When Matt Carroll had an opportunity to purchase Pickering Playing Fields, it was a chance he did not want to miss. Pickering Playing Fields is well known in the Durham, Ontario, region as a great place to go for a date, hang out with friends, spend time with family, and even hold birthday parties, team-building activities, and corporate and social events. With a mini-golf course, batting cages, a driving range, beach volleyball courts and a snack bar, Pickering Playing Fields has something for everyone.
Matt realized that even though he had a solid business plan, he was young with very little credit—and securing the necessary financing could be a challenge. He turned to the Business Development Bank of Canada (BDC). A BDC Financing expert worked with Matt, offering him the necessary funding to purchase the business. A portion of the loan was allocated to working capital, providing Matt with ample funds to start up in the spring, a crucial period. BDC Financing also gave Matt a seasonal repayment schedule, as well as a six-month deferral on principal payments.
With BDC’s help, business at Pickering Playing Fields has increased yearly since 2009, when Matt took over the business. Pickering Playing Fields is doing so well, in fact, that Matt has taken advantage of BDC’s annual 15% prepayment privilege three times.
Says Matt: “I always knew I wanted to be my own boss but I never knew what that something would be—once I found the right something, BDC helped me get it off the ground, and for that I am grateful.”