Some sources of non-bank financing in the Interior are as follows:
Southern Interior Innovation Fund (SIIF) – This is a $6.3 million fund launched in October 2009 with funding from regional credit unions, individuals, and SIDIT. It’s focus is on growth stage investments, typically with at least $1 million in revenue. Investment sizes range from $250k – $1M and can be in debt or equity. This fund is a successor fund to the Okanagan Innovation Fund which is currently fully invested.
Southern Interior Development Initiative Trust (SIDIT) – This non-profit trust set up by the province invests up to $9 million each year. Deal size ranges from $25k – $1M and can be debt or equity, although most deals are debt to help the trust turn over its funds more rapidly. Although the trust is non-profit, funds are invested at market rates.
Business Development Bank of Canada (BDC) – There are two different divisions within BDC: a) Term debt – loans ranging from $75k up to several million which are secured against assets or personal guarantees; b) Subordinated debt – typically only for businesses with revenues $1M+ and a year of positive EBITDA.
Community Futures (CF) – Has several locations throughout the Interior. Each location has a fund of roughly $2-5 million that is invested as term loans. The maximum size of loans varies by location.
Okanagan Angel Network – This network runs a meeting roughly every 2-3 months where three companies are selected to present to a group of angels ranging from 20-30 per meeting. Angel investors typically seek to invest an average of $25k per deal. Companies from throughout the Interior are welcome. Of course you can also approach anyone with money that you know that might be interested in your business.