FRONTENAC CFDC Fall 2019
building business ~ growing communities
4 Factors Your Banker Will Consider Before Lending You Money Whether your plan is to start a business or expand your existing company, here are some key factors a banker is considering when asked for a business loan. 1. Your personal and professional profile The first thing a banker will be looking at is your character and previous business experience. The first impression counts for a lot. From dress and attitude to the way you present your project, the banker will be trying to assess your ability to manage the business. An updated CV underlining your skills and expertise related to the business should be on your check-list. 2. The viability of your project The first question the banker has to answer when looking at your
business plan is: “How realistic is it?” The viability of your project will be assessed in terms of the strengths, the opportunities and the risks presented in your business plan, including financial forecasts, the management team’s experience and the marketing and sales strategy. You have to convince the banker that your business can become viable and that you are ready to take it there. 3. Your financial capacity Having a solid credit history says a lot about your trustworthiness and ability to run a successful, profitable business. A willingness to put a significant amount of money into your business will show your lender that you are committed to the project and will-
About the Frontenac CFDC The Frontenac Community Futures Development Corporation (CFDC) is a not-for-profit corporation governed by a volunteer board of directors and funded by the Federal Development Agency for Southern Ontario (FedDev Ontario). Our mission Is to stimulate community and economic development throughout the Frontenacs - aptly expressed by the tag line "building business.... growing communities". Whether you are considering starting a small business in the Frontenacs, seeking advice or financing for your existing business, we can help. The Frontenac CFDC offers: • Business information and counselling at no cost • Commercial loans • Rural Innovation Initiative Eastern Ontario
Frontenac Community Futures Development Corporation 5062 Rd 38, Harrowsmith, Ontario 613-372-1414 TF 1-888-372-9962 www.frontenaccfdc.com
ing to share the risk.* The banker will also need to know how you are going to use the money, when and how you are going to repay your small business loan and whether there’s any security that can be pledged against it such as equipment, buildings or personal property. It might take two or three meetings to sort everything out. 4. Your knowledge of the market and the competition The banker wants to see that you have built your plan based on a sound analysis that takes into account the market, the competition and the economic context. Do your own research and show that you know the trends, the opportunities and the risks. This boosts your credibility. A simple, concise presentation of facts and figures will back up your statements and business plan. The above is an excerpt from the BDC website https://www.bdc.ca/en/ articles-tools/money-finance/get-financing/pages/. Their site has a wealth of information in the articles and tools section. *At the CFDC, we understand you may not have much capital to invest in your business and we are still prepared to look at the deal. If you would like to discuss financing for your business, call Anne Prichard at 613-372-1414 ext 204. ■
Frontenac CFDC Fall Workshops 10 Must-Know Social Media Best Practices This two-hour workshop will focus on enhancing your business' social media presence! Topics include: Google My Business, Creating Content including, Facebook & Instagram Live, Facebook & Instagram Stories, as well as content and engagement best practices. Presented by Jennifer Baker, Simplifying Social Media Wed October 23, 9am11am at Frontenac CFDC office Start Advertising on Facebook & Instagram This two-hour workshop will walk participants
through the creation of advertising on Facebook & Instagram. Topics include: creating an audience, advertising budget and cost, as well as advertisement development and execution. Presented by Jennifer Baker, Simplifying Social Media Wed October 30, 9am11am at Frontenac CFDC office To register for either of these workshops: http:// jenniferbakerco.eventbrite. com/ Cost: $45+hst+fees Coupon Code for $5 off = FrontenacCFDC Recruiting, training and retaining staff is time con-
suming and costly. KEYS can help employers to recruit new employees and access funding to support their initial training. KEYS can also help you to access funding available through the Canada Ontario Job Grant to pay to train your current employees. Presented by Gillian Watters, KEYS Learn more on Tuesday, Oct 29th from 9 am – 10 am at Frontenac CFDC office. To register for this free workshop https://bit. ly/2m72h17. If you have a suggestion for a workshop, please contact Sue Theriault at 613372-1414 ext 206 or email sue@frontenaccfdc.com . ■
Interested In A Local Egg Grading Station? The Listowel Egg Grading Station is exploring the idea of establishing a depot in the area and wants to hear from you to determine if there is enough interest in the service. The concept would be producers would deliver their eggs produced for that week to the refrigerated depot in boxes and trays provided by Listowel identifying the producer. The eggs would be picked up once per week and transported to the Listowel Egg Grading Station wherein they will be washed, graded and placed into cartons or cases, as the producer requires. Eggs would then be returned to the refrigerated depots to
be picked up by the producers. For more information, visit their website at www.Listowelegg.ca as well as our Facebook page ‘Listowel Egg Grading Sta-
tion’. For all other inquiries, or to express your interest in the service, please contact at 519-261-0383, or email at listowelegg@gmail. com. ■
Small Business Week Networking Event "Like" us on Facebook, "Foliow" us on Twitter and Linkedln or check out our Blog for business tips, Information and events and to learn about other businesses in the area. This project is funded by the Government of Canada. Ce projet est financé par le Gouvernement du Canada.
FRONTENAC
Community Futures Development Corporation Building business – growing communities
Tuesday, October 22nd from 5:00 – 7:00 pm Verona Lion’s Hall, 4504 Verona Sand Rd, Verona
Please join us as we recognize and celebrate the outstanding contribution that small businesses make to our community. This is an opportunity to network with other Frontenac businesses. Appetizers and a cash bar available. To give us an idea of how many people will be attending, please register at www.frontenaccfdc.com/workshops. This event is being brought to you by the Business Development Bank of Canada, Frontenac Community Futures Development Corporation and the County of Frontenac.
For more on our services visit www.frontenaccfdc.com or call 1-888-372-9962
Spotlight On Business Want to get your product in front of the crowds at The Royal Winter Fair? New this year, the Spotlight on Local is an opportunity that really celebrates all things handmade and small-batch. Frontenac County will be setting up an old fashioned general store and invites Frontenac food producers to join them. There is no fee to attend, and you can attend for as little as one day. You will have to cover the cost of your own transportation and accommodation, and of course you need to supply products to sell and sample. If you’re interested in learning more about this opportunity, connect with Alison: avandervelde@frontenaccounty.ca. ■
Congratulations! The wait is over. The Groenewegen family, Limestone Organic Creamery, debuted their very own line of ice cream in August. It is very yummy. Check out their Facebook page to see the seasonal offerings www.facebook.com/Limestone-Organic-Creamery or drop by the on-farm store www.limestonecreamery. com Congratulations to brothers Mike and Drew Davidson on their purchase of Pineridge Resort in April from John and Jane Deltor. As Mike puts it “the property has over 70 acres of fun, with 2 three bedroom cabins, 9 two bedroom cabins and a log home that sleeps 11 people.” Pineridge also offers a trailer park with a newly renovated comfort station. They have 500 ft of beachfront with boat rentals. For more information, visit www.pineridgersort.ca or call 613-217-0855 or 613-375-6240 Another resort that changed ownership this spring is Kirk Kove. As multi-generational regulars to Kirk Kove, Dodie, Steve, Julie and Willie are excited to be running the resort in its 87th year. The family cottage resort has 21 cottages, recreation hall, general store and 1,425 feet of shoreline. For more information, visit www.kirkkove.com or call 613-336-2200. Rick and Cynthia, have enjoyed their first season as the new owners of Woodland Park Campground. Both Rick and Cynthia have spent their lives camping, fishing, boating and generally enjoying the wonders of nature. "We have met so many wonderful people while camping, it just seemed the logical next step for us". Drop in for a weekend or a tour if you are in the area! Call 613-335-3240 or visit www.woodlandparkarden.com. Fuelled by a desire to know where their food was coming from and a passion for the outdoors, Sarah and Rob Winney moved from Toronto to Godfrey to start The Rise Farm. The Rise Farm is a diversified livestock farm that uses sustainable agriculture practices to ethically raise sheep, goats, pigs and birds (chickens, ducks, geese). They offer a variety of frozen meats as well as eggs, garlic and seasonal vegetables. Follow on Instagram, Facebook or visit www.therisefarm.com Congratulations to County of Frontenac staff. Open Farms in Frontenac has received the Economic Developers Association of Canada’s (EDAC) 2019 Marketing Canada Award for Best Event.
Mike Dean Local Grocer When Gordon Dean, who runs Mike Dean’s Super Food Stores, a company his father started in 1976 when he opened a stand-alone grocery store in Chesterville, visited the Valumart store in Sharbot Lake in 2012, he saw a foundering business in an ageing building. He knew right away that the grocery chains had no interest in the local market because the local and regional population is too small and income levels are well below the provincial average/ To him it was everything that his company could ask for. “We thrive in that kind of niche market, small, rural Ontario towns that the big grocers are not interested in,” he said in an interview last week. At the time Mike Deans was in expansion mode, with 4 stores already open, a new one in Almonte nearing completion, but the Sharbot Lake opportunity was compelling. The first thing Gordon did was call the Frontenac CFDC. “I knew from experience that the commercial banks were not interested in this kind of business in a rural, commercial property, and I had worked with CFDC’s before so I expected they would be receptive. We had to finance the retrofits that we knew the building would need.” “We were more than happy to support Mike Dean’s Groceries with a loan at that time,” said Anne Prichard of the Frontenac CFDC, “the company had a strong business plan and the communities surrounding Sharbot Lake were facing the very
Gordon Dean, owner, & sons, Mike Dean's Super Foods Store. real possibility of living in a food desert if the store closed down and the viability of Sharbot Lake as a retail hub was certainly at risk as well.” It took a while for the sale of the Sharbot Lake Valumart to Mike Dean’s Grocers to be finalised, but it finally happened in early April of 2013. By the time the store was sold the shelves were almost empty as Loblaws knew it was leaving. 23 days later, after some intensive work, the Mike Dean’s Sharbot Lake store opened. Half of the store was still cordoned off with plastic sheeting as construction as construction continued for a couple of months before the whole store opened in time for the summer season, but a fully stocked grocery store was once again open in Sharbot Lake. A lot has changed in the retail world in Ontario since 2012 and for Mike Dean’s Grocers. The expansion of the chain ran into some
major snags as competition from Walmart and online retailing has lowered profit margins substantially. Mike Dean’s is now leaner, with 3 stores (Bourget, Chesterville, and Sharbot Lake) and a warehouse in Chesterville. From the start, Sharbot Lake has been a success story for them, however, and after coming through all the changes, Gordon Dean is still as enthusiastic about the grocery business as ever and is looking at further investments in the Sharbot Lake store. “This is our kind of community,” said Gordon Dean. People want fresh fruit and vegetables close to home: truly local product like maple syrup or honey or eggs, and prices that they can live with because they don’t have a lot of extra money to spend. We get it.” Mike Dean’s survives as a company partially because it understands the markets it serves, and how to deal with the fast pace of change in the retail market as the
result of online sales from companies like Amazon and Walmart. “You can’t just put a formula together and work that formula over and over again, you need to constantly change in the modern market,” he said. One of the opportunities that Gordon has been pursuing, for all three of the stores, is selling beer and wine. The added traffic in the store, especially between 6pm and 8:30pm when the liquor and beer stores are closed most evenings, could bring more traffic to the store. “The profit is not in the beer and wine, it is the extra foot traffic that we are after,” Gordon said. “We don’t have any interest in replacing the Beer Store and Liquor Store, but it would help us thrive into the future. We plan to be here for the long term.” Article by Jeff Green, The Frontenac News ■
Do you need:
Start-Up Funds? Working Capital? New Equipment? We offer flexible and affordable commercial loans up to $250,000 to new or existing businesses in the County of Frontenac when financing from more traditional sources is unavailable or insufficient. We work collaboratively with banks to find financing solutions for your business. Whether you're seeking funds for start-up, expansion or stabilization plans, give us a call at 1.888.372.9962 to discuss how our program may help your business's unique needs.
STILL ACCEPTING APPLICATIONS! Call FRONTENAC CFDC at 888-372-9962
FRONTENAC
Community Futures Development Corporation building business – growing communities
For a free business or loan consultation, call 1-888-372-9962