Christina Mahoney had been working as a hairstylist in St. John’s for 20 years and felt dismayed her career wasn’t going anywhere. She dreamed of opening her own salon, but didn’t have the money to start a business.
“I was reaching a point where it felt like I was going to be struggling forever, and never going to do any better,” says Mahoney.
She says she’ll never forget the excitement of connecting with Metro Business Opportunities (MBO) and learning she was approved for an IMPACT loan to start the salon of her dreams. They also helped refine her business plan and offered the business skills training she needed to open District Hair in April 2017.
“It never felt like I was standing in front of a panel, being judged,” says Mahoney. “It felt like I was working with people who wanted me to succeed and were going to do everything they could to help me.”
Stephanie Stoker also appreciated Metro Business Opportunities’ help when she was in the planning stages of her business. She knew she wanted to open a coffee shop, but welcomed the professional and financial assistance that came with her IMPACT loan.
“Putting together a business plan can be quite a daunting thing to do, and they were always there to provide support and training,” says Stoker.
She opened Georgetown Cafe and Bookshelf two years ago on Hayward Avenue in St. John’s, where the coffee is freshly roasted (and fair trade) and the treats are home-baked.
“Every day I’m excited to open the door because I want to see who my first customer will be,” says Stoker. “And every night, when I close the door, I’m happy because I had a good day and served lots of people.”
The IMPACT loan helps foster small and medium-sized businesses in urban Atlantic Canada. Entrepreneurs of all ages can apply for a business start-up loan, while established business owners between 19 and 39 years old can avail of expansion financing. The regional partner for the IMPACT loan in Newfoundland and Labrador is Metro Business Opportunities, which has been helping entrepreneurs succeed for over 25 years.
Business owners can apply for low-interest loans of up to $25,000 that come with flexible repayment terms and no penalty for early repayment of the principal.
The application process is fast and straightforward, so entrepreneurs can reach their goals faster.
“Sometimes, people don’t quality for traditional bank loans because of little-to-no credit, a ding on their credit rating or they have an unusual business idea,” says Abigail Snook, communications officer with Metro Business Opportunities. “An IMPACT loan is flexible and more supportive for a small business owner.”
Unlike a bank loan, every IMPACT loan comes with access to business skills development training on everything from bookkeeping and management to social media marketing and customer service. By utilizing IMPACT’s training opportunities, entrepreneurs can focus on what they know best.
The training and ongoing support from an IMPACT loan is why Ashley Hiscock and Matthew Moore have been able to grow Premier Athletic Therapy and Sports Medicine on Hamlyn Road in St. John’s.
“Neither of us are business people — we’re therapists,” says Hiscock. “Metro Business Opportunities has literally been a godsend for us. If they weren’t in the picture, we wouldn’t be in the picture.”
Metro Business Opportunities is dedicated to the development of Business and Social Enterprise in St. John’s and Mount Pearl. Through advisory, lending, and training services, MBO’s knowledgeable team helps potential and existing entrepreneurs of all ages with idea generation, business start-up and successful growth.
New businesses are often born from the idea that something could be made more convenient, and that’s what led Ed Hardy to launch TireTec Mobile Services in St. John’s.
Instead of people taking time off work and driving to a garage for a tire change or repair, he drives a full-service tire shop to their home, their workplace or anywhere else they may be.
“Nothing’s better than providing a service your customers really like,” says Hardy. “It makes your job 10 times better, even during the 90-hour work weeks in our busy season.”
Hardy says he’s grateful to Metro Business Opportunities for helping him secure an IMPACT loan. The funds helped significantly, and so did the training in marketing, hiring and bookkeeping.
“Anything a small business owner could potentially need help with, they have a program for that,” says Hardy. “There’s a learning curve to starting a business, but you don’t have to learn it all on your own.”
Do you live in St. John’s or Mount Pearl and have a business (or a business idea) you want to take to the next level?
Visit www.impactatlantic.ca/newfoundland to learn more about the IMPACT loan and to apply online.
