Building Your Business Plan: Part 14 – Financial Assistance

6 mins read

This article is written to provide you with an overview about where to look for Financial Assistance when building your business.

Having the financial accessibility to start a business is uncommon, most business venturers (whether they are veteran or not) seek to receive financial support to assist them with their business. If you have the financial accessibility, then you won’t have to worry about this section, however, if this is not the case, now that you have a well-developed and detailed business plan, it will make finding and receiving financial assistance much easier.

Section 15 – Financial Assistance

To answer the questions below, we recommend speaking with the accounting professional you selected in the previous section of this business plan, a financial advisor, an investor, or another trusted business professional you made connections with throughout the process.

A. What is the need for financial assistance?

To answer this question, you will need to define whether your need is for a start-up business or if you are acquiring financial assistance to expand or upgrade your business.

B. How much financial assistance am I looking for?

To answer this question, you will need to refer to the previous section(s) and calculate the total costs of everything that is required to start your business. Include categories such as Land & Building, Equipment, Vehicles, Inventory Materials, Working Capital, Advertising, Marketing, Professional Fees, and so forth.

C. Where can I receive financial assistance from?

Since there are hundreds of funding programs available, searching and applying to the correct ones will be important. The last thing you want to do is search for a program and apply (after spending all that time), and have your program application denied because the program wasn’t designed for businesses like yours or you didn’t meet the requirements.

There are several business professionals or companies you can reach out to in order to get the financial assistance you require. This can be done through Banking Institutions (RBC, TD, Scotiabank, CIBC), SquareOne or Community Futures, sourcing business consultants like BDO Canada or True North, or finding an investor.

Another thing to keep in mind when applying to the government for financial help to start a small business is that there are programs available that only fund certain industries, or provide up to a certain amount for a certain funding needs such as hiring or training, purchasing of tools and equipment, conducting R&D, improving cash flow, and so forth. Keep in mind the specifics so you are only applying to those that are right for you and your business.

Once you have sourced where you are going to receive financial assistance from, you will want to define them here, along with how much support they have approved you for.

D. How much time do I need to repay (amortization)?

Depending on whether your business is new or existing will determine how much time you need to repay any financial support you receive. To answer this question, we recommend reaching out to the financial lender(s) you defined in the previous question to understand what their terms and conditions are regarding repaying.

This brings us to the end of our Building Your Business Plan series! With all the information you have been exposed to and captured throughout, you are well on your way to developing a business plan that will ensure the success of your business! Always know that you can reach out to a B!G Representative for support around this matter.

Finally, stay tuned for the last part of this series when we will provide you with a checklist to make sure you have everything ready to rock and roll when you begin putting your business plan into action!

Download the Building Your Business Plan: Part 14 – Financial Assistance – Reference & Guide.

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Visit our Resource Library for all available downloads.

If you require assistance with any of the guides, forms or templates, please contact a BIG representative.

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