SUNDRE – Amid the anxiety-inducing uncertainty collectively experienced by Canadians throughout the height of the pandemic, a local couple who own a small Sundre business at first wasn’t sure how – or indeed even if – they would emerge from the fallout.
So when the federal government announced the Canadian Emergency Business Account (CEBA), Tom and Debra King, who own the consignment shop Suds & Sundries, did not pass on the opportunity to apply.
The decision certainly was not one they would come to regret.
“It was – I believe – the salvation of that store,” Tom King said about the CEBA program.
“I don’t want to give the Liberals much credit, but it certainly did help,” King told the Albertan during a phone interview on Jan. 16, just two days before the previously-extended deadline for business owners to repay the loan by Jan. 18 to keep the forgivable portion.
Initially applying for the first round of emergency funding “when it first came out,” King said they started with the $40,000 boost to help keep them afloat.
However, when restrictions were still in place, “a lot of people didn’t venture out and we didn’t have the online side of sales set up at that time,” he said.
So when the loan eventually started to run out, he said they decided to apply for an additional $20,000.
The loan not only subsidized salaries but also helped keep the lights on, he said.
“They’re all kind of intertwined; you don’t have people at work, you can’t keep the lights on,” he said.
“In essence, it did keep us going. We probably would have had to shut down (otherwise),” he said.
Although the public health mandates that were in place at the time caused many businesses throughout the country to shutter their doors as sales either dropped or disappeared, the restrictions seemed to have a reverse effect on their operation.
“Because of the fact that we were able to use (CEBA) to keep the doors open…it increased our business actually,” said King, adding many locals didn’t even seem to realize their business existed.
“So, we were introduced to a lot more clientele through that,” he said.
“We are well over 1,000 consigners in that store now,” he said, adding they’ve had people come from as far south as Okotoks as well as High River and as far north as Leduc.
And with public mandates long-since lifted, that expanded customer base helped elevate their business to new heights.
As of this past fall, the Kings had already settled the debt with plenty of time to spare before the deadline.
“We just paid the whole lump sum,” he said, adding they only had to pay back the $40,000.
According to the federal government website, loans that remain outstanding as of Jan. 19 “will convert to a non-amortizing term loan with full principal repayment due on December 31, 2026.”
In response to being asked how clearing the loan from their books felt, King said the debt at one point had been “a cause of some concern” because their finances didn’t tend to reach that level.
“But with the expansion of our clientele, we were able to go beyond that in September. It was our best year ever last year, believe it or not,” he said. “We’ve never had revenue like we had last year. That contributed to our ability to pay that back in one shot.”
As a result of prioritizing the loan’s repayment, the Kings had prior to the holidays also submitted to the Town of Sundre a written request seeking an extension to use funds council approved last year through the town’s Grants to Organizations program.
As per background information outlined in the agenda package for the Jan. 8 meeting, the original application submitted by the Kings for an amount of $5,000 to help purchase and install a store-front awning for the business located at 107 Centre Street North, was approved by council in February 2023.
Per the municipality’s policy, the grant program is “intended to provide modest levels of support and assistance to community non-profit organizations and other organizations.”
In a letter from the municipality that was dated Feb. 7, 2023 and signed by Linda Nelson, chief administrative officer, the successful applicants were informed the grant funding would have to be used before the end of 2023, but that if the project couldn’t be completed within that timeline, that they could apply for an extension by way of submitting a written request.
“Due to circumstances brought forward by the building’s owner, the project was postponed until the coming spring,” reads a portion of the background, which also included the owner’s written request for the extension.
In part, the letter that was dated Dec. 14, 2023 and signed by Tom King, states that as a result of repaying their CEBA loan, “we have had to temporarily put our awning project on hold until the early spring of 2024.”
Coun. Owen Petersen, who moved to approve the request, said he understood that plans can experience delays and added that he appreciates when organizations demonstrate professionalism through formal written correspondence.
No one spoke opposed to the motion, which carried unanimously.
King said the intent of the project is to improve the store’s curb appeal.
“We just wanted a difference appearance … it’s time for a change there, because I don’t think we’re noticed that much with the signage we have,” he said.
“That’s an awesome opportunity,” he said about the town’s grant program. “It doesn’t cover everything, but it’s a help.”
