The Sylvan Lake Chamber congratulates all of the Finalists of the 2020 Business Awards!  

Large Business of the Year - Sponsored by RBC

• Servus Credit Union
• Falcon Homes
• Coverdale's No Frills
• Parkland Veteranary Hospital
• Strategis LLP

Small Business of the Year - Sponsored by Servus Credit Union

• Picky Painter
• Sir Lancelot Signs
• RoyAl Glass
• RBC

New Business of the Year - Sponsored by Canadian Tire

• Crucial Diesel
• Roundabout Eatery
• Jupiter Medical Aesthetics + Wellness
• The Ranch Gate Market
• Snake Lake Brewing Company

Marketing Excellence - Sponsored by Sylvan Lake News

• Central Alberta Security + Automation
• Fonda's Plumbing
• Open Range Saloon
• Good Earth Coffeehouse

Customer Service Excellence - Sponsored by Sobeys

• Crucial Diesel
• Servus Credit Union
• Tech Heating + Air Conditioning
• Trilliant Real Estate Group Ltd.
• Central Alberta Security + Automation

Environmental Stewardship Award - Sponsored by Rowanoak Law Office

• Fonda's Plumbing
• Sylvan Lake Community Partners
• Good Earth Coffeehouse
• Knot Just A Box
• The Baby Footprint

Visitor Friendly Award - Sponsored by Falcon Homes

• Knot Just A Box
• Timber Coffee Co.
• The Wood Shed Axe Throwing
• Wolf Creek Building Supplies
• Pet Planet

-NEW- The Philanthropy Award - Sponsored by Lakestone Insurance

• DQ Grill + Chill
• Crucial Diesel
• Hockey Central Sports Lounge
• Bukwildz
• Murdoch D'Mello Insurance + Financial Solutions Inc., The Co-operators

-NEW- Business Resilence Award - Sponsored by Town of Sylvan Lake

• The Maby Studio
• Picky Painter
• Snake Lake Brewing Company
• Good Earth Coffeehouse
• Bukwildz

Business Woman of the Year - Sponsored by Strategis LLP

• Kjeryn Dakin, Bukwildz/Buks
• Pam Mitchell, DQ Grill + Chill
• Tami Dorosh, Picky Painter
• Kim Hoffman, Kim's Got You Covered
• Keri Pratt, The Wood Shed Axe Throwing

Young Entrepreneur of the Year - Tech Heating + Air Conditioning

• Chris Jervis, Crucial Diesel
• Ruby Cole, The Maby Studio
• Travis Jones, Sylvan Lake Physiotherapy + Sports Injury Clinic
• Sara Barnes, Central Alberta Security + Automation
• Conner + Kory Goossens, Flying Goose Media

Employee of the Year - Sponsored by Clearview Glass Service

• Mark Kennedy, Lube Stop + Tire
• Grace Woods, Good Earth Coffeehouse
• Chris Levac, The Wood Shed Axe Throwing
• Danelle Venardos, Cloverdale's No Frills
• Teresa Cummings, RBC

HOW ARE FINALISTS SELECTED?

1. In June, a public call for nominations went out, and the Chamber received the highest number of nominations ever!
2. Following that, nominated businesses that meet the basic criteria are notified that they were nominated.
3. If they choose to accept the nomination a formal application is submitted.
4. Finally, an anonymous panel of volunteer judges from the community are selected to review and score each application. Once the scores are tallied, the finalists and one winner per category are determined.

WINNERS WILL BE REVEALED ON OCTOBER 17TH

Due to COVID-19 restrictions, The Mermaid Ball + Business Awards, a 300+ person event will NOT be held this year, however the show does go on...just not as it has before.

This year, award winners will be revealed on Saturday October 17th when the Sylvan Lake Chamber of Commerce debut's a Business Awards video, now in production, at small watch parties at several businesses around town. Details for this event will be released soon!

Sylvan Lake Business Survey Results

The Chamber and Town of Sylvan Lake, conducted a Business Resiliency Survey during the month of April to better understand how COVID-19 is impacting our community's businesses.

Over 130 businesses responded to the survey.

The survey responses can be viewed HERE. 

Business Insurance: How Coverage is Triggered

These are uncertain and challenging times. With COVID-19 causing global concern, we understand many Canadians will have questions related to commercial insurance. IBC has produced a brief Q&A document outlining how coverage is triggered and how business interruption policies work.

http://www.ibc.ca/ab/business/COVID-19/

The Alberta Government announced three new decisions today to support Albertans and employers during the COVID-19 pandemic.

• Education property tax freeze
• Education property tax deferral for business
• WCB premiums deferral for private sector businesses and support for small and medium businesses

READ MORE

The Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA)

WAGE SUBSIDY FAQ

Most of you have already heard that BDC in cooperation with EDC will receive a 10 Billion dollar envelope to help entrepreneurs that are directly impacted by COVID-19.

For loans under $100,000 you can apply online and get the same lower interest rate due to COVID-19. There is no application fee and it is a simple online process.  The minimum criteria is 2 years in business and decent/good personal credit.

Here is the application link. Where it asks for BDC Representative add:  Anna Lorena Sauve

For loans over $100,000 please refer to the details below for what is required. 

Details on the loan:

• Structure: Working Capital Loan
• Max Amount: Up to $2Million (max amount is 2M - due diligence applied on a case by case basis)
• Exclusions: Start-ups, refinancing, change of ownership
• Terms + Conditions: 12 month principal postponement - interest will be due 30 days following initial disbursement
• Repayment max: 36 months

Documents required:

• The last three years of year-end financial statements
• Most recent year-to-date financials (Balance Sheet, comparable income statement to last year, aged A/R and aged A/P listing)
• Sales and cashflow projections for the next two fiscal years on a month over month basis
• Loan Application Form – required only if no new loans have been requested in last 2 years. (click to download form)
• Personal Net Worth Form – required only if no new loans have been requested in last 2 years (click to download form)
• Organizational Chart showing the ownership of all companies
• Copy of current line of credit agreement with financial institution
• ID verification
• Site visit
• Overview of costs within the next few months (see questions below that help to answer that question

Additional questions to be answered

• At what activity level do you anticipate to operate at over the next six months (ie: full shut down or reduced capacity, what are the main impacts on your activities, specialized staff, access to premisis or employees to work remotely)
• What are the key carrying costs (burn rate) for the next six months? (ie: rent, insurance, electricity, salaries, financial fees)
• With a working capital loan and/or postponement and support from other lenders, does this cover your cash needs for the next six months?
• What are your agreements with key suppliers and customers on payment terms / support for the next six months

For further questions contact:

Anna Lorena Sauve, Senior Account Manager BDC
t. 587.797.2101  e. annalorena.sauve@bdc.ca

The Canadian Payroll Association has provided answers to some of the most commonly asked questions by employers.  Click the link below to to download the full FAQ.

FAQ WITH THE CANADIAN PAYROLL ASSOCIATION

Work-share Program:

The Government of Canada offers the Work-Sharing Program, which is designed to help employers and employees avoid layoffs when there is a temporary reduction in the normal level of business activity that is beyond the control of the employer. 

For more info check out the Work-Sharing program website or call the Employer Contact Centre at 1-800-367-5693. 

www.canada.ca/en/employment-social-development/services/work-sharing.html 

Employment Insurance Program:

The Government of Canada offers benefits for individuals who may qualify if they have lost their job.  https://www.canada.ca/en/services/benefits/ei.html 

 COVID EI claims can be made at: 1-833-381- 2725

The Alberta Government requests that businesses take this short survey to help them assess the impact of COVID-19 on your business and gather information on what priority needs and resources are required at this time.

Business Impact Survey 

Click the link below for this week's most frequently asked questions.

COVID-19_FAQ_CdnChamber.pdf