Financing a start-up is easier than you think
When you have a dream and the drive to make it come true, nothing can stand in your way - to a point. The fact is, starting a business takes money. No matter your business idea, you’ll probably need some startup scratch to get it off the ground.
Does this mean that entrepreneurship is limited only to those with deep pockets, the clout to get a bank loan or financing contacts in the private sector? Not at all! Nowadays, there are many different ways to secure funding for a fledgling venture.
One option is through debt financing. Often thought of as a last result, debt financing is not only a feasible way to obtain the capital you need to start your business but a legitimate route that offers some serious advantages. First off, debt financing allows you to retain full ownership of your business. You will not be beholden to investors and will allow you to have complete oversight and authority on how your company operates. Debt-financing is categorized as a business expense which allows for additional deductions on your income tax. Even the largest of corporate organizations will have some level of debt on their balance sheet, being leveraged within reason is a sign of a healthy growing business.
Government grants exist for some types of new business or you could even try crowdfunding your idea on a site like Gofundme or Kickstarter. But one of the best options for young Canadian entrepreneurs to get a new business off the ground is offered by Futurpreneur. If you’re between the ages of 18 and 39 with an idea for a new business, Futurpreneur can offer you startup financing, resources and mentorship to help turn your dream into a reality.
Making it Easy to Get Started
The idea of chasing funding can be intimidating, especially if you’re new to the world of entrepreneurship. But a lack of capital doesn’t have to stand between you and your goals.
Futurpreneur makes financing your new business relatively easy. They offer collateral-free loans at better interest rates than what many banks will offer. If you’re a Canadian citizen or permanent resident between the ages of 18 to 39, have some background or experience related to your business idea, and have the drive to complete a viable business plan, chances are you’re eligible to apply for a Futurpreneur loan.
Of course, getting the start-up capital is only half the battle. How will you ensure that your venture stands the test of time to become a viable business? That’s where Futurpreneur’s capable mentorship and wealth of valuable resources come in. Each new business that receives a Futurpreneur loan will also be matched with a mentor for up to two years. You can also make use of Futurpreneur’s library of resources, such as business frameworks, business plan overviews, cash flow templates and more.
Click here to learn more about Futurpreneur’s Start-up Program.
How it Works
When you apply for financing and mentoring with Futurpreneur, you’re taking the first - and possibly the most important - step towards creating a real future for your business.
Futurpreneur can offer up to $15,000 in startup loans, and their partnership with the Business Development Bank of Canada (BDC) can provide access to even more funding - up to $30,000*.
The support offered by Futurpreneur doesn’t stop at financing. Your mentoring experience will guide you through the process of building your business and significantly shorten your learning curve. Your mentor will provide information, insight and feedback as your venture makes it through initial growing pains. You can also leverage other benefits and resources offered by Futurpreneur, such as networking events, workshops, how-tos, templates and connections with community partners.
Once you’ve signed on for financing and support with Futurpreneur, you’ll be well on your way to building a sustainable and profitable business. And if you’re up and running sooner than you expected, there’s no penalty for early repayment. You can pay off the balance of your loan at any time, becoming debt-free and ready to embrace the future of your successful venture!
*Terms and fees and BDC loans differ slightly - click here for details.