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Small businesses battle ‘risk' tag on loans
Matt Rendall works up 80 hours a week and when he went to look for funding in the form of a business grant this year, he went right past the bank. He though it would be locked anyway.
“To be honest, I never even thought about getting money from the bank right off the bat. At the moment we're in a risk bracket that is too high,” Rendall says. His firm which has ten people working for him creates “really cool robots for scientific, industrial and government research applications.”
He decided to by pass the bank and take a more novel approach although the path to Canadian government loans was open to him.
“I realized that we would probably run ourselves into the ground trying to sell our old land-mine technology at this stage in the game,” Mr. Rendall says.
So he decided to make his land mine detection robots more accessible by selling the technology to universities.
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"This was my first experience with regards to offering my business idea to Canada Business Plans in the hopes that their professionalism could execute a business plan for me." .- Kerry Derwent-Robb, Owner