coin' decisions in critical aspects of financing a start up and growth seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with your startup business funding needs.
Stan Prokop
