RÉNO-PLUS - Financial support for renovating storefronts

SAINT-JACQUES, QC, Nov. 15 /CNW Telbec/ - Visual improvements to the way a store looks from the outside are the first thing that attracts customers. Getting someone into the store is halfway to making a sale, and improvements increase sales by 20-25% in the first year alone. Given these benefits, the Société d'aide au développement de la collectivité (SADC) Achigan-Montcalm (a Community Futures Development Corporation) and the Business Development Bank of Canada (BDC) have formed a partnership to help merchants renovate their commercial buildings with a new financing product called Réno-plus, a repayable loan that can cover up to 100% of eligible renovation costs.

"SADC Achigan-Montcalm is pleased to have created this financing product in partnership with BDC," says Claude Chartier, Executive Director of the SADC. "It will help stimulate economic activity and certainly encourage merchants to revitalize their storefronts."

This type of financial assistance is available for both tenants and owners of commercial buildings in Montcalm, L'Assomption and Les Moulins regional county municipalities (MRC). Eligible projects must be located in municipalities that have adopted Site Development and Architectural Integration plans (PIIA).

Renovation work must be carried out on the exterior of buildings with a view to improving the general appearance, architecture or signage, while staying true to the style of the area. Eligible renovations can be made to the frontage, signs, landscaping, window displays, etc.

According to Éric Préville, Senior Manager at the BDC Des Moulins/Lanaudière Business Centre: "By pooling BDC's expertise with that of SADC Achigan-Montcalm, we can offer developers a wider range of services from a single location." Developers will meet with a SADC professional who will process their application for financing and forward it to BDC for authorization. The SADC will also provide one-on-one coaching to help developers in their dealings with the municipalities.

The advantages of Réno-plus loans:

• 1% of the loan in the form of a grant from the SADC for preparing sketches of the façade (up to $400)
• Loans up to $100,000 secured by a personal guarantee
• Competitive interest rates
• Principal payments postponed for up to 12 months
• Flexible repayment terms
• Flexible amortization periods
• Flexibility with regard to the amount invested
• Personal coaching by professionals
• Possibility of combining financing products from SADC, BDC and other financial partners
• Financing that is complementary to that from other financial institutions

The Rues principales Foundation says there are many benefits to renovating commercial buildings:

• Positioning in relation to the competition
• Enhancing the company's image
• Greater visibility
• Increase in the number of clients and goodwill value
• Increased income for merchants (20-25% in the first year)
• Rise in the value of the renovated building (30-50% over four years)
• Contribution to local development by revitalizing commercial arteries

About the SADC
SADC Achigan-Montcalm contributes to regional social and economic development by providing financial and technical assistance, as well as consulting services to businesses, and by supporting community projects. Its main financing products are term loans, operating lines of credit, lines of credit for contracts, a dedicated R&D fund and its Youth Strategy fund. It has expertise in consultation, local development, entrepreneurship awareness, employment and the environment.

About BDC
BDC is Canada's business development bank. From more than 100 business centres across the country, BDC promotes entrepreneurship by providing highly tailored financing, venture capital and consulting services to entrepreneurs. www.bdc.ca

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