Amount Financed: <$100K
Type of Facility: SR&ED Financing
Days to Fund: 19
Use of Funds: When this company found the right product-market fit, the demand for their solution skyrocketed. There was a need to open a new office in Toronto, ramp up R&D and hire business development people. By bootstrapping for a few more months, revenue would significantly increase so to the point that the company would be break even. This gave the CEO the comfort that they could raise additional equity or continue to bootstrap without needing to raise equity.