1. Who Controls the Business Development Center?
2. Where does the Center'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 Center?
17. I have a business problem. Can the BDC help?
18. Will the BDC do my accounting and my taxes?
19. What other sources of financing for businesses are there?
20. Will the BDC assist me in preparing applications for other funding sources?
 
 
 
 
 

Frequently Asked Questions

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1. Who Controls the Business Development Center?
The BDC is an incorporated company operated by a volunteer Board of Directors who come from the communities of the Deh Cho.
2. Where does the Center's funding come from?
The Department of Industry, Tourism & Investment funds the operational costs of the Business Development Center. They have also provided money to allow the BDC to provide loans to businesses.
3. What communities does the BDC serve and where is it located?
The Business Development Center provides services to Wrigley, Fort Simpson, Jean Marie River, Nahanni Butte, Trout Lake, Kakisa, Fort Providence and Fort Liard. You can visit us in Fort Simpson in the Old Band Office across from TJs Store near the center of town. If you cannot come to see us, we can visit you in your community. Just call.
4. What Services Are Provided By the BDC?

Business Financing, Assistance with Business Plans and Operations, General Business Guidance, and Business Training.

5. Where can I get application forms?
Applications are available at the office in Fort Simpson and on the Internet.
6. Is every application approved?
No. Every application is evaluated using factors such as your credit history, purpose of the loan application, collateral offered, the business idea itself, the effect on the community and region and the character of the owners.
7. How important is credit history when an application is being assessed?
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.
8. How are applications reviewed and approved / declined?
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 Deh Cho region, then have final say as to whether the application is approved or not.
9. Can I start a business similar to one that already exists?
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.
10. What types of loans are available?
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.
11. What types of businesses are eligible for financing?
The Investment Review Committee will consider all types of businesses. No particular type of business has been excluded.
12. How much can I borrow, how long do I have to repay and what are the BDC's interest rates?
The BDC can provide loan financing up to $150,000. The maximum term is ten years and the rates are usually between eight and twelve percent.
13. Why do I need a Business Plan?
A Business Plan serves several purposes. First, organizations that lend money need a good idea of what you intend to do and why it will succeed. Secondly, it makes you develop a plan describing how your business will be started and operated, like plans for a house. The plan can be compared to actual results to help determine the reasons for your success or failure. Thirdly, it requires the person writing the business plan to think about the various parts of the business. This sometimes shows problems that could arise (for example, cash flow problems) and allows you to prevent them.
14. What should be in a Business Plan?
The 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 it. Usually this includes a history of you and your company, who you will sell your prodcut or service to, what revenues and expenses you expect,how your product is made,the labor needed, space and equipment requirements, a summary of your product(s) or service(s) and management's experience at a minimum. We have guides available to assist you.
15. Can the BDC provide me with a Business Plan Guide?
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.
16. What resources are in the Business Resource Center?
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.
17. I have a business problem. Can the BDC help?
The staff of the BDC are not experts in any particular type of business but can listen to your problem your problem and suggest some possible solutions. Their knowledge of business from school and, in some cases, actual business management / ownership, may help you through your problems.
18. Will the BDC do my accounting and my taxes?
There are businesses in the region that earn a living by offering these services. The BDC does not wish to interfere with their buisness and so it does not offer such services. We can, however, assist you with these tasks or show you how to complete them yourself.
19. What other sources of financing for businesses are there?
Other typical sources of financing available in the NWT include Aboriginal Business Canada, the Department of Industry, Tourism and Investment, the Metis Dene Development Fund, the Business Development Bank of Canada, the Canadian Youth Business Foundation and the Business Development and Investment Corporation.
20. Will the BDC assist me in preparing applications for other funding sources?
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.