To create an environment that helps small business start up and prosper, helps existing business expand and reduces small business failures. This objective is achieved by:
- Providing counselling and consulting services targeted to small businesses monitoring clients and providing hands-on assistance, if necessary, helping small businesses become bankable with large financial institutions and providing small businesses with up-to-date commercial and technical resources to research their market.
- Maintaining a loans fund specifically for the needs of small business offering training in basic business practices.
- Maintaining an accessible and visible location.
- Financing: Loans to a maximum of $250,000 at a rate of prime + 2-4% are available to businesses that are unable to obtain any or all of the financing they require under reasonable terms from traditional lenders. Monthly repayment terms are negotiated in the business’ best interest while partial or full repayment can be made at any time without penalty. Full security is required.
- Consulting & Counselling: Services covering all areas of business management, ranging from general business start-up information to specific questions about marketing, employee management, bookkeeping and taxation are available at no charge to the client.
- The SLBDC provides assistance with the preparation of detailed business plans and financial projections. Information on government services and programs is also available and a resource library is open to the public during business hours.
- A Plan: All businesses require a business plan that describes the business, lists objectives, analyses the market, details the marketing strategy and financial plan, and that provides any other relevant information.
- Experience: Clients should have the experience and skills necessary to succeed in the business venture.
- Commitment: Clients must demonstrate a serious commitment to making the business a success and plan to invest some of their own money. Security on business and/or personal assets will be required.
- Character: Most importantly, clients must demonstrate a history of honesty and integrity in their dealings with creditors and other business contacts.