After experiencing a series of disruptions in the economy with the global pandemic, inflation, and rising interest rates, you might start to wonder what best steps to take as an investor to make it through successfully in this market.  

In this blog, we will explore the landscape of commercial lending in Central Alberta and some tips to build financial fitness for your business. Commercial lending in Central Alberta is an important aspect of the region's economy. The availability of loans and financing can make or break a business, especially the startup businesses and the small and medium-sized enterprises (SMEs). 

If you are a business owner in Central Alberta seeking financing, there are several things you can do to increase your chances of success: 

1. Have a solid business plan 

Lenders want to see that you have a clear vision for your business and a plan for how you will use the funds. Make sure your business plan is well thought out and includes financial projections. 

Credit unions like Servus have a strong presence in Central Alberta and are known for their personalized service and community focus. 

In this episode of The Property Show, Kevin Lapp of Lapp Realty, and Donovan Gemmell, Market Director Business Banking at Servus Credit Union talked about building the region’s economy through helping business owners and investors make educated decisions for their business in this economy. 

Watch the full video here

As an investor, discuss clearly with your lenders your situation so that they can have a tailored solution to your needs. 

“We’re willing to sit down and talk. It’s not a yes or no situation. We don’t want to be a cookie cutter in that fashion. We want to be able to sit down and solve things whether it’s conventional or not. We have a risk framework we work in and we stay within that,” Donovan said. 

2. Keep your financials in order 

Lenders will want to see your financial statements, tax returns, and other documents to assess your creditworthiness. Make sure your financials are up to date and accurate. 

“Ultimately, all we’re trying to do is help businesses and individuals grow and succeed in whatever their goals are. Shaping our members financial fitness is what we’re all about,” Donovan explained.  

3. Build relationships with lenders 

Establishing a relationship with a lender before you need financing can make the process smoother. Attend networking events and connect with lenders on LinkedIn or other social media platforms. 

“Having not only a lender but also a consultant and a partner that you work with, and you run a plan with will help your business,” Kevin testified as an investor himself who has built good relationships through the years with his lender 

“Nobody wins unless everybody wins. It’s a success plan that starts from a vision, a growth strategy, and working with partners to make it come to fruition,” Kevin added. 

Working in a credit union gives Donovan pride that he can help build the community of Central Alberta by helping not just the business, but their families and their partners and employees as well.   

“What makes our job enjoyable to do is when you see people grow and succeed with their families doing well,” Donovan said. 

In conclusion, commercial lending is an essential part of the economy in Central Alberta. With a range of lenders and loan options available, businesses have access to the capital they need to grow and thrive. By following the tips above, businesses can increase their chances of securing financing and achieving their goals.