For almost every small business, there comes a time when they will need to think about financing. Even though the business may have started out with funding from friends, family members or angel investors, that can only take you so far.
Financing needs aren’t necessarily that large for small businesses starting out, says Dan Demers, vice-president of Small Business Banking for TD Canada Trust in Toronto. But that can change pretty quickly. “Half of small business startups begin with $5,000 or less in capital, so they don’t need the money initially, but as they grow, they do.”