Major Milestone Achieved this May

This week we achieved a major milestone for our small business. 

Without your loyal support, treating yourself to cupcakes, we could never have made this happen. Thank you – thank you so very much.

This week, specifically on May 1, we paid off the outstanding balance of one of the first two loans we financed to open our Cupcakery back in 2013. 

Backstory: To open our Cupcakery we had many huge financial barriers – to name a few these included our construction/renovation which alone cost $60,000+, our first/last months’ rental deposit nearly $8000 and our Union Gas/Guelph Hydro deposits themselves totalling over $7000. 

Part of our loan was financed through BDC (Business Development Bank of Canada) and Futurprenuer. Equally they provided $15,000, totalling $30,000.

We’ve never been in a position to make a lump payment, and have been making monthly payments ever since we opened our doors in January 2014. Coupled with the fact Futurprenuer charges an admin fee for every single payment (OMG! Was I shocked when I learned that?!) we’ve been paying a fee of $15.00/month plus our interest, plus the capital payment every single month.

As we ramp up for what I anticipate will be our busiest season ever, we were able to make a lump payment of $5476.35 to Futurprenuer. Saving ourselves over two years of $15.00/month admin fees, and hundreds (or thousands, math is not my strong suit) in interest. 

For anyone who has ever owed money to someone, had any debt, or worked to get out from underneath it, you can appreciate that this was a fabulous feeling for me. It was the plan to get the loan, but it always feels like that monkey-on-your-back until it’s paid. While we are far from debt-free, we are taking steps towards that potential freedom.

One down, one to go. I see you BDC loan, and we’re coming for you.

We cannot wait to see what the summer holds – and how we can celebrate with you at events, festivals and celebrations of all sizes.

Thank you from the bottom of my heart. You are helping us realize our dream. From a different perspective, when we opened we hired four total staff (including me!), now we employee 11 people including two co-op students. 

We are growing, and you are making it happen. Thank you so very much. You may not think that $2.75 makes a difference, but is your little purchases that truly add up. 

Much appreciation,

Jakki

Owner

Sweet Temptations Cupcakery

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