Eco Living Cleaners offers eco‑friendly janitorial services to a commercial clientele, using non toxic, all natural cleaning products it manufactures itself. From its early beginnings, the company enjoyed great success, but it soon faced the challenge of needing to hire more staff to keep up with its rapid growth.
The company did not have the means to fund the extra payroll and was having difficulty finding a bank that could appreciate its business model. Furthermore, it was forced to turn away business from government clients that required a performance bond as an upfront guarantee of satisfactory work completion.
Fortunately, all that changed when they approached BDC. “BDC took the time to understand our business model and was the first financial organization to come to our aid,” said Kenny Baney, Manager at Eco Living Cleaners. A BDC working capital loan that included a three‑month principal postponement helped with cash flow and enabled the business to secure a performance bond and acquire additional staff for a new client.
The company’s sales and revenues went on to soar, which opened the door for additional funds from other lenders. Today, Eco Living Cleaners is well ranked in a highly competitive market and was notably awarded the cleaning contract for Toronto’s 2015 Pan Am games—for which it is hiring over 400 people.
“Without BDC, we would never have been able to sustain our growth in sales or create so many new jobs,” said Baney.