We understand that writing a business plan can be a daunting experience.
You have a great idea, loads of experience in the industry, but you’ve never had to produce a document like this before…Don’t worry!
Hopefully this success will encourage the bank to become even more “driven and tenacious” about small businesses.
At all stages of development Postmedia is pleased to bring you a new commenting experience.
Its “startup loans” help new companies finance fixed assets and marketing costs.
Its Xpansion Loans help businesses develop new products.Bradley expects he’ll have spent ,000 before seeing a penny of revenue. “I explained that a startup doesn’t usually have a lot of customers or sales – that’s what they’re in business to get.At the urging of his son, a contractor who used a BDC loan to buy a building, Bradley applied online for a ,000 loan. If he checked his own webpage, he would see that what he was telling me contradicted the BDC’s mission statement.”Indeed, the BDC’s “Who We Are” page does say that “Our mission is to help ” (Italics mine.)The latest theories of business growth (“the lean startup”) define startup as a specific phase of business, in which it seeks a sustainable business model.Futurpreneur Canada’s Start-Up Program takes your passion and turns it into a reality.Get up to ,000 in financial support, and the support of one of our 3,000 mentors. The Vancouver-based engineer has read all the ads and seen the commercials where the Business Development Bank of Canada positions itself as the “bank of entrepreneurs.” But when he recently tested that claim, he found the Crown corporation had no interest in funding his startup, which makes sandals for people who wear orthotic inserts.And Bradley wonders, if the BDC has trouble lending to a new business run by a well-heeled 70-year-old metallurgical engineer with a lifetime of business experience – what chance do 30-year-old entrepreneurs have?Denham did add that BDC staff pride themselves on a holistic approach to credit evaluation, assessing not just a business’s financials but also its leadership, particularly their “ambition, drive and tenacity.” Could there be times, I asked, where the quality of leadership and the business plan outweigh the lack of assets or sales? “But there would be situations where that would be enough.”In the end, Denham and I didn’t agree on the seriousness of the BDC’s startup-funding gap.I don’t doubt the bank’s commitment to entrepreneurs, but I would like to see more tests and pilot programs to find other ways BDC can help startups win market traction.The problem is, Bradley’s firm is in early-stage limbo: too little capital, no revenue.Cabo Comfort Sandals has an innovative product, it’s beginning production of its first 1,000 units, and it has evinced great interest from footwear retailers.