Growing businesses often require access to funds in order to meet growth objectives. You will most likely need additional financial resources to introduce new products or services, enter new markets, expand facilities, purchase assets, and/or hire staff to meet growing demand. As your business increases, so might your overheads. Operating costs will increase and your working capital requirement will grow.
Obtaining financing for your growing business may be easier than during the startup phase depending on your growth strategies and objectives. Your company has demonstrated success and has financial statements to prove it. Your ability to find financing may depend on:
You will need a comprehensive business plan to communicate your growth targets, outline your previous successes and clearly articulate the need for funds.
Similar to new businesses (see Financing page in the Starting A Business section), potential sources of funds for growing businesses include:
Accessing equity financing from Canada Business Network
Article on pitching to Angel Investors from Canada Business Network
Perfecting Your Pitch from Garage Technology Ventures