We can help finance any viable business venture up to $150,000.*
The following is taken into account when you apply for a loan:
- Viability of the business – Are you fulfilling a real need in a non-competitive mark?
- Your personal commitment level to your business
- Abilities and skills as Owner / Operator
- Creation or maintenance of jobs; business related expenditures made locally
- Location of the business within the Okanagan Similkameen region
- Do you have a solid Business Plan or willingness to build one?
- Well defined product or service
- Well defined and understood target markets
- Well defined go-to-market strategy
- Planned, measurable operations and execution plan
- Well researched sales, marketing and advertising plan
- If new business, provide market survey and letters of support from potential customers or clients
- Detailed business sales, income statement and cash flow forecasts
- If existing business, provide last 3 years of financial statements (balance sheet and income statement)
- Do you meet the The 5 Cs of Lending?
- Character – Entrepreneur’s stability, history, references, experience.
- Capital – Commitment and combined value (in cash or in kind) to invest.
- Capacity – Entrepreneur or business’ ability to service debt and personal needs.
- Conditions – Does the market support business establishment and / or growth.
- Collateral – What the entrepreneur or business can use to off-set investment risk.
Contact us if you would like a Business Analyst to help you with your business plan or supporting documents.
*under special circumstances, loans greater than $150,000 may be made.