Determine 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.
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.
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
Determine your Financing Options – Frequently Asked Questions
- Frequently Asked Questions – Starting a Small Business
- 10 Steps to Starting a Business – Infographic
Mississauga Business Enterprise Centre (MBEC)
Whether you are starting or growing your business, we can help! MBEC is your central source for small business information, resources and guidance. We’ll answer your questions about registering and starting a new business, preparing a business plan, taxes, government regulations, available government programs and much more! If you have a question, or would like to contact us, please submit an inquiry or visit the MBEC office at the Mississauga Central Library (4th Floor).