Finding a solution should be the goal of any bank that puts entrepreneurs first.To its credit, BDC has addressed many gaps in small-business lending.We understand that writing a business plan can be a daunting experience.
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.
As a consumer-product startup looking for funds, Norm Bradley’s initiative seems to fall in between all those services. A podiatrist relieved the problem by prescribing a molded insert for his shoes.
But when Bradley visits his daughter in sunny Cabo San Lucas, Mexico, he enjoys walking in sandals – which end up hurting his feet without the inserts.
But for now it has no assets besides its patent, no inventory and no purchase orders to borrow against.
Cabo Comfort may be a lender’s nightmare, but its challenges are shared by many companies across Canada.
When people laughed at him for taping his inserts to his sandals, he went looking for sandals that would accept inserts. Over two years, Bradley spent ,000 designing a sandal with an insert-friendly pocket, and filing for a patent.
Then he started calling footwear manufacturers and retailers to see who might want to buy that patent.
We’re here to help you create a business plan that is well structured to aid you in securing the financing you may need to get your business off the ground.
We’ve created a process that is easy to start AND finish.