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We are committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles.We ask you to keep your comments relevant and respectful. The Vancouver-based engineer has read all the ads and seen the commercials where the Business Development Bank of Canada positions itself as the “bank of entrepreneurs.” But when he recently tested that claim, he found the Crown corporation had no interest in funding his startup, which makes sandals for people who wear orthotic inserts.
When people laughed at him for taping his inserts to his sandals, he went looking for sandals that would accept inserts. Over two years, Bradley spent $25,000 designing a sandal with an insert-friendly pocket, and filing for a patent.
Then he started calling footwear manufacturers and retailers to see who might want to buy that patent.
Hopefully this success will encourage the bank to become even more “driven and tenacious” about small businesses.
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With several hundred thousand dollars in his bank account, he expected no trouble. As the bank for entrepreneurs, it’s hard to see why BDC would expect all applicants for startup loans to have revenues. “The loss rate on our loans [about 0.8%] is four times that of other financial institutions.
We typically don’t say No.” He says BDC advisors may offer feedback on unsuccessful applicants’ business plans, or refer them to other organizations that might help. But he did end up with a ,000 business loan from TD Bank.)Denham pointed out that BDC can’t possibly lend “to every single entrepreneur who approaches us.” Of course I agreed, but pushed back by saying that entry-level entrepreneurs seeking growth capital is a pretty big niche for “the bank of entrepreneurs” to ignore.We’re here to help you create a business plan that is well structured to aid you in securing the financing you may need to get your business off the ground.We’ve created a process that is easy to start AND finish.Start Writing We’ve simplified our business plan writer to the bare minimum to start.As needed, you can drag and drop additional sections into your plan.Its “startup loans” help new companies finance fixed assets and marketing costs.Its Xpansion Loans help businesses develop new products.The problem is, Bradley’s firm is in early-stage limbo: too little capital, no revenue.Cabo Comfort Sandals has an innovative product, it’s beginning production of its first 1,000 units, and it has evinced great interest from footwear retailers.Finding a solution should be the goal of any bank that puts entrepreneurs first.To its credit, BDC has addressed many gaps in small-business lending.