Well, the last week has been pretty depressing. After scrambling to get all the requirements together for the submission for funding, we were sent a discouraging email from the funding institution.
The funding institution had a large number of “concerns” with our business plan. The amount of funding was too high and the personal investments were too low. Those were the two big issues and I guess I should have been more prepared for this, but over the phone we were told by this same company that they could fund quite a bit more than what we were asking for and they required less personal investment from us then what we were actually investing.
I can’t figure out why this funding institution, which is a government run program, would lead us on like this. Maybe they had nothing better to do, who knows. And calling our venture “high risk” … what business isn’t high risk in Northern Ontario? Honestly.
We are going to take a week off and see if we stumble upon something to make this work. Eventually we are going to have to let the current owners know. I feel bad for them because they did a lot of work as well, to get this deal going.
This campground has been in business for 50 years, so hopefully somebody comes forward to keep the campground going, even if it isn’t us.