Starting your business

We know that owning your own business is a 24/7 job. So, we’ll take care of your banking needs, so you can focus on your business. We’ve got the tools to help you run your business smoothly and effectively. Learn more about the following accounts and services:

• Business chequing account
• Business savings account
• Merchant payment services
• Cash management solutions

For more information on your financial options regarding your small business, you can visit the business banking section of our website.

A written business plan is always a good idea. It’s a living blueprint of your business idea and financial scenario. It can also play a big role when applying for financing to prove you’ve mapped out a plan to operate a successful business. If you need some help starting a business plan, check out SK Startup Institute.

It all depends what type of loan you’re after. See if you qualify for our Small Business Loan up to $50,000 for a business start-up or expansion. These loans are available to individuals and organizations who:

• Operate, or are about to operate, a business in Saskatchewan (including social enterprises)
• Employ less than 50 employees and the annual total sales do not exceed $1 million
• Have a convincing business plan, strong passion for the idea and demonstrate commitment to success and loan repayment

If you’ve gotten things started, a loan to grow or expand your business will require detailed financial statements from your accountant or bookkeeper.

There are plenty of perks for using a credit card for your small business including:

• Convenience for purchases
• Timely access to financing for short-term needs
• Keeping your business expenses separate from personal expenses
• Cash back or rewards points

We have solutions for businesses of all shapes and sizes, including franchises. Our specialists can help you find a borrowing solution to bring your dream of entrepreneurship to reality. Our financing options include mortgages, revolving credit, term loans, leasing and government programs.

A few things required to get started with a franchise include:

• A business plan
• A franchise agreement, including information on ownership of the lease on the franchise location and information regarding the repayment, ongoing royalty and/or revenue sharing obligations with franchisor
• Purchase contract with a detailed breakdown of real property, equipment and leasehold improvements

For many new businesses, it could take up to three years before becoming profitable. Factors to consider include economic conditions, nature of the business, initial capital requirements and money withdrawn from the company for compensation and/or shareholder loan repayment. Make sure you’re also checking in with your business plan. Are your revenues to where you forecast? Are your expenditures in line with your projections? Are you withdrawing more capital from the business, rather than keeping it invested in your company? Figure out if any adjustments need to be made to your business plan to stay on track. When starting your business, you need to ensure you have enough working capital to take you through the first couple years when you may not be making profits. Do not expect to take any withdrawals out of the company until the business is fully on its feet.