Heritage Collingwood

The importance of Heritage Preservation

How Small Businesses in Rural Ontario Can Obtain Loans

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Business loans are largely saturated in urban areas in Ontario. If your business is going to be located in a fancy neighborhood, banks will be tripping over themselves to offer you a loan. However, if your small business is located in a rural area in Ontario, obtaining a loan can be tricky.

Rural areas have to struggle with prevailing stereotypes that these locations are bad for business. Rural regions also have a reputation for lacking infrastructure and consumer demand for a business to be profitable. However, these are mere stereotypes. While they can be true for some businesses, these notions are not true for all rural Ontario small businesses.

It’s not impossible for your small business to obtain a loan without changing the location to a big city. Here are several tips that will help rural Ontario entrepreneurs obtain business loans:

Find a Good Government Loan Aimed at Rural Businesses
The Canadian and Ontario governments have taken extensive measures to promote business growth in rural areas. There are multiple government-issued low-interest loan options for rural businesses that your small business might qualify for. The Ontario government currently has three government programs to this effect: the FedDev Investing in Business Innovation program, MaRS Regional Innovation Centres program, and the Community Futures Development Corporations program. The CFDC program specifically targets start-ups in rural Ontario. Qualifying candidates can receive loans worth up to $150,000 at low interest rates. Your business location must be in rural Ontario to qualify.

Seek a Business Loan Specifically Provided for Your Industry
It’s easier and more affordable to obtain industry-specific business loans than generic business loans. For example, if you are going to start a farming business in rural Ontario, you can apply for a loan from the Canadian Agricultural Loans Act program. Likewise, if you want to get funds for a tech or medical start-up, look for specific government or private sector loan options for that industry. Your chances of obtaining a loan would be higher.

Request a Loan from a Local Bank or a Credit Union
Do not depend solely on a national bank to give you a small business loan. A local bank located at or close by to your rural location will be more likely to fund your venture. Therefore, find all the banks and credit unions in your town and the immediate surrounding area. One of them will certainly approve your small business loan request.

Have a Good Business Plan
Do not neglect developing a good business plan to obtain your funds. Because your business will be located in a rural area, you will need this plan more than urban entrepreneurs. Include all the necessary information all business plans must have, such as the demand, industry trends, competition, and projected earnings. In addition, include a section detailing how your business could help the community. Say if your business could create jobs and provide tax revenue for the local government. Small businesses that uplift rural communities are highly regarded in the loan approval process.

Yes, it can be challenging to get a loan for a small business in rural Ontario. But, it’s not impossible. You must dedicate yourself and research your options. Reach out to your local government or the Ontario provincial government for advice and support. Exhaust your government loan options before seeking private sector loans.

If you on a market for a loan, you can consider applying for credit card from TD, which is the second biggest bank in Canada. TD offers many different credit cards and you will probably find one that works for your needs even if you have bad credit.

Why Is Overbuilding Threatening Our Small Towns?

Why Is Overbuilding Threatening Our Small Towns?

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The housing boom, immigration, and low interest rates drive construction, and architects warn that there is a risk of overbuilding in small towns. Some economists believe that supply actually keeps up with demand while others warn of the prospects of overbuilding. The question is whether there is a ceiling to hit for construction to slow down across Canada.

Risks of Overbuilding

While overbuilding is a concern in some Canadian cities, real estate prices in Vancouver and Toronto are sky-high. This means that customers who buy on credit pay a lot in interest charges when buying $1-million homes. While banks offer mortgage loans, a down payment of 20 percent is a sum that few can afford, and many turn to non-traditional or subprime lenders in Ontario. In small towns and large cities alike, overbuilding could become a problem in case of recession and a subsequent drop in household income. Then many borrowers will find themselves in the position of being unable to cover their monthly payments to keep their homes. Home affordability is a concern if one of two scenarios occurs – a prolonged recession or rising interest rates. In particular, borrowers who have variable-rate loans would be affected by interest rate hikes because payments increase when the interest rate goes up. Those who purchased overpriced homes will be the ones affected the most. Low-income households are also threatened by the prospect of rising rates and a further drop in income. Canadian household debt has already hit new record this year. This can be explained by the new lending rate cuts that drive spending and borrowing; see bank fees. At the same time, house prices grow faster than household income, and it makes more sense to rent a home than to own. Overbuilding in the small cities could become a problem because of lower demand compared to hot markets such as Toronto, Calgary, and Vancouver. While baby boomers move to smaller cities once they retire, immigrants and young professionals settle in large Canadian cities in search of high-paid jobs and better standard of living.

Condo Overbuilding, Prospects and Housing Market Trends

In general, whether there is a risk of overbuilding depends on the financing available. Financing is easier to find for some markets and more difficult for others. According to the Bank of Canada and other sources, British Columbia, Calgary, and Alberta, Ontario are hot markets, which can lead to significant household imbalances. Condo overbuilding is another source of concern. Developers have been warned by the CMHC to sell condominiums before building more, especially in cities like Regina, Saskatoon, and Montreal. In small towns, overbuilding may lead to adjustments in housing prices in a downward direction. A drop in real estate prices in turn would eat into net household worth and drive consumer spending down. This will affect job creation and income levels unless housing price corrections are gradual.

The Importance of Heritage Preservation and Environmental Sustainability

The Importance of Heritage Preservation and Environmental Sustainability

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Environmental sustainability refers to actions and decisions that help protect wildlife, air, soil, and water bodies and reduce harm and negative impact on the natural world. Responsible decisions are key to sustainability and environmental preservation. Heritage preservation aims to preserve the culture and heritage of a nation, minority, or group for future generations.

Environmental Sustainability

A number of issues are of concern, including damage to cultivated and agricultural land, pollution of lakes, rivers, oceans, rivers, and the atmosphere and damage to the woodlands and forests. Small and large businesses are to blame for environmental pollution and unsustainable practices that contribute to the depletion of nonrenewable resources, endangering many species. The rate of depletion of nonrenewable resources must be roughly comparable to the rate at which renewable resources are created. When it comes to pollution, waste generation is a source of concern to the extent to which waste exceeds the capacity for processing and disposal. Sustainable waste disposal practices should be implemented to this end. To help preserve renewable resources, there should be a balance between the rate of regeneration and harvest.

Heritage Preservation

Heritage preservation aims to protect and preserve natural heritage, intangible culture (practices, customs, and traditions), and cultural properties. The latter encompasses historic buildings, artifacts, artworks, documents, books, and monuments of historic value. Clothing, machines, and historic places are also cultural properties. Heritage preservation covers film, architectural, and art conservation and increases the value of restored properties. This helps attract tourists to the area and preserves the historic integrity of cities, areas, and neighborhoods. Heritage preservation also refers to the conservation and preservation of languages, traditions, oral history, myths and folklore, values, and beliefs. Finally, it also encompasses natural heritage preservation to protect biodiversity, rare species, and life on Earth.

Different conservation practices are used, including preventive care, treatment, documentation, examination, and others. These practices help preserve sites, structures, specimens, and collections of social, religious, or historic significance and minimize deterioration.