Every business’ funding story is as unique as the business itself. How do you know which funding is right for your business and when should you seek out varying types of funding as your business grows? Last Tuesday, the Greater Peterborough Innovation Cluster (GPIC) and Peterborough Economic Development (PED) hosted an event tied into Small Business Week 2016. The event included a panel discussion on some of the funding options available to businesses. Speaking were Brenda Hogan of the Ontario Capital Growth Corporation (OCGC), Yves Lafortune of the Peterborough Region Angels Network (PRAN), Michelle Cathers of Community Futures Peterborough (CFDC), and Michael Gatschene of the Business Development Bank of Canada (BDC).
Here’s what they had to say:
What is your role in the funding landscape?
Ontario Capital Growth Corporation (OCGC)
Business Development Bank of Canada (BDC)
Peterborough Region Angels Network (PRAN)
The four speakers were also asked about success stories that they were able to share with the group. Michelle from the CFDC mentioned that in its 30 years Community Futures has helped over 700 businesses including BE Catering and Doo Doos Bakery; Yves LaFortune mentioned a couple of companies the group has invested in including Entomo Farms; Michael from BDC described how they helped a funeral home in Minden recover from a recent flood; and Brenda from OCGC spoke about how they invested in an Ontario company that went on to open a branch in Europe, sell that company and start several new companies.
Whether it’s your regular financial institution or one of the options profiled at last week’s event, hopefully the answers above can help any small business. Ultimately, one of the best takeaways for any business is that you have to be prepared.