In an unpredictable economy, there is no telling what jobs will be out there and what jobs will be lost.
With a well-thought out plan and good credit, starting a business might be the way to turn – especially with the help of local services.
There is help for start-ups having trouble securing funding from banks.
Community Futures Highwood, a non-profit organization located on Elizabeth Street in Okotoks, helps businesses that have been turned down by traditional banks with loans ranging from $1,000 to $150,000.
It made the difference in getting one Okotoks auto body shop up and running.
Collision Solutions was turned down by a traditional bank and went to Community Futures Highwood, which accepted the loan application and allowed the business to get the ball rolling.
“Community Futures was more than helpful. They offered a business education class and were extraordinarily helpful in the process,” said Joel Cannon, owner of Collision Solutions.
Community Futures moulds to fit business patterns in their clients’ specific field and leans more toward resource, agricultural and automotive industries with 50 per cent of their clientele in Okotoks and other businesses located in High River and surrounding areas.
“Technology drives business a lot and we tender to the specific business,” said John Lockhart, general manager for Community Futures Highwood in Okotoks.
Working to suit business patterns could mean a farmer doesn’t pay his loan until the end of his harvest, he said.
“A lot of the loans we used to give out were hobby-based but now it’s more fitting to the season and area, which is automotive and agriculture,” Lockhart said.
Futurpreneur Canada, formally known as Canadian Youth Business Foundation (CYBF), offers similar benefits but focuses more on youth.
“We offer loans to anyone if they are invested in it full time and have a good business plan” said Rob Price, account manager at the Futurpreneur Calgary location. “We don’t have any restrictions and are collateral-free.
“People can get a loan from us and one from another bank.”
With no collateral at Futurpreneur, clients can use the loan they acquire to get an additional loan at a bank that they may not have been approved of before.
Futurpreneur gives out a minimum of $5,000 loans to $45,000 with close to 60 clients from across Canada a year.
For information about Community Futures Highwood go to www.cfhighwood.net. For information about Futurpreneur Canada go to www.futurpreneur.ca.
