Chapel Ridge is a family-owned business that offers a full range of funeral, burial and cremation services to families in the Markham, Richmond Hill, Stouffville and North Scarborough regions of the Greater Toronto Area (GTA).
As the company experienced rapid growth, Chapel Ridge officials decided it was time to expand its facilities to better meet the needs of the community. Plans included building a 3,900-square-foot addition to double the size of the existing chapel—making it the largest funeral chapel in the GTA—as well as building another large chapel that could seat up to 200 people for a service or host a sit-down catered reception for 120 people.
Chapel Ridge turned to the Business Development Bank of Canada (BDC) for assistance. BDC's knowledgeable expert worked with Chapel Ridge officials to help the business consolidate its two mortgages into one loan with a lower rate and longer amortization. As well, BDC Financing provided Chapel Ridge with high-leverage financing, allowing the company to go ahead with expansion plans without disrupting cash flow.
Chapel Ridge now operates from an elegant 18,400-square-foot facility that can accommodate up to 750 funerals a year. Says Eric C. Tappenden, President and Owner of Chapel Ridge: "BDC was very flexible in developing a custom solution, meeting all our needs in one package. I can't say enough how professional and personable the BDC team was; it was, and remains, a pleasure to do business with BDC."