For Subscribers

Raising Money for Global Expansion

Getting financing for your international venture isn't as simple as cashing a few traveler's checks.

By Crystal Detamore-Rodman

Opinions expressed by Entrepreneur contributors are their own.

When Steve Lamond launched International Turbine Systems Inc. in 1992, he seemed to have all the key ingredients for a successful venture. His father, Jim, had the necessary technical expertise, as well as extensive knowledge of the northern Africa region the company would be tapping for business. The Warehouse Point, Connecticut, firm also had an interested client, a gas and oil production company that needed help overhauling and repairing equipment used in its Algerian oil fields. Business was booming after a time, but financing for Lamond's global enterprise was in scarce supply.

"The early projects were financed by a minimal cash infusion from the principals, but that only supported us for about a year and a half," Lamond, 44, recalls. "It became clear that for us to continue to develop and support the projects coming our way, we needed to do something else. I began to explore financing options. As is typically the case for small businesses, unless you've got a track record and a series of completed projects with good financial data, no bank wants to talk to you, especially if [you're] dealing internationally. We struggled for the second year trying to find someone who would work with us."

Continue reading this article — and all of our other premium content with Entrepreneur+

For just $5, you can get unlimited access to all Entrepreneur’s premium content. You’ll find:

  • Digestible insight on how to be a better entrepreneur and leader
  • Lessons for starting and growing a business from our expert network of CEOs and founders
  • Meaningful content to help you make sharper decisions
  • Business and life hacks to help you stay ahead of the curve

Related Topics

Business News

Police: 82-Year-Old Woman Found Alive at New York Funeral Home After Being Pronounced Dead

The woman was found breathing almost three hours after she was pronounced dead.

Innovation

The Greasy, Glamorous Rise of Mascara

You won't believe the grimy gunk people used to smear on their eyelashes -- and still do.

Business News

An NFL Rookie Scores a $514,000 Jackpot in Las Vegas

Los Angeles Rams running back Ronnie Rivers sat down to play 3-card poker and left a half million dollars richer.

Business News

Plane Makes Emergency Landing When Fire Breaks Out After Takeoff, 4 Hospitalized

United Flight 2664 was grounded shortly after takeoff after a passenger's external battery pack went up in flames.

Collaboration

4 Tips to Coexisting Peacefully With a Business Partner

The multiplication of talents is the most crucial part of the partnership. Here's a breakdown of how to effectively manage a business partnership, even when it gets tough.