Be confident that you have the financing and capital to make your business purchase.
Purchasing a business requires a significant financial commitment. The business must allow you to borrow what you need and still have a wage to support yourself.
You’ll want to be sure that you have sufficient capital for:
- Acquiring the business
- Acquisition costs (rent deposits, legal, PST, property tax adjustments)
- Working capital (inventory, accounts receivable)
- Contingency funds
If you need financing or access to capital to purchase or expand your business, there are options available.
- Community Futures provides repayable funding to entrepreneurs for working capital, equipment purchase or lease, and business start-up, purchase or expansion.
- Banks, credit unions, or private lenders may provide loans.
- The seller may be willing to finance part or all of the sale.
The Kootenay region offers a plethora of financing and capital options. Aside from numerous chartered banks and credit unions, you can explore financing here:
Community Futures
Community Futures provides financing alternatives to small and medium enterprises when access to credit is a challenge to starting or growing their business.
http://communityfutureskootenay.com/
Columbia Basin Trust
Columbia Basin Trust offers grants and programs to help residents and communities take action on issues that are important to them.
https://ourtrust.org/grants-and-programs-directory/
Business Development Bank of Canada
BDC helps create and develop strong Canadian businesses through financing, advisory services and capital, with a focus on small and medium sized enterprises.
https://www.bdc.ca/en/pages/home.aspx
Womens Enterprise Centre
Women’s Enterprise Centre is a non-profit organization devoted to helping BC women start, lead and grow their own business. For over 25 years, we have provided business loans up to $150K, plus integrated services including business advice, skills training, mentoring, practical resources and a supportive community to help women business owners gain the skills, mindset, financing and networks they need to realize their business potential.
