When a devastating flood struck the Gordon A. Monk funeral home in 2013, in Peterborough, Ontario, Kirsten Monk and Barry Cray were determined to save their business. The funeral home, which dates back to the 1800s and has been in the Monk family since 1975, has long been relied upon by people in the Ontario communities of Haliburton County and the City of Kawartha Lakes.
Following the flood, which destroyed the funeral home, the owners discovered their insurance company would not process their claim. They turned to BDC, where the business had been a client for 35 years. “BDC provided amazing support right when we needed it,” they explain.
BDC granted a loan with a six‑month postponement in May 2013 for building renovations related to the flooding. Within just four months, Monk and Cray reopened the funeral home.
Once they had recovered from the flood, BDC supported them in upgrading their business. Loans with flexible terms that protected their day‑to‑day cash flow enabled them to purchase equipment and new computer and software systems.
The community was pleased to see the business survive and clients have been impressed with the quality of service offered at what is now a completely modern facility.
“BDC recognized our value beyond tangible assets, like the key role we play in our community,” say the owners. “Thanks to them, we’re still here.”