Have you ever been in a situation where your company is in a growth cycle? Notice how the cash flow becomes such a challenge? If you don’t have the cash to purchase the goods up front, or cash to make payroll prior to getting the job completed and paid for, what do you do? If you don’t do the project, how do you grow? It can be pretty stressful and tough to get through.
There are options out there. I know because I have been in this situation.
What was that? You say the banks turned you down because they wanted security… in cash? If we had the cash, we wouldn’t need the bank!
There is nothing wrong with getting the help you need to get some working capital – as long as the funds are used for the purpose you are borrowing them for.
Resources are available through your local branches of CBDC and BDC. Their interest rates might be a tad higher than a bank, however, they are the easiest people to deal with on repayment plans, longer amortization periods and, if you need to take a break for a month, they are just a phone call away.
Depending on the relationship, you might also get financing for a single project. Then, when you have been paid for that project, you can pay off the loan; or you can keep making payments and use the extra cash to finance another project.
There are also resources through the federal and provincial governments to assist with employee skills training, and programs to hire Nova Scotians who require work experience (e.g. START, WIPSI, WEI and Skills Online NS. Student employment programs, such as SCEI, are also available.
Here are links to some Province of Nova Scotia financing options:
Keep in mind, an updated set of financials is essential when applying for funding. If you need some assistance with updating your records, please get in touch!