Whether you need start-up capital, funding for innovation or money to purchase equipment, access to sufficient credit is integral to running a successful small business.
Banks offer a variety of financial solutions for businesses, but to secure funding entrepreneurs need to crunch the numbers and prove they have a strong plan and the business savvy to execute it successfully.
TD Canada Trust offers small business owners advice on what to bring to the table when negotiating or renegotiating access to credit with their financial institution:
• Clearly state why you need credit - Your business plan plays an important role when it comes to securing financing, because it conveys your vision to potential investors. Make sure your plan clearly articulates the amount of money you need and accurately explains exactly what you intend to do with it.
• Demonstrate your ability to repay credit - Come armed with detailed personal and business reports and financial projections to demonstrate how you'll repay the loan. Banks want to see that you thoroughly understand your business' financial health, including cash flow and credit needs.
• Show your passion - You must be willing to invest some of your money into the business. Explain what you would do if you are not successful with your credit application to demonstrate persistence and commitment to your ideas.
More advice on financing a small business is available online at www.tdcanadatrust.com/smallbusiness/resources.jsp
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