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Financing SolutionsCapital is essential to small business growth and success. In fact, lack of capital is the number one cause of business failure, particularly in new businesses. Some sources of capital include: Start-up capital is risk capital and therefore the most difficult to raise. While some entrepreneurs use personal assets by choice, others may have no alternative- For example, small, new businesses or businesses focused on retail services or knowledge based industry may have little collateral in the form of fixed or movable assets to offer as security to lenders. Some entrepreneurs may not have been in Canada long enough to build up a credit history and, therefore, a credit rating. If you have clients or suppliers for your company already lined up, but your lacking the financing to get down to business, don't be afraid to talk about it. Your client may be willing to put up some front money in order to work out a deal. Or, if you have just left a job to start a company on your own, your former employer may be a great first client and possible lender. The employer knows you, believes in your work and may profit by out sourcing your former job to you or may have a project he always had in mind to do, but there was never enough time or the right person. Network to obtain products and services and use the barter system. We needed a line of credit to finance my clients sawmill requirements. All the banks said no, so we identified a customer who was only too willing to give my client a $100,000 line of credit for the right of first refusal on all subsequent production. No problem! TIP: In addition, I have known landlords to throw in and offer financing to clients where a bank would turn them down. My client had a good business plan and had finally negotiated a great lease. When it was time to move forward with the business plan, because of several delays, the financing had fallen through. Not wishing to loose a good tenant, the landlord, as a last resort, offered to provide the necessary financing for my client. The landlord stepped in and made the loan, to make the business happen ! Choose your partners on the basis of strengths versus your weaknesses and visa versa. If two people in a business always think the same thing, then one person is not thinking.
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