There are so many variables that determine how your business grows and frankly, you can’t control them all. Most of the clients we meet are surprised to learn that companies growing too quickly is one of the main reasons new businesses struggle. Most people think of rapid growth as a good thing (and of course, it can be!), but what happens if the business runs out of capital? What if you need to hire five employees and you don’t know the first thing about payroll? This is not to say these challenges are the end of a business, it’s to remind owners of a growing business to PLAN for growth.
Supporting businesses with financing options when others aren’t available is what we do and it’s what we do best. There are so many reasons why financing from a bank may not be an option. After all, the financial institutions’ job is to protect our money and take limited risks. If your business has grown too quickly and you find yourself in a situation where you need capital, you might struggle to get it from a bank (especially if your business is less than a few years old). We are funded by FedDev Ontario to be able to take on more risk. But, what exactly does that mean?
When a business owner applies for financing with Community Futures Oxford, we can take your entire story into consideration. Our business consultants are not entitled to additional compensation based on meeting targets. Our only mandate is to distribute funding in a way that promotes the creation and maintenance of jobs. This means we have the time to work with your through the entire process and when your application is ready, it’s presented to our volunteer board of directors who live in our community. We’re so proud to say that our loan decisions are made locally, by locals. Furthermore, our funds are self-perpetuating; the interest that accumulates on a loan goes back into our loan fund to support more entrepreneurs in the future.
If you’ve been considering growing your business and are looking for caring, professional guidance we are more than happy to help. We’re investing in growing our local economy which means we are invested not just in the success of the business, but YOUR personal success as well. We’re only interested in finding the option that will work best for you.
Does you like what you hear? Please be in touch by sending an email to our business consultant, or reviewing our funding options:
Luigi Basacco
lbasacco@cfoxford.ca