Growth Capital for Traditional Industries

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Western Economic Diversification Canada (WD), in cooperation with Vancity Capital Corporation (VCC), offers the Growth Capital Loan Program.  The program is designed to meet your special needs and provide debt financing for projects not normally financed by traditional lending institutions.

Who is eligible?

The Growth Capital Loan Program has been designed to benefit small and medium-sized businesses in British Columbia in traditional industries fitting the following criteria:

• Operate a business in British Columbia;
• Have less than 300 employees and average annual total sales of less that $25 million;
• Have demonstrated the ability to generate sufficient operational cash flow to support the level of financing requested;
• Lack of tangible asset base to support the amount of conventional line of credit or term financing required; yet possess a favourable combination of management expertise and sustainable market opportunity;
• Are a growth oriented company operating in any industry with the exclusion of mining, oil and gas and real estate;
• Demonstrate a strong commitment to their business and have a significant financial stake in the business; and,
• Exhibit ethical principles that meet or exceed generally accepted community standard.

Examples of operations ineligible on the basis of ethics include those which fail to adhere to employment equity, labour safety practices and child labour laws, and who do not comply with environmental regulations.

What can the loans be used for?

Subject to the presentation of acceptable application material, assistance from the program may be provided in the form of a loan to projects that could include, but are not limited to:

• General working capital to support growth (i.e., expanded inventories and/or accounts receivable)
• Purchase of highly specialized equipment which has limited resale value and is thus not considered adequate security by conventional lenders;
• On-going research and development;
• Commercial product development;
• Market development;
• New production and services capacity; and/or
• Export expansion.

How can my company apply?

For more information on the Growth Capital Program, or other programs and services available through Vancity Capital Corporation, visit their website at http://www.vancitycapital.com/.

What other services may I be eligible for through Western Economic Diversification Canada?

Small and medium-sized businesses in most rural and urban centres can easily access WD's and a range of other business services through WD’s Business Service Network.

With over 100 points of service in urban and rural communities across the West, the Business Service Network is made up of several integrated organizations that provide entrepreneurs with what they need to establish a business or make it grow.

Network partners work at the local level to ensure western Canadians have direct access to information and advice on a wide range of financing alternatives and will help you determine your eligibility for those that best suit your needs. Services they offer range from marketing information and funding options, to counseling and support. For information on the services our network provides and the network member nearest you, visit WD’s Business Service Network.