{"id":57396,"date":"2023-03-03T16:45:00","date_gmt":"2023-03-03T21:45:00","guid":{"rendered":""},"modified":"2024-01-18T16:37:13","modified_gmt":"2024-01-18T21:37:13","slug":"should-you-borrow-to-help-grow-your-business-6-questions-to-ask","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/start-a-business\/should-you-borrow-to-help-grow-your-business-6-questions-to-ask\/","title":{"rendered":"Should You Borrow to Help Grow your Business? 6 Questions to Ask"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/entrepreneur\/\">\n\t\t\t\t\t\t\t<span>Entrepreneur<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Should You Borrow to Help Grow your Business? 6 Questions to Ask<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Diane Amato<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-2023-03-03T111233.852-2.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Business people discussing business chart\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-2023-03-03T111233.852-2.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-2023-03-03T111233.852-2.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-2023-03-03T111233.852-2.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Should You Borrow to Help Grow your Business? 6 Questions to Ask &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/start-a-business\/should-you-borrow-to-help-grow-your-business-6-questions-to-ask\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/start-a-business\/should-you-borrow-to-help-grow-your-business-6-questions-to-ask\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published March 3, 2023 \u2022 5 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>There&#8217;s been a lot of movement with interest rates over the past year, and it&#8217;s tough to predict where they will go next. If you&#8217;re wondering whether borrowing for your business makes sense now, you&#8217;re not alone.<\/p>\n\n\n\n<p><b>Here are six questions to ask yourself to determine if it&#8217;s a good time to borrow.<\/b><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Do I really need to borrow now?<\/h2>\n\n\n\n<p>Suppose you need funds to obtain new equipment to continue operating efficiently \u2014 or need additional resources to keep up with demand and maintain service levels \u2014 then yes. In that case, it may make sense to borrow for your business. Assessing your needs, including how much money you need to borrow and over what time frame, can help ensure you don&#8217;t borrow more than necessary and over-spend on interest costs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Can my current financial situation support more debt?<\/h2>\n\n\n\n<p>How leveraged are you right now? If you&#8217;re questioning whether borrowing is the right move now, look at your Debt Ratio. Your Debt Ratio shows the percentage of your business assets financed by creditors. It&#8217;s a ratio lenders will look at before lending money to your business, so it&#8217;s wise to know this number when considering borrowing.<\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse20f4c90d\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse20f4c90d\" data-dig-id=\"LP-57396-20f4c90d\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"How to calculate Debt Ratio\"><div>How to calculate Debt Ratio<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse20f4c90d\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>Divide your total debt by your total assets. A good Debt Ratio largely depends on your industry, but anything below 0.3 is considered fair. With anything above 0.6, obtaining additional loans may be difficult \u2014 and perhaps a signal that it may be best to wait to borrow until your debt decreases.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">3. Am I confident my cash flow can absorb additional debt?<\/h2>\n\n\n\n<p>It costs money to borrow money. Whether you need to make principal plus interest payments or interest-only payments to service your debt, you&#8217;ll be on the hook for a regular cash outflow. Is this something you can afford? If interest rates were to increase further, would you still be able to cover your payments comfortably?<\/p>\n\n\n\n<p>If you need, take a moment to calculate your Debt Service Coverage Ratio (DSCR). This is a key measure of your ability to repay your loans, take on new financing and make dividend payments.<\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsef446040a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsef446040a\" data-dig-id=\"LP-57396-f446040a\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"How to calculate your Debt Service Coverage Ratio \"><div>How to calculate your Debt Service Coverage Ratio <\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapsef446040a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\"><\/div>\n\n\n\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>Remember that some lenders calculate DSCR differently, so it\u2019s important to have a conversation with your lender to understand their methods, including the treatment of corporate distributions in their calculations.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<p class=\"mar-t-qtr\">Remember that some lenders calculate DSCR differently, so it&#8217;s important to have a conversation with your lender to understand their methods, including the treatment of corporate distributions in their calculations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. Will borrowing pay off for my business?<\/h2>\n\n\n\n<p>Your decision to take on debt needs to pay off over the long term. The cost of borrowing should typically be lower than the returns generated by the investment. How confident are you that you&#8217;ll realize enough growth if you borrow to grow your business? Do you have orders ready to be locked in? Are you making strong headway into new markets? Be sure to create projections and scenarios to understand the impact of new revenue and expenses, including your borrowing costs.<\/p>\n\n\n\n<p>\u201cWe speak frequently with companies about their growth plans,&#8221; explains Rebecca Vendersleen, Senior Relationship Manager, Commercial Financial Services, RBC. \u201cSharing your projections with your bank can be a great starting point to see if debt financing makes sense. Don&#8217;t forget to highlight how you developed your projections \u2013 including any key assumptions, sensitivity analysis (if any), or vital contracts you&#8217;re working on.&#8221;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. What type of credit is best for my business objective?<\/h2>\n\n\n\n<p>Whether you need access to funds over a period of time or just a one-time sum of money will determine the type of credit you use. For example, if you need funding to cover staffing costs until you start to collect sales revenue, or you need to purchase more inventory to cover increasing demand, an operating line of credit may make more sense. If you need a piece of equipment, a Term loan may be best.<\/p>\n\n\n\n<p>If you&#8217;re borrowing for equipment or a vehicle you need, keep its lifespan in mind. If the equipment is expected to last three years, for example, ensure the loan repayment period doesn&#8217;t exceed this time frame. You don&#8217;t want to continue paying for something after it&#8217;s no longer useful.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">6. Have I looked into other funding sources?<\/h2>\n\n\n\n<p>There are multiple ways to secure the funds you need to run and grow your business. Non-repayable government grants and incentives can provide funding for businesses looking to expand, create jobs, advance innovation, launch environmental initiatives and more. Take a look at our article <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/5-ways-grants-can-help-grow-your-business-in-2024\/\" data-dig-id=\"LP-57396-4e7238b4\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"5 Ways Grants Can Help Grow Your Business in 2024\" class=\"rbc-link-format\">5 Ways Grants Can Help Grow Your Business in 2024<\/a> for more information about using grants to advance your business.<\/p>\n\n\n\n<p>Also, consider whether you can bring in a partner who can invest in your business or if there&#8217;s anything you can sell to grow a more lucrative side of your operations.<\/p>\n\n\n\n<p>Borrowing is often a necessary part of business, particularly if you want to grow. As you assess your borrowing needs, keep in mind your other options for funding, the current and future health of your finances and the expected payoff. And, when you&#8217;re borrowing in a rising interest rate environment, it&#8217;s important to stress-test your finances to feel confident you can continue servicing your debt should your costs go up.<\/p>\n\n\n\n<div class=\"wp-block-columns has-border-color has-rbc-bright-blue-tint-1-border-color has-light-grey-background-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:4px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p>Speaking with a Business Account Manager can help you gain the clarity and&nbsp;confidence&nbsp;you need to make the&nbsp;borrowing&nbsp;decisions&nbsp;that are best for your business.<\/p>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-541cb870-9ec0-4e2b-b490-eba28f8a9850\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Should You Borrow to Help Grow your Business? 6 Questions to Ask &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/start-a-business\/should-you-borrow-to-help-grow-your-business-6-questions-to-ask\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/start-a-business\/should-you-borrow-to-help-grow-your-business-6-questions-to-ask\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-e968e778-0f41-4cf3-9734-a5da52848363\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/entrepreneur\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Entrepreneur<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/ideas-and-insights\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Ideas and Insights<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div 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size-post-thumbnail wp-post-image\" alt=\"Phil Hsieh, East Mountain Forest Products\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/East-Mountain-Forest-Products.png 1280w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/East-Mountain-Forest-Products.png?resize=300,169 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/East-Mountain-Forest-Products.png?resize=768,432 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/East-Mountain-Forest-Products.png?resize=1024,576 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" 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height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/OSI-Maritme.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"OSI Maritme Jim Girard\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/OSI-Maritme.jpg 3456w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/OSI-Maritme.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/OSI-Maritme.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/OSI-Maritme.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/OSI-Maritme.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/OSI-Maritme.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/get-inspired\/business-success-stories\/\">\n\t\t\t\t\t\tBusiness Success Stories\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/get-inspired\/business-success-stories\/charting-global-course-osi-maritime-grew-to-25-navies-worldwide\/\" class=\"card-title h4 mar-t-0\">Charting a Global Course: How OSI Maritime Systems Grew from Canada&#8217;s Shores to 25+ Navies Worldwide<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-541cb870-9ec0-4e2b-b490-eba28f8a9850 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-541cb870-9ec0-4e2b-b490-eba28f8a9850 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-e968e778-0f41-4cf3-9734-a5da52848363 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-e968e778-0f41-4cf3-9734-a5da52848363 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>Find out if borrowing for your business makes sense now by asking yourself 6 key 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