Building confidence: CIBC helps small-town chiropractor prepare for growth

I made the leap and started renting a space with a few treatment rooms. But my hope was to create a wellness hub — a place where patients could get the help they need, and health professionals could learn from one another. I knew there were bigger opportunities and more that could be done.

In my quest to realize my dreams, I took a major step and bought a building with plans on renovating it. I secured a loan from another financial institution to make the purchase, but the rates were terrible. I wondered, “How can I change this?”. It strained my cash flow and made it difficult to reduce my debt.

I had my personal banking with CIBC and was interested in moving my business accounts to CIBC as well. That’s when Charlene, Relationship Manager in CIBC Business Banking, stepped in to help.

“By asking Samantha the right questions, I was able to offer personalized advice to help the clinic regain momentum,” says Charlene. “I refinanced Samantha’s high-interest loan to reduce costs and improve cash flow, and coordinated a business operating account to save her time. Samantha’s payments were getting to be so high. After two years her balance was more than what she first borrowed. She was really concerned.

“It marked the beginning of a strong, ongoing partnership between us. Samantha appreciated my efforts to accommodate her busy schedule.”

Because I’m with patients throughout the day, I can be difficult to get a hold of. Charlene is always flexible. She just says to call her whenever I can, even outside business hours, just so we can touch base.

“The key to a successful collaboration is listening and personalized support. I think Samantha is pleased she can count on me,” says Charlene. “It didn’t sound as though her experience with her previous financial institution was as personal. I am somebody who is there for her.”

The benefits of the relationship were clear almost immediately. Lower interest costs helped stabilize cash flow and gave me more financial breathing room. With streamlined banking, I can focus on patient care, instead of worrying about cash flow.

Today, my business is thriving. It offers eight treatment rooms, four chiropractors, two massage therapists and an acupuncturist. I plan to expand services and add more treatment rooms to provide patients with healthcare under one roof, and I’ve been working with Charlene to develop a plan for future growth.

I feel I have more peace of mind and confidence now. As I tell fellow entrepreneurs, don’t listen to the doubt part of your brain talking to you. Launching a business isn’t easy, but worth it to push through and do it.