As a member of NSBI’s business financing team, I work closely with Nova Scotia companies to understand their individual needs and to identify unique solutions to match them.
Whether we’re providing loans for equipment, working capital or restructuring, we assist companies by providing financial solutions they can’t find anywhere else. The story of A.F. Theriault, a well-known boat builder in Meteghan River, is a perfect example.
In the 1990s, A.F. Theriault made a difficult transition from fishing boat construction and service into private pleasure vessels such as yachts and catamarans. Like other boat builders in Nova Scotia and around the world, securing some contracts requires performance, material and warranty bonds – financial guarantees from suppliers that contracts will be completed based on certain terms and conditions. It can be difficult for Nova Scotia companies like A.F. Theriault to find the specific financing solutions they need, which can result in lost contracts.
When I met with Arthur Theriault to discuss the company’s needs, NSBI had never provided the kind of financing the company was looking for, but we had several tools, including the ability to issue provincial-backed guarantees that could be customized to find a solution. With a lot of hard work and ingenuity, A.F. Theriault and NSBI developed a financing program that gave them the right financial support to secure new contracts.
In today’s economy, Nova Scotia exporters like A.F. Theriault face an array of challenges that need customized solutions. NSBI’s business financing team continues to revisit its financial programs to make sure they meet the needs of Nova Scotia companies. We traditionally provided access to capital on conventional lending terms, but now we’re taking a more active role across the province by expanding the use of our payroll rebate.
Traditionally, the rebate has been a valuable investment attraction tool for companies outside the province looking to create jobs and expand their operations in Nova Scotia. This past year, NSBI modified the payroll rebate to respond to the needs of local companies looking to explore new markets and improve overall competitiveness. NSBI’s range of financing options can be customized, it can be flexible and it can be adaptive. The collaboration with A.F. Theriault and the guarantee we issued to them is only one example of the kind of services we can provide to local companies.
At NSBI, we thrive on the challenge of providing customized, client-focused solutions that benefit local companies and equip them with the right tools to add value, compete and grow right here in Nova Scotia.