As the economic slowdown drags on, Summerland and other B.C. communities have felt the effects.
Locally, we have watched businesses folding or relocating and today we see vacant business buildings in our downtown area.
Eventually, the economy will turn around, but we cannot wait for that time to come.
As a community, we need to examine ways to promote and enhance business.
The Summerland Credit Union’s new Summerland Venture program can help to provide the funding for local businesses, startups and businesses locating to the community.
No funding program will be a magic cure to all of Summerland’s woes. The national and global economy have taken a toll on the local economy and it is unlikely we will see a quick or easy recovery.
Because of this, all businesses must take the necessary measures to promote themselves and provide good products and services.
Funding alone is not a cure-all.
Still, the venture capital initiative could help new and existing businesses in a difficult economy.
Not all businesses will qualify for the loans but those which meet the funding criteria will be able to get the money they need.
Acquiring the funding through this loan initiative can mean the difference between long-term success and failure for a small business in Summerland.
If only one or two businesses benefit directly, many others will benefit indirectly. If more businesses can benefit, the result will be a robust and growing economy, which can also help to strengthen the economic stability in Summerland.
And when the business community thrives, all of us will notice the improvements in our quality of life.