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Procuring Business Capital

Northeastern BC is rich in renewable and non-renewable natural resources. It is the heart of the oil and gas industry in northeastern British Columbia, complementing vibrant agriculture and forestry sectors. North Peace Savings & Credit Union is proud to contribute to the local economy and community by supporting retail, wholesale, manufacturing and service businesses.

Whether you have a creative idea for a new business, or plan to expand an existing one, a North Peace Savings & Credit Union Advisor can work with you to find a solution that’s tailored towards the goals of your business.  You’ll receive the right financing at competitive interest rates and flexible repayment terms.

WHAT IS CAPITAL?

Capital is the money needed to open and operate a business. It comes from a wide variety of sources. Capital can be used for expansion, acquisition, or business succession.

START-UP CAPITAL

You’ve got a terrific idea, understand your market, and have a solid business plan. How do you access start-up capital? This can be in the form of equity financing, debt financing, or a combination of the two. Equity financing involves selling a stake in your business in return for a cash investment. Unlike a loan, there is no repayment obligation.

  • Start small, and you may not need a lot of funding.
  • Determine your financing needs.
  • Find investors. This may be family and friends.
  • Research government sources for grants and loans.
  • Borrow money. A North Peace Savings & Credit Union Advisor can answer your questions and advise on federal and provincial loan programs.
  • Use credit cards.

TYPES OF LOANS

  • Mortgages
  • Operating lines of credit
  • Letters of credit
  • Term loans
  • Business Credit Cards

LINES OF CREDIT

  • Provides easy access to money
  • Covers daily operating costs
  • Funds transfer automatically to a chequing account.

BUSINESS CREDIT CARD

  • Several options of credit cards are available.
  • Obtain an emergency card replacement or cash advance if your card is lost or stolen.
  • High level of protection from fraud.
  • Ability to earn rewards

MORTGAGE

  • Finance a business expansion or new property
  • Consolidate debt.

LOANS

  • Manage your daily cash flow.
  • Easy access to funds.
  • Flexible financing solutions with fixed or variable terms.

LETTERS OF CREDIT

  • This is a guarantee that work will be done.
  • Credit is funded with existing capital or a loan.
  • No need to deposit cash directly with the client.

GOVERNMENT SUPPORT PROGRAMS

The Canada Small Business Financing Program (CSBFP) makes it easier for small businesses to get loans from financial institutions by sharing the risk with lenders, up to a maximum of $1 million.

Loans can be used for the following:

  • Purchase or improvement of land or buildings used for commercial purposes.
  • Purchase or improvement of new or used equipment.
  • Purchase of new or existing leasehold improvements, such as renovations to a leased property by a tenant.
  • A North Peace Savings & Credit Union Advisor can help facilitate a CSBFP loan.

WHAT’S NEXT? When it’s time to fill out an application to buy property or equipment or explore a new business opportunity, connect with a North Peace Savings & Credit Union Business Advisor to set up a meeting. It’s that simple!

Shannon Luscombe

Shannon Luscombe is a Manager, Retail Advisory with North Peace Savings and Credit Union with a decade of experience working within the Credit Union system.   She moved from Vancouver Island in 2019 to be with her husband who works in the Oil & Gas industry, bringing with her, Credit Union knowledge and experience to join the NPSCU team.  She has a passion for helping Members succeed in achieving their financial goals, by sharing strategies and advice gained from a combination of education and experience in the financial industry.

Shannon says “the friendly people of Fort St John have made me feel right at home here and I am loving Northern life. I enjoy exploring the Peace region and all the beauty it has to offer with outdoor hiking, biking, and kayaking.”