If you’re running a business, it can sometimes seem like you need to invest money to make money. That’s why businesses often look for financing to help their growth. What kind of financing is your best bet? Here’s what to consider:
Credit
Borrowing on credit or taking out a loan can be an effective way to give your business a leg up. But be sure to review the repayment terms and interest rate and to make a manageable plan for repayment. If you’re pitching to lenders, remember to focus on the steady stability of your venture. Lenders want to know you’ll be able to pay them back.
Grants
Not all financing must be repaid with interest. If you’re thinking about borrowing on credit or taking out a loan, it’s worthwhile to explore grant opportunities first. Grants can help you remain prudent and achieve your goals without taking on additional risk. Look for grants tailored to your specific needs, such as the Boost Your Business Technology grant, for instance, to modernize your operations. The program offers grants of up to $15,000 and zero per cent interest loans for eligible businesses, as well as access to specialized advisors to help you implement digital tools.
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