Customer Story - La Patisserie
How Building Blocks helped a local bakery shop secure a $600,000 loan
Background
La Patisserie, a well-known bakery establishment in BC, started as a family business in the year 2000. Its main aim is to offer high quality baked goods and pastries at competitive prices to meet the demand of the middle-to higher income local area residents and tourists. Since then, the company has expanded into two locations and achieved great success.
Challenge
Due to lease expiration on their two locations, our client decided to use this as an opportunity to restructure the company. They decided to terminate the leases for the previously existing 2 stores and started in a newly designed up-and-coming location. A newly incorporate company was established to operate under. In addition, he needed to secure a $250,000 loan to open a new storefront.
Since the company became a new incorporation and was starting as a new store, it had no previous financial data to prove that it is a profitable business. As a result, a workable business plan was essential to support the loan request. Financial institutions needed to see a solid plan that could illustrate the client’s ability to run the business successfully enough to make all the loan payments.
Solution
We crafted a 40 page 3-year business plan (including appendix) outlining the business strategy, competitive advantage, management track record, financial forecast and sensitivity analysis using assumptions based on client’s previous company data to predict the financial forecast. We also put heavy emphasis on his past 18 years of experience as a proven track record.
To facilitate the lending process, we included marketing and social media strategies in the plan for our client to implement and scale the business. In addition, we provided guidance and tips to support his communication with the lenders.
The Results
La Patisserie received fundings from BDC and Royal Bank of Canada totalling $600,000.
The lending process was smooth and efficient, which saved our client and the financial institutions a lot of valuable time.
With sufficient funding, our client was able to open the new storefront within his planned schedule.
The new store is once again a hit in the community and is as busy as ever.
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