Finding commercial financing in Toronto isn’t easy unless you have a great business plan and a track record for success. Before the global financial crisis, apparently, it was a lot easier to get the bankers to turn on the money spigot. They’d throw money at anything hoping to turn a fast buck. That is not the case now. Sobriety has returned to stay with the financial investment firms here in Canada although Canada weathered the storm better than most countries). I recently sought funding in order to grow my media company and quickly found a firm willing to do so.
I first started out several years ago with one website about current events and politics, and the site quickly ballooned into a money maker. I couldn’t believe how much advertising revenue I had coming in, and fairly soon I wanted to expand with some other sites touching on other topics I thought would be of interest to certain niche groups of people. The problem is that I needed to expand beyond just myself running the venture. I needed a few employees in order to generate the necessary content to fuel the new sites. I couldn’t do anymore of the work by myself.
Going to a bank for a business loan was scary because I’ve never done it before. You hear all these horror stories about the process. I just made sure I had a business plan written up and made sure they had access to my sterling level of success so far. Since I’m a small business, none of this was all that difficult. The bank I approached took a look at my records and checked my finances and I got the loan faster than I thought possible. Now I’m posed to greatly expand my business and make even more money!