WINNING THE FUNDS, Former drag racer gets $54K green flag for business idea

Winnipeg, Manitoba
After working for years at a performance automotive supply business in Winnipeg, even as he burned rubber on the drag racing circuit, Svenn Tergesen decided the supply business had more of a future. So he bought it. Even then, his competitive instinct kept him looking for new opportunities. Turning the shop into a full-service auto repair centre was just the ticket for the former drag racing star.

A government-backed loan to the tune of $54,000 helped him make his move. Under the Canada Small Business Financing Act, the federal government guaranteed all but 15 percent of the funds, which made the loan an easy one for the bank to approve.

He used the money to gear up with hoists, compressors, front-end alignment machines, brake lathes, computers and scanners. And within months, Tergesen was the proud proprietor of a five-bay service centre along with the original business.

Make sure your lender considers the CSBFA. Business people who take this tack are surprised at how easy it can be.

Would you like to receive money to launch and grow your own business too? There are monies available now for qualified existing & start-up small businesses. Visit The Small Business Finance Centrefor more information.