14 Terrace Review — Wednesday, April 20, 1988 | Business. Beat i | There’s no secret to getting a loan Small businesses, which normally can’t sell stock to the public or ask a parent com- . pany for help, are more dependent on lend- ing institutions than are large corporations, which can draw on such things as the inter- national money markets and. commercial paper borrowings. 4 q |. to present their story to a lender or under- stand the criteria on which loans are based. by Phil Hartl They approach lending institutions with a Manager, Terrace = good idea but with no background infor- Federal Business mation or very little financial preparation, Development Bank Risks in lending to small business are perceived as being extremely high, and lenders are interested in knowing as much as possible about the business involved. But management problems are the reason for the overwhelming majority of smal) business failures in Canada, so even before the loans officer considers such factors as profitability and repayment ability, he will be assessing the capabilities of management. Lending institutions are prepared to assist in the compilation of all required information for a loan application, among which would | - be: @ The backgrounds, experience and personal net worth of management and resumes of all senior personnel, since great impor- tance is placed by the lender on expertise. -@ A description of the purpose of the loan,.and whether the pro- posal is for start-up or an expansion, including cost estimates for the program supported by quotes from contractors or suppliers, if at all possible. @ Ani outline of the proposed financing, detailed sources of funds for the program, remembering that the lending institution is more likely to provide support if some of the capital is coming from the business or its owners. e A statement of expected profits (for the first year after the com- ~ pletion of the program) shown through an operating forecast, and financial statements for the last three fiscal years, including a pro- forma balance sheet. These will show what your last balance sheet would be like if the program and financing are added to it and will project results to be generated by the program. Estimates should be realistic, and supporting documents should be provided, including research such as market surveys. 7 e A description of the assets available as security, as well as a cash flow statement. This should be prepared ona monthly basis to show that there are sufficient funds to meet liabilities, and is particularly important for any business affected. by. seasonal factors. All that takes considerable preparation, but if the story is __ presented in an organized way, a lending institution can make a loan to a small business more easily than to a large one. Terrace Legion report © by Roy Greening = . © _ memory for these many years. Bill Gidley, the Sergeant-At- Our Sergeant-At-Arms’ story Arms for Branch 13, comes tous . brought to mind the Battle of from England where he servedin Jutland when a 16-year-old boy the Royal Navy for the entire seaman kept loading, laying and war. In 1954 he transferred to firing a secondary gun while the the Royal Canadian Navy as a_ rest of the gun crew lay dead un- communications officer until he til he: himself was killed. Jack retired in 1969. Comrade Gidley Cornwell won the Victoria Cross remained in Canada with his that day aboard the cruiser wife, one son and two daughters H.M.S. Chester. . and took up a civilian job as a «Our Legion is here to this day -branch manager of Employment to represent people like that, and and Immigration in Kitimat. for all the others who made that In 1941, at the height of the supreme sacrifice. Bill Gidley Second World War, the bat- and his recollections make us tleship H.M.S. Barham, in proud to be Legion members which Comrade Gidley was a but, at the same time, to be crew member, played havoc with humble. This is what the Legion enemy troop movements on stands for and people like Bill shore and with troop ships at realize this, for he was three sea. Her huge guns were used times president of the Kitimat most effectively against enemy Branch and a life member there. action in the Atlantic as well as Even now he is still active as our in the Mediterranean Sea. Sergeant-At-Arms. This office However, the Barham’s charm- symbolizes the discipline within ed life suddenly came to an end the Legion and represents the when she was struck by three discipline shown by those young and perhaps four enemy heroes such as Jack Cornwell or © torpedoes while on patrolin the our own Canadian, Lieut. Mediterranean. She went down Hampton Gray, V.C. Our Color in four minutes with 900 lives Party, too, for which the being lost, among them several Sergeant-At-Arms is responsi- 16-year-old boy seamen. Bill ble, is. another example of the Gidley survived with those Legion’s tradition which sym- events remaining vivid in his bolizes our illustrious past. Tho Terrace Duplicate Bridge Club meets every Wednesday at 7:15 p.m. at Galedonia Senior Secondary in the cafeterla. Anyone in- terested in playing please contact Ellen Smith at 635-4096 or May McFarland at 635-2875. Everyone welcome. One Parent-Families meet the second Wednesday of every month at _ the Terrace Public Library. — a a Many small businesses do not know how | Kitwanga, B.C. 849-5673 Dealer for: (also available at Dynamic Health Service} West Coast Chimney Service Clean Chimney Main ___ ‘TERRACE BUSINESS GUIDE. ORGANIC CUSTOM CABINETS = SASKATCHEWAN AND FURNITURE WHEAT Oak — Pine — Birch ‘Top Quality, Cleaned & Bagged Fairhaven Bakery FINGARD CHIMNEY FIRE EXTINGUISHERS - | tee Alhted Fura Howe Ltd. tenance High quality — Low price ’ Free Estimates Installation and delivery included Fairhaven Cabinet Shop - 849-5673 ou ee pn I Eg ae coca cae count anne as ua Pimualtibashaall i vem ape oe A ¢ - . Kitwanga, B.C, Dedicated People, Understanding a Need’ Directors — Alf & Jeanette DeFrane 4727 Park Avenue, Terrace, B.C. 24-hour call — 638-8319 hh Pamphlets available for Memorial Markers and Bronze Plaques. ; Major Appliances: Frigidaire Etectrohome Westinghouse Quasar T.V. Sales & Service | VCR Parts Depot We service for ali makes all makes 3234 Kalum St. Kalum Electric Ltd. 635-6286 , CONTRACTING Residential — Commercial Pro TECH ELECTRONICS 4519 LAKELSE AVE., TERRACE 635-5134 Complete electronics repair services Service centre for mast major brands Satelite TV systems Your complete source for all your heating Li . Balconles ® Roof Decks needs. | om surcoseal™ pluchdek™: duradek. Northwest Consolidate "Waterproof Viny! Floor Covering" _ Suppy Ltd. 4.3918 MOUNTAINVIEW AVE. 635-5859 5239 Kalth Ave., Terrace TERRACE, B.C. . 635-7158 . . AOR Specializing In _ BUSINESS SERVICES “ey! Automatic Leite eietiNe sere” Zt fepars ~— 638-8195 North Coast Auto . Repairs Ltd easeee? Dr., Terrace " 44-3298 Kalum St., Tarraca, B.C, V8G 2N4 TERRACE LTO. 4711-8 Keith Ave. oe We specialize in Convayer Belt On "O = . = Installations, Splicing, and Repairs. “@ Auto Glass Specialists Vuleanizing and Pulley Lagging. « weenie eee 24 HOUR SERVICE a HI-QUALITY BELTING & -CONTRACTING SERVICES 638-8530 - 638-0663 "Industrial * 638-1876 Commercial & = * ’ Residential Wiring Nate’s Electric Nathan Waddell! — Evectrioal Contractor 4031 Larelle Ave,, Terrace ; ICBC claims handled promptly . 638-1166 | MERC CAUISERS % MARINER OUTBOARDS _ * HAMILTON & OUTBOARD MARINER JETS HOMELIGHT LAWNMOWERS YAMAHA 3 & 4 WHEELERS YAMAHA POWER PRODUCTS SHINDAIWA CHAIN SAWS DL No. 7550 & POWER PRODUCTS “KEN’S MARINE a i 4946 Greig Ave. Phone: 635-2909 B&G _ GROCERY Laundromat & Carwash Open 8:30 - 10:30 daily 2701S.Kalum — 635-6180 | ~ {604) 638-1437 * Face Frame & Europa Slyle Cabinets « Cedar Windows and Doors _ «© Commercial & Residential Cabinelry Bornite Mountain A Terrace a in Taxidermy is) Tree Trimming Ps ° 3 For a Professional Look : Will cut down any tree! 7 a : Specializing in Big Gamo Mounts & Ru L SAFELY" . We mount fish and birds as well $1,000,000 liability Peter Martinson Box 23, RR, 2, Terrace, B.C. 635-5777 . Terrace, B.C. V8G 329 635-7400 Sales and Service for a Motorcycles x Chainsaws De ee Snowmobiles * Marine Supplies TERRACE 4 EQUIPMENT ~ SALES = LTD, “> 4441 Lakelse Ave., Terrace Ph, 636-6384 | gabe ENE ERE a eran deen