Culinary entrepreneur Andrew Verge of Summerland is a familiar sight in the Okanagan.
Verge and his wife own Spud Brothers, a food service business that consists of both a mobile food truck in summer and the Summerland Arena concession in winter.
With the trend of mobile food trucks taking North America by storm, Verge was at the front of the curve supplying the right kind of food, at the right time, to the right audience.
While there has been demand for Spud Brothers’ cuisine, a lack of funds presented a problem to fully support and grow the business.
Enter the Remarkable Micro-Loan program that was launched last spring and was made available to all B.C. credit unions. The innovative loan program designed for young adults to help create opportunities now for future success.
The micro-loan ranges from a few hundred dollars up to $5,000, depending on the need and is intended to do more than just loan money to burgeoning small business. The plan also provides guidance at the credit union level helping successful applicants reach their goals and work on building a solid credit history.
The Remarkable Micro-Loan program seeks to provide funds to young adults based solely on the strength of their idea, not on their credit history.
The program helps business owners shape their future and their communities through their local credit unions.
Once Verge heard about the program he quickly applied and received the maximum loan, $5,000, from Valley First Credit Union in Penticton within three months of applying. Received at the height of his peak season, the $5,000 allowed him to increase his marketing efforts, service an additional concession and expand his mobile business by purchasing another trailer/truck.
Verge received funding at a crucial time for his business when “no other banks would touch me‚“ because his idea was a good one.
With a higher profile, more equipment and a successful credit history in the making, Verge is in an improved position heading into this year’s busy season. He continues to look at growth opportunities and says that he “would recommend the Remarkable Micro-Loan to anyone.”
Verge is featured by the Be Remarkable program as a model recipient. A video on Verge’s experience can be seen at www.beremarkable.com.