Introduction
As an entrepreneur, starting and growing your business surely comes with ups and downs. But one thing that remains constant is the need for capital to finance business operations, grow clientele, and take advantage of promising opportunities. The Business Development Bank of Canada (BDC) exists to support just that. We are going to delve into how the BDC can help entrepreneurs grow their business.
BDC: Who are they?
The Business Development Bank of Canada (BDC) is a bank that focuses on providing financing, advisory services, and capital to Canadian small and medium-sized enterprises (SMEs). Established in 1944, it is the only Canadian bank that devotes all of its efforts to help Canadian entrepreneurs.
BDC Services
The BDC offers funding and financing solutions, business advisory services, and access to a business network. They offer term loans, subordinated debt, venture capital, and commercial mortgages, amongst other financing options, with terms ranging from a few months to 25 years. The BDC’s business advisory services assess an entrepreneur’s business and provide guidance on market strategies, operational processes, and human resources, amongst other things. Additionally, BDC has a very curated network of contacts which can be useful to entrepreneurs seeking to expand their networks and gain access to insights from different industries.
How can BDC help entrepreneurs grow their business?
With its financing, advisory services, and extensive network, the BDC provides the advanced technologies and tools entrepreneurs need to start, scale, and thrive in their business. Its business advisory services can be especially useful for entrepreneurs seeking guidance on decisions related to market expansion, product development, and customer acquisition.
Further, the BDC provides resources to their clients to help them prepare for the next steps of business development, such as opening a second storefront, building a team, or expanding market reach. By providing access to capital, the BDC can help provide the seed money to take those next steps. Entrepreneurs that take advantage of the financing opportunities and business advisory services provided by the BDC are often in a far better position to continue growing their business.
Success stories with BDC
A prime example of how the BDC can help entrepreneurs is the case of All Source Security Container MFG. Corp. Before partnering with the BDC, All Source Security didn’t have a website, a sales strategy, or even any sales — yet they knew the market for their products existed and they believe it could be profitable. However, the company lacked the funds and administrative skills to pursue their vision on their own. With BDC funding and the guidance of its advisory services team, the company was able to set in motion a sales strategy, open a second location, and 10X their sales in 5 years.
Conclusion
The BDC is there to support Canadian entrepreneurs achieve their goals, whether that’s through financing, guidance, or a structured network that can give you access to other resources. Business owners looking to grow their businesses and face promising opportunities, should go ahead and book an appointment with a BDC advisor. It could make all the difference.
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