Since purchasing furniture retailer Luxe Home Interiors in Victoria, British Columbia, in 2010, Scott Elias and Darren Ausmus have relied on BDC to help them excel.
A solid relationship has been built on BDC’s understanding of the business, which carries unique brands and offers interior design services to customers at no extra cost.
The owners first approached BDC for financing to complement shareholder investment and vendor financing when they purchased the business. Later, BDC helped with refinancing when they found that vendor financing, with a requirement to pay the vendor a percentage of sales, was putting a burden on cash flow. A working capital loan for smaller projects followed, including the purchase of a point-of-sale (POS) system and new exterior signs.
BDC’s unsecured financing and the flexible deferred capital payments option on several loans helped the owners protect cash flow and freed them to focus more on business development. The new technology helped improve inventory and cash flow management. BDC’s consulting services provided valuable insights which the owners used to improved their website and marketing strategy. As a result, their sales have grown.
“The financing and consulting services we received resulted in an increase in revenue and profitability,” says Elias. “BDC’s specialists are genuinely interested in seeing our business excel. We value our relationship with them.”