The company needed a small business loan of CA$250K to expand the business scope. They reached out to us, and we had a meeting to learn the details of their financing needs. Then, we started working on it.

Search for the Right Small Business Loan Option

To begin with, we searched for the loan options from various financial institutions. After determining the most suitable option for the company as a BDC loan, we got in touch with an account manager.

Then, we organized a meeting with the account manager and the business owner to further discuss the available financing options and terms.

Application File for Small Business Loan

Once the details of the selected financing option are clear, we proceeded with preparing the application file that includes:

1. A detailed business plan for the expansion – with business overview, sales and marketing, operating plan, human resources, and action plan sections,
2. Projected financial statements,
3. A report for costs and expenses supported by quotes we collected,
4. Necessary application forms filled together with the business owner.

Following Up

After submitting the application, we followed up with the account manager until a decision was made. We responded to the additional document requests immediately to expedite the process.

Result

Within 2 weeks after the application, our financing request for CA$250K was approved by BDC. Our meticulous application file, combined with the good credit record of the business, resulted in success. Our client could finally proceed with their planned business expansion.