Navigating these changes and challenges is easier with the right support network. “Doing it alone would be a lot more challenging and we probably would not be able to make it this far,” Alexa shared on the value of having a solid co-founder, “We both bring a unique set of skills to this that complement each other and allow us to focus on different areas. Lisa has a supply and manufacturing background, I’m more knowledgeable about the retail side.”
Strong, capable management is essential to borrow and build a new business. It was obvious to Luanne Chore, Senior Manager, CIBC Business Banking, Okanagan Region, that Alexa and Lisa had the right management background and experience to be successful. “When we’re lending, we ask: Can they do this? Do they have the expertise and contacts?” Luanne explained, “The Good Juju Body and Home team ticks all the boxes and are very passionate about being sustainable.”
All businesses have significant expenses getting up and running. Even more capital is required to establish a business that has a low environmental and human impact from end-to-end. “This stage of a new business is very cash intensive — add pandemic and supply chain and it magnifies that,” Lisa explained. CIBC has been a crucial partner in making the budget work. The CIBC Business Banking team understands the costs and considerations necessary to build a sustainable business — from manufacturing to resourcing and everything in between — and is committed to helping business starters navigate that journey.
“As a startup, we needed support. CIBC gave us more than we hoped for to support buying inventory and manufacturing,” Alexa added, “As new CIBC Business clients, Luanne has gone above and beyond to make sure we have an advocate in her and great service from her team.”
Finding alignment in business interests and values is important for strong partnerships. “Sustainability means a lot to CIBC. We need to support and be part of the solution, not part of the problem,” Luanne commented, noting that her team integrates sustainability into their advising practices. “When we do risk assessment reports, along with the “5 c’s of credit” —character, capacity, collateral, capital, and conditions, the team makes comments on sustainability.”