raising money from the BDC I got a question from one of my YouTube
I got a question from one of my YouTube
I got a question from one of my YouTube viewers one who wrote in to say I live
viewers one who wrote in to say I live
viewers one who wrote in to say I live in Toronto I went to the BDC and that
in Toronto I went to the BDC and that
in Toronto I went to the BDC and that stands for Business Development Bank of
stands for Business Development Bank of
stands for Business Development Bank of Canada and you know they lend money to
Canada and you know they lend money to
Canada and you know they lend money to startups they don’t ask for collateral
startups they don’t ask for collateral
startups they don’t ask for collateral and he wanted my advice on what to do do
and he wanted my advice on what to do do
and he wanted my advice on what to do do I know about them should he work with
I know about them should he work with
I know about them should he work with them or not this is more of interest to
them or not this is more of interest to
them or not this is more of interest to my Canadian audience but there’s
my Canadian audience but there’s
my Canadian audience but there’s implications that will impact you if
implications that will impact you if
implications that will impact you if you’re trying to raise money from
you’re trying to raise money from
you’re trying to raise money from anybody that I’ll share in the video the
anybody that I’ll share in the video the
anybody that I’ll share in the video the BDC is a crown corporation it started by
BDC is a crown corporation it started by
BDC is a crown corporation it started by the government and they’re really trying
the government and they’re really trying
the government and they’re really trying to be a bank of last resort a lender of
to be a bank of last resort a lender of
to be a bank of last resort a lender of last resort so they will touch the
last resort so they will touch the
last resort so they will touch the businesses that banks don’t want to
businesses that banks don’t want to
businesses that banks don’t want to touch because it’s too risky I’ve done a
touch because it’s too risky I’ve done a
touch because it’s too risky I’ve done a lot of work with the BBC I didn’t raise
lot of work with the BBC I didn’t raise
lot of work with the BBC I didn’t raise money myself as an entrepreneur but when
money myself as an entrepreneur but when
money myself as an entrepreneur but when I was in the venture capital business I
I was in the venture capital business I
I was in the venture capital business I partnered up with them a lot the thing
partnered up with them a lot the thing
partnered up with them a lot the thing with the BBC is they will usually two
with the BBC is they will usually two
with the BBC is they will usually two things one ask for more so because
things one ask for more so because
things one ask for more so because they’re taking on a riskier project
they’re taking on a riskier project
they’re taking on a riskier project they’re going to take a higher interest
they’re going to take a higher interest
they’re going to take a higher interest rate so if you can get a loan from a
rate so if you can get a loan from a
rate so if you can get a loan from a bank or the BBC I’d go to the bank first
bank or the BBC I’d go to the bank first
bank or the BBC I’d go to the bank first because you’ll get a better rate but you
because you’ll get a better rate but you
because you’ll get a better rate but you may not have an option and that’s what
may not have an option and that’s what
may not have an option and that’s what the BBC is there for if you can’t get an
the BBC is there for if you can’t get an
the BBC is there for if you can’t get an option then you go to the BTC and you
option then you go to the BTC and you
option then you go to the BTC and you pay more the second thing with the BBC
pay more the second thing with the BBC
pay more the second thing with the BBC is often they will want you to work with
is often they will want you to work with
is often they will want you to work with their experts so part of the money will
their experts so part of the money will
their experts so part of the money will go towards hiring a consultant to help
go towards hiring a consultant to help
go towards hiring a consultant to help you with whatever problem you’re facing
you with whatever problem you’re facing
you with whatever problem you’re facing right now if it’s branding or growth or
right now if it’s branding or growth or
right now if it’s branding or growth or marketing or finance whatever it is
marketing or finance whatever it is
marketing or finance whatever it is often they’ll recommend that you use one
often they’ll recommend that you use one
often they’ll recommend that you use one of their experts and they’re their third
of their experts and they’re their third
of their experts and they’re their third party to come in and help you and part
party to come in and help you and part
party to come in and help you and part of the money that they’ll give you is to
of the money that they’ll give you is to
of the money that they’ll give you is to to hire that person so you have to be
to hire that person so you have to be
to hire that person so you have to be okay with that you have to want to use
okay with that you have to want to use
okay with that you have to want to use their expert and and like them and agree
their expert and and like them and agree
their expert and and like them and agree with them and you know have a good
with them and you know have a good
with them and you know have a good relationship with them so those are the
relationship with them so those are the
relationship with them so those are the two things about the BBC I would
two things about the BBC I would
two things about the BBC I would definitely explore the option but I
definitely explore the option but I
definitely explore the option but I would back up before that and see do you
would back up before that and see do you
would back up before that and see do you really need to raise money you know if
really need to raise money you know if
really need to raise money you know if you’re just starting out a bit
you’re just starting out a bit
you’re just starting out a bit this I hate spending money until I’m
this I hate spending money until I’m
this I hate spending money until I’m making money and I always try to find a
making money and I always try to find a
making money and I always try to find a way to start small even start with the
way to start small even start with the
way to start small even start with the service get close to your customers get
service get close to your customers get
service get close to your customers get to know them prove that what you have in
to know them prove that what you have in
to know them prove that what you have in mind will work start building something
mind will work start building something
mind will work start building something up and then when you’re ready to expand
up and then when you’re ready to expand
up and then when you’re ready to expand if you show that you can get some people
if you show that you can get some people
if you show that you can get some people to pay for this thing whatever your
to pay for this thing whatever your
to pay for this thing whatever your product or service your salad you didn’t
product or service your salad you didn’t
product or service your salad you didn’t mention in your email prove that it
mention in your email prove that it
mention in your email prove that it works go get some customers then when
works go get some customers then when
works go get some customers then when you go talk to any kind of financial
you go talk to any kind of financial
you go talk to any kind of financial institution you’re raising marketing
institution you’re raising marketing
institution you’re raising marketing capital you’re raising expansion capital
capital you’re raising expansion capital
capital you’re raising expansion capital it’s a lot easier to get you’ll get way
it’s a lot easier to get you’ll get way
it’s a lot easier to get you’ll get way better rates you’ll have people climbing
better rates you’ll have people climbing
better rates you’ll have people climbing over themselves to work with you and you
over themselves to work with you and you
over themselves to work with you and you won’t have to give up as much of your
won’t have to give up as much of your
won’t have to give up as much of your business so if the only person is
business so if the only person is
business so if the only person is willing to touch you is the BDC right
willing to touch you is the BDC right
willing to touch you is the BDC right now who’s the lender of last resort and
now who’s the lender of last resort and
now who’s the lender of last resort and there may be something wrong with your
there may be something wrong with your
there may be something wrong with your business you may want to think about
business you may want to think about
business you may want to think about starting up without going into debt
starting up without going into debt
starting up without going into debt without taking on this startup capital
without taking on this startup capital
without taking on this startup capital and building it up from there now if
and building it up from there now if
and building it up from there now if they’re not asking for collateral then
they’re not asking for collateral then
they’re not asking for collateral then there’s not as much of a downside right
there’s not as much of a downside right
there’s not as much of a downside right if it fails they’re not taking your
if it fails they’re not taking your
if it fails they’re not taking your house but it’s gonna be on your record
house but it’s gonna be on your record
house but it’s gonna be on your record and the next time you go for capital
and the next time you go for capital
and the next time you go for capital from any bank BDC angel investor whoever
from any bank BDC angel investor whoever
from any bank BDC angel investor whoever it is they’re gonna see that you took
it is they’re gonna see that you took
it is they’re gonna see that you took out this money and you didn’t make it
out this money and you didn’t make it
out this money and you didn’t make it work so that’s the risk you become
work so that’s the risk you become
work so that’s the risk you become harder to work with in the future if
harder to work with in the future if
harder to work with in the future if this venture doesn’t work out so I’d
this venture doesn’t work out so I’d
this venture doesn’t work out so I’d really focus in on trying to get money
really focus in on trying to get money
really focus in on trying to get money start a service start small have a big
start a service start small have a big
start a service start small have a big vision but start small get capital in
vision but start small get capital in
vision but start small get capital in from your customers keep building it up
from your customers keep building it up
from your customers keep building it up and when you’re ready to expand when
and when you’re ready to expand when
and when you’re ready to expand when you’ve shown that your proof of concept
you’ve shown that your proof of concept
you’ve shown that your proof of concept works then it’s going out talking to the
works then it’s going out talking to the
works then it’s going out talking to the guys if it’s bankers angel investors
guys if it’s bankers angel investors
guys if it’s bankers angel investors venture capitalists to really build it
venture capitalists to really build it
venture capitalists to really build it up but you may not even need to get
up but you may not even need to get
up but you may not even need to get there there’s nothing wrong with
there there’s nothing wrong with
there there’s nothing wrong with bootstrapping a business and taking it
bootstrapping a business and taking it
bootstrapping a business and taking it up so those are my thoughts on the BDC
up so those are my thoughts on the BDC
up so those are my thoughts on the BDC great potential partner to work with but
great potential partner to work with but
great potential partner to work with but I’d really start above that and really
I’d really start above that and really
I’d really start above that and really look at you really need to go and get
look at you really need to go and get
look at you really need to go and get financing or not believe those you’re
financing or not believe those you’re
financing or not believe those you’re watching like the video please give it a
watching like the video please give it a
watching like the video please give it a thumbs up
thumbs up
thumbs up and if you have a question about the BDC
and if you have a question about the BDC
and if you have a question about the BDC about raising capital from banks about
about raising capital from banks about
about raising capital from banks about raising capital for your business or any
raising capital for your business or any
raising capital for your business or any other question for your company leave it
other question for your company leave it
other question for your company leave it below in the comments
below in the comments
below in the comments I love seem to come in and I love making
I love seem to come in and I love making
I love seem to come in and I love making video responses for you thank you and
video responses for you thank you and
video responses for you thank you and I’ll see you soon
”
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