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But the financing and the additional services ACOA provided, including the opportunity to attend trade shows, were a big help.

"For a young and new company, ACOA loans lend credibility to the company. They have a large network and can offer information, ideas and suggestions. They put me in touch with the right people. Their program assisted with working capital for initial marketing," says Donovan. "I moved into the trace mission groove as well. And that allowed us to sell while getting a real feel for our market and the real potential for our markets and helped us identify potential product development opportunities."

Financing has continued to be the biggest hurdle in growth, but it hasn't stopped Scotia Slate.

"We knew we had a good product because of the positive attitude and work ethic our group of employees have. They understood the value of the jobs we were offering; their long-term potential for employment depended on their work. The riskiest decisions were always financial. But once a decision was made about a new market , whether it was Ontario or California, we worked at it, and developed the penetration strategy. Because our product is high-end construction , we knew that the contact-to-sales cycle could be as long as two years. We made use of that line to develop the ability to produce the new product during that cycle with whatever financing we could get."

Over the years, Scotia Slate has received three loans from ACOA, and our about to finish paying off the first one. Bank financing has become a little more manageable, too.

"Unless a company has a golden balance sheet, financing is always a challenge," says Donovan. "But over the years, we've learned how the banks work and what their objectives and mandates are. We work within their mandate and seek other means of financing to complete our financial package."

Ten years in, the company employs around 30 people, and has just completed a second building for an additional processing line. The quarry's estimated life is another 140 years, so it will be active for a long time, and Donovan foresees the need for a new building for equipment maintenance, as well as new equipment to improve the extraction and sorting process.

Her advice to other entrepreneurs? "Spread your conviction that it can be done. From there, put your head down and make it happen." She also suggests your business plan has to be solid, and if you don't have the skills to do it properly, you should consider a consultant who knows which details to accentuate and which to leave out. "Most companies believe that market size and average industry margins and expected results are decision makers," she says. "What we learned in the process of our plan was that the market was ready for change, and we did that while raising the bar."

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