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TORONTO, May 12, 2009 – These are challenging times for Canada’s small- and medium-sized businesses (SMBs) especially when it comes to obtaining financing to start or expand a business or simply stay afloat.
The Canadian Institute of Chartered Accountants (CICA) and the Business Development Bank of Canada have teamed up to publish a new book aimed at helping small- and medium-sized business owners understand the various options and choices available to them. The Financing Toolkit for Small & Medium Businesses was written by Gary A. Fitchett, CA, who has over 40 years of experience in entrepreneurship, new business formation and expansion, and financing. The toolkit provides a step-by-step strategy to help business owners secure financing, including straightforward information on banks, term loans, equity financing, mezzanine debt, government programs, leasing, factoring, and much more — how they all work and what is best for their business.
“Small- and medium-sized businesses drive much of the economy, yet many are unable to get the financing they need to succeed,” said Cairine Wilson, Vice-President, Member Services, CICA. “The goal of the toolkit is to help SMBs tap into the many sources of financing that are available and to provide them with practical advice to navigate in today’s challenging economic climate. The toolkit is a support mechanism suited to every small-and-medium-sized business.” “BDC is proud to be associated with this initiative,” said Michel Bergeron, Vice-President, Corporate Relations, Business Development Bank of Canada. “The toolkit could not have come at a better time. Entrepreneurs across Canada now have access to a comprehensive guide that will help them understand the various financing opportunities available on the market.”
The Financing Toolkit answers such questions as: - How do I find investors for my business?
- Is venture capital my answer?
- What is the focus of Business Development Bank of Canada?
- How can I raise funds from within my business?
- Should I work with more than one lender?
Additional information about the toolkit, including how to order a copy, is available on the CICA website (www.cica.ca/financing). The toolkit is available in English and French. The Canadian Institute of Chartered Accountants (CICA)
The CICA, together with the provincial, territorial and Bermuda Institutes/Ordre of Chartered Accountants, represents a membership of approximately 74,000 CAs and 10,000 students in Canada and Bermuda. The CICA conducts research into current business issues and supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government. It issues guidance on control and governance, publishes professional literature, develops continuing education programs and represents the CA profession nationally and internationally. CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA). The Business Development Bank of Canada (BDC)
BDC is Canada's business development bank. From 100 offices across the country, BDC promotes entrepreneurship by providing highly tailored financing, venture capital and consulting services to entrepreneurs. Visit www.bdc.ca for more information. – 30 – For more information or to arrange an interview, contact:
Tobin Lambie, Manager, Media
CICA
(416) 204-3228
tobin.lambie@cica.ca
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