Ken Koob is a business advisor with Community Futures. In this episode, Ken talks about how Community Futures works with entrepreneurs in the Bow Valley; supporting business owners (or soon to be business owners) with business advice, training and in some cases, funding. Ken also gives us an overview of his career that spans both marketing and finance.

Show Notes:

• 00:38 – Jason introduces Ken Koob with Community Futures, an organization that provides small business advisory services and lending opportunities for rural communities.
• 03:10 – Ken and Jason discuss the geographic jurisdictions served by Community Futures Centre West in Alberta.
• 06:54 – Ken details his role as the Business Development Advisor, and emphasizes important lending criteria for potential clients (borrowing limit of $150,000; previously declined funding from at least one financial institution).
• 09:18 - Jason and Ken talk about the demographics served by Community Futures Centre West, including specific programming for disability and youth.
• 11:52 – Ken walks us through the lending process, highlighting the importance of due diligence in decision-making (key players include the business plan and Equifax score). Community Futures charges a 1% fee to submit a lending application.
• 14:38 – Jason and Ken elaborate on the types of business advisory services offered by Community Futures Centre West.
• 18:08 – Break to talk about our sponsor, the E=MC2 CoWork space in Canmore. Check us out with a free space for your first day, attend a Wednesday LunchBox lecture, or visit us for wind down Fridays.

Learn more at www.canmorebusinessexcellence.ca/en. * 20:38 – Jason asks Ken about the role of character in decision-making. Ken describes what he looks for as he assesses the character of potential borrowers. * 23:11 – Jason brings up the role of timing in submitting an application for financing. Ken advises entrepreneurs and business owners to approach Community Futures sooner (not later) for banking options and small business counseling. * 26:57 – Ken travels back in time to describe his early days in the financial industry (commercial lending), including a stint with the oil and gas industry. * 34:05 – Ken touches on the challenges that he sees in the world of entrepreneurship in our area: affordability of commercial space, spill-over from the economic downturn in Calgary, high competition in certain industries, legislative impact on staffing costs. * 38:45 – Jason and Ken talk about the value of forethought and planning in entrepreneurship. * 40:20 – You can learn more about Community Futures Centre West by visiting centrewest.albertacf.com. Connect directly with Ken Koob by email at BusAdvisor@albertacf.com (preferred) or phone at 403-437-0904.