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This topic contains 3 replies, has 2 voices, and was last updated by Avatar of Aaron Aaron 4 years, 9 months ago.

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  • #4594
    Avatar of daniel
    daniel
    Member

    I have a men’s clothing store that I want to expand.  My problem is financing. If I can’t get bank money where else can I go for funding?

    #4669
    Avatar of Aaron
    Aaron
    Member

    Daniel,   
     
    If you are unable to get a loan from a bank, it’s not the end of the road.  In fact, sometimes the best investment capital in the early days is obtained from sources other than financial institutions.  Family members and friends, for example, may be willing to provide capital at little or no expected return.  Partnering up with a trusted friend also allows you to disburse costs and responsibilities among multiple parties, thereby reducing personal risk.  
     
    Grants are another viable option, offered by a multitude of private and public sector entities, most notably the provincial and federal government.  Provided your company qualifies, this is a terrific way of giving your business a cash surge at little cost to you.  
     
    Other possible sources of funding may come from engaging a venture capitalist who sees a potential return on their investment with your business.  Bear in mind however, that most independent investors look to seek high returns, and don’t want to part ways with their money for a long period of time.  To hedge against the risk of losing their investment, it is also likely that you will lose a percentage of ownership in your company as a condition of the investment.  Having a proven track record for success with quantifiable results will likely be a key consideration in their decision to pony up the cash.

    #4818
    Avatar of daniel
    daniel
    Member

    What are the chances of getting a government grant?

    #4896
    Avatar of Aaron
    Aaron
    Member

    Although securing a grant for a business can be difficult, you’ll never know until you try! 
     
    It is also notable to mention that if your company does not qualify for a grant, it may qualify for small business financing through the government.  A bit of research into your options can go a long way to saving you money.

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