Calgary, Alberta, January 25, 2010 - BDC is supporting southern Alberta-based Magnum Cementing Services Ltd. with close to $1 million in financing and consulting services to provide the equipment and know-how needed to pursue growth opportunities.
Despite the recession, Magnum Cementing, which specializes in producing cement casings for natural gas drilling operations in southern Alberta, has grown substantially since becoming operational in January, 2008. The company has doubled its revenues every year since inception and continues to expand.
For company founder and CEO, Beerd Beekman, an important aspect of his vision for Magnum Cementing was that it be employee-owned. "I feel strongly that employees are what make a company," he explains. "Our business is tough. It's 24 hours a day of hard work and it's a lot of responsibility with expensive equipment. It was clear to me that to attract the right kind of people with the right level of commitment, it had to be in a profit-sharing context."
"BDC bought into my vision early on in the project," he adds. "They didn't know me but they listened and I felt very quickly that they were ready to team up with me and support me. That gave me confidence."
For the past 65 years, BDC has been providing Canadian entrepreneurs with financial support and consulting services in good times and when the going is more difficult. "When times are tough, business owners look to their financial institution for long- term guidance and partnership," says BDC Account Manager, Tony Gamble. "Entrepreneurs want to work with people who take an active role in achieving their business plan."
According to BDC's Senior Manager, Angela Pedrini, the Bank's consulting services can also contribute to business growth. "For most of our clients there is a learning curve in getting to know all aspects relevant to the creation of a successful business. When faced with the challenges business growth can present, entrepreneurs quickly realize the advantages of external consulting as an integral part of their business strategy."
About BDC
BDC is Canada's business development bank. From more than 100 offices across the country, BDC promotes entrepreneurship by providing highly tailored financing, venture capital and consulting services to entrepreneurs.
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For more Information:
Johanne Bissonnette
Media Relations Manager
514 283-7929
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