BNAY - Tiamuk, Challenge #3

Tiamuk challenge #3:
"You have been hired as the Economic Development Officer (EDO) for your community and have been granted a business loan of $100,000 by Ulnooweg to invest in your community. Your job is to explain to the rest of the group where you would spend this money. The money must been spent in a way you think will stimulate economic development in your community.

As the Economic Developer Officer (EDO) of Millbrook First Nations community I have been granted a business loan of $100000 from Ulnooweg Development Group (if you have read my last challenge you will know who Ulnooweg is and what they are). I created a spreadsheet using Microsoft Excel to help explain exactly where Millbrook's money is going into the investment (mind you these are mainly rough estimates and not exact calculations for the accounts).

I am leveraging a $100000 loan from Ulnooweg to provide a business opportunity for the Millbrook community, which is a $240000 project to start a new business. This business will be a state of the art, yet affordable unisex hair salon available to all community members and surrounding population. The hair salon could either be rented out and leased to hairdressers to use as business in which what they make and how many customers they bring in is what the business makes and as the founder/owner of the business Millbrook would gain a significant percentage of revenue from whoever decides to take the opportunity. Millbrook could also choose to run the business itself, hiring our own employee's and services creating better employment opportunity with a specific focus on the community.

There may be an opportunity to house this in the new developing hotel/convention center being built at the Millbrook power center/treaty connector. This would also potentially bring in more traffic to increase income. Overall this is beneficial to Millbrook's economic development because that's my job as the EDO, to develop economy! Because I am leveraging the loan, Ulnooweg will also be putting in a grant contribution which results in Millbrook only having to contribute approximately $15000 towards the start up and first three month of business, which is great in the long run!

Treaty Trail Hair Salon
Projected Start-Up Requirments			Start-Up Costs
For the first three months of business
						Business Plan - Third Party	$5,000.00
Three Month Start-Up Expenses
Legal and Accounting	$2,500.00		Equipment			Ulnooweg Contribution @ 75%	3750
Stationery Supplies	$1,000.00		Styling Chairs (6)	$3,926.10
Marketing Conultant	$3,500.00		Wash Unit (4)	$5,377.40		Marketing	2500
Marketing	$4,000.00		Styling Unit (6)	$3,650.10
Insurance	$3,000.00		Displayer Shelf (5)	$5,169.25		Ulnooweg Contribution @ 75%	1875
Rent	$4,500.00		Reception Desk	$1,459.35
Hairdresser/Barber salary (first three months)	$26,100.00		Reception Computer	$1,781.35
Maintenance	$3,000.00		iPad w/ Avid Retail Register	$366.85
Utilities	$1,250.00		Company Cash Drawer	$103.86
Telephone	$37.50		Company Master Box	$19.26
Marketing	$875.00		Employee Equipment	$1,500.00
			Leasehold Improvments	$56,000.00
			Inventory	$5,000.00
			Start Up Supplies	$1,000.00
Total Start-Up Expenses	$49,762.50
			Total Start-Up Costs	$85,353.52
Ulnooweg Contribution @ 40%	19905		Ulnooweg Contribution @ 40%	34141.408
Total Project Startu Up Costs	$142,616.02
Community Equity @ 10%	$14,261.60	10%
Ulnooweg Loan	$100,000.00	70%
Ulnoooweg Contribution	$28,354.42	20%