Ask your friends or colleagues how banks make most of their money, and they’ll likely say it’s from the interest they collect on loans.
And they would be wrong.
Thanks in part to several years of low-interest rates, banks only make approximately one-third of their revenue from lending; the majority comes from fees and returns on investments. This can make financial institutions more discerning when it comes to providing commercial loans, especially for financing involving exporting or international investments, which have added risk.
That’s just one example of how banks have changed, and how you need to change your strategy to talk to your bank and get the business financing you need to grow your international sales.
Read on: https://ter.li/uz64t3
Want to take your business global? Apply for the Canadian Export Challenge where you’ll get free access to pitch to win $1,000 at your 1-day accelerator in Toronto, Calgary, Montreal, Halifax, or Vancouver; and be entered in to win an expense-paid trip to Ottawa to pitch to win $10,000 at Startup Canada Day on the Hill!
Learn more: startupcan.ca/canadian-export-challenge