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Determine Your Financing Options.
To successfully start or grow your business, it is important to know how much money you will need and what financing options are available.
Financing is needed for a variety of capital and operational investments including the purchase the equipment, buying inventory, pay overhead costs such as rents and salaries. Make sure there is a large enough amount of money set aside for ongoing expenses. Assess the start-up and ongoing business costs to determine the amount of money required before you begin. This is part of the initial planning process.
Questions to help determine your financing options:
There are a variety of financing options available for small business owners, including bank loans, money from investors, and government grants. To improve your chances of successfully obtaining funding, it is important to demonstrate in your business plan that you understand every aspect of your business and its ability to generate profit.
Below are some questions to help determine your financing options:
- Is your business plan complete? i.e. cash flow, sales projections, etc.
- Are their business advisory services available? i.e. Business Development Bank of Canada
- What personal funding do you have available?
- Are there any local entrepreneurship programs that offer grants? i.e. Entrepreneurship Programs in Mississauga (MBEC)
- What Government Grants and Funding is available?
- Canada Government Grants & Funding
- Invest in Ontario – incentive programs and services
FREQUENTLY ASKED QUESTIONS (FAQs)
We have identified and answered the most commonly asked questions about this topic:
Limited funding is available for starting a small business. When funding is available, it is usually directed at key employment sectors or for businesses that are considered as innovative or high-tech.
The success of your business depends on having enough money to purchase the equipment, buying inventory, pay overhead costs such as rents and salaries, and have a large enough amount set aside for additional ongoing expenses. It is essential to assess the costs of start-up and doing business, and determine the money required before you begin. This is an important part of the initial business planning process.
Due to the diversity and size of the local business economy, neither the federal or provincial levels of government provide extensive financial support for start-up businesses.
More information can be found at
- Canada Ontario Business Service Centre – www.canadabusiness.ca
- Find what programs are available through the Government of Canada – Innovation Canada Online Tool
- Invest in Ontario – www.investinontario.ca/incentive-programs-and-services
Due to the diversity and size of the local business economy, neither the federal or provincial levels of government provide extensive financial support for start-up businesses.
Government loans, grants, subsidies and other forms of financial assistance are available to small and medium-sized businesses in Ontario. Your business type, industry, location and activities will all determine which programs will apply to you. The amount of money that you can invest in the business could also determine your eligibility for government financing.
Government of Canada Grant Resources
A database of all possible government loans, grants, subsidies and other forms of financial assistance are available here – canadabusiness.ca/grants-and-financingÂ
RESOURCES
We have identified the following resources to assist you in this topic:
Small Business Services: Tips, Guides & Regulations
www.sbs-spe.feddevontario.canada.ca
Women Entrepreneurship is Growing in Canada
www.ideamississauga.ca
Government of Canada Grants & Funding Resources
www.canadabusiness.ca
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