Posted  4 Nov, 2019 
In: Articles

Originally published in the November 4, 2019 edition of Agri-News

A look as some of the steps to secure those needed funds.

Starting or expanding a business takes a lot of planning, and one of the critical steps is insuring you have adequate financing. Kathy Bosse, new venture specialist with Alberta Agriculture and Forestry, goes through the steps to help secure those needed funds:

  • Develop a business plan. “Make sure that you have thoroughly researched the sector you want to enter, and know that you have a business idea that has the potential to succeed,” she says.
  • Tell your story in a compelling way. Provide a business case and use persuasive rational for the needed funds.
  • Tailor your approach to the source of funding. “Research your funder’s requirements and prepare your documents,” she adds. “By doing so, you address their needs, and that gives you the best chance for success.”
  • Prepare the information most funders require. “When approaching a lender or investor, you should have a business plan, credit report, income statement, balance sheet and cash flow projections.”
  • Understand how financial ratios can make or break your deal. Bosse says that ratios can provide potential lenders or investors with information in five key areas – liquidity, solvency, profitability, repayment capacity and financial efficiency.

“Asking for funding is not unlike a job interview,” she adds. “Be prepared to address holes or weaknesses in your plan to show that you also recognize obstacles but can overcome them. Being prepared is vital to any effective bid for business funding. If you have the right information ready, it is more likely you will get the funding you need.”

More   Articles

Nov 15   |   Articles

Saskatchewan Family Strives for Healthier Food

The Witzaney family of Denzil, Sask., at home on their farm. | Photo: William DeKay Originally published November 15, 2019 on The Western Producer

Read More

Nov 14   |   Articles

Weather Plays Key Role for Micro-Organism Growth in Soil

Research indicates soil micro-organism activity has its own seasonability. | Photo: Getty Images Originally published November 14, 2019 on The West

Read More

Nov 12   |   Articles

Horticulture Checklist for November

Originally published in the November 12, 2019 edition of Agri-News Robert Spencer, commercial horticulture specialist at the Alberta Ag-Inf

Read More