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1. Who Controls the Business Development Centre?
2. Where does the Centre's funding come from?
3. What communities does the BDC serve and where is it located?
4. What Services Are Provided By the BDC?
5. Where can I get application forms?
6. Is every application approved?
7. How important is credit history when an application is being assessed?
8. How are applications reviewed and approved/declined?
9. Can I start a business similar to one that already exists?
10. What types of assets are eligible for financing?
11. What types of businesses are eligible for financing?
12. How much can I borrow, how long do I have to repay and what are the BDC's interest rates?
13. Why do I need a business plan?
14. What should be in a business plan?
15. Can the BDC provide me with a business plan guide?
16. What resources are in the Business Resource Centre?
17. I have a business problem. Can the BDC help?
18. Will the BDC do my accounting and my taxes?
19. What are other sources of financing for businesses?
20. Will the BDC assist me in preparing applications for other funding sources?
The BDC is an incorporated company operated by a volunteer Board of Directors who come from the communities of the Deh Cho.
The Department of Industry, Tourism & Investment funds the operational costs of the Business Development Centre. They have also provided money to allow the BDC to provide loans to businesses.
The Business Development Centre provides services to Wrigley, Fort Simpson, Jean Marie River, Nahanni Butte, Sambaa K’e, and Fort Liard. You can visit us in Fort Simpson in the grey, 2-story building beside the Deh Cho First Nations building. We are on the bottom floor. If you cannot come to see us, we can visit you in your community. Just call.
Business financing, assistance with business plans and operations, general business guidance, and business training.
Applications are available at the office in Fort Simpson and on the Internet.
No. Every application is evaluated using factors such as your credit history, the purpose of the loan application, collateral offered, the business idea itself, the effect on the community and region and the character of the owners.
Your credit history shows how you have repaid your debts in the past. If the history indicates that you do not always repay your debt or that you always pay late or irregularly, financing can be denied.
Staff can evaluate applications for less than $5,000 from clients who have no current loans with the BDC. Applications for more than $5,000 are summarized by staff and presented to an Investment Review Committee with a recommendation for approval or rejection. The committee of five, which is made up of people from the Dehcho region, then have final say as to whether the application is approved or not.
If you can obtain a business license for the idea you can start the business. Since the loan funds are given to us by the government, we must consider the effects of your new business upon the businesses that already exist. This is called market disruption. If the existing business will likely be hurt by yours, the application can be rejected.
The Business Development Centre will consider a loan application for almost any purpose related to business. Money can be used to purchase buildings or equipment, for cash flow purposes or start-up costs. Collateral for loans can sometimes be an issue but staff will work with you to try to make the loan possible.
The Investment Review Committee will consider all types of businesses. No particular type of business has been excluded.
The BDC can provide loan financing up to $200,000. The maximum term is 10 years and the rates are between CIBC prime + 3% – 7%.
A business plan is necessary for several reasons: First, organizations that lend money need complete understanding of the idea you are proposing to implement, of what you intend to do and why it will succeed. Secondly, you need a business plan to describe how your business will start and operate, like plans to build a house. The plan can be compared to actual results to help determine the reasons for your success or failure. Thirdly, writing a business plan makes you fully consider the various aspects of starting and running your business. This can sometimes indicate possible stumbling blocks or problems that you must overcome (for example, cash flow problems) and allows you to prevent them or plan to address them if they do come about.
A business plan should include enough information to allow someone who is completely unfamiliar with you, your idea, or the type of business you intend to start to evaluate your ideas and current project. Usually, this includes a history of you and your company, the market you will sell your product or service to, the revenues and expenses you expect, how your product is made (if applicable), the labour needed, space and equipment requirements, a summary of your product(s) or service(s), and management's experience. We can help you find a guide to assist you if necessary.
We have guides available that can assist in the preparation of your plan. Others are available on the Internet and some even allow you to complete a plan online and then print it.
The BRC contains books, videotapes, and software covering topics such as Business Planning, Marketing, Project Management, Joint Venturing, Improving your writing, listening, and budgeting skills, Web Page design, etc. It also has computers, for public use, with a high-speed Internet connection. You can come to the BDC or call and we will try to send the resources to you.
The staff of the BDC are not experts in any particular type of business but have a great deal of experience and knowledge and will listen to your problem and suggest some possible solutions. Their knowledge of business from school and in some cases, actual business management/ownership, should be able to help in most circumstances and if they cannot, they will try to point you to someone who can.
There are businesses in the region that earn a living by offering these services. The BDC does not wish to interfere with their business and so it does not offer such services. We can, however, assist you with these tasks or show you how to complete them yourself.
Other typical sources of financing available in the NWT include the Department of Industry, Tourism and Investment, the Métis Dene Development Fund, the Business Development Bank of Canada, and the NWT Business Development and Investment Corporation.
Definitely. The staff of the BDC will assist in the preparation of the application itself and a business plan if necessary. We will also help you contact the appropriate person to submit the application to and try to ensure that it is complete when submitted to avoid delays.