After 11 years living in New Brunswick, Wade Bennett decided it was time to return home to Newfoundland and open an OK Tire location in Burin, N.L., ensuring the highest quality service for the best price.
OK Tire has been in business in Canada since 1953 and has more than 325 locations across the country. To make his dream a reality, Bennett reached out to CBDC Burin Peninsula, who provided Bennett with a general business loan to launch the branch in December 2015.
Community Business Development Corporations or CBDCs are not-for-profit organizations that support the success of small businesses in rural areas by providing financing, training, and business advice to entrepreneurs.
“As with any new business, it was very costly just starting up,” Bennett says. “CBDC has given us the means to grow without worry.”
CBDC’s general business loan is one of the most flexible commercial business loans offered. Through this opportunity, businesses can receive a loan of up to $150,000. Financing can include a demand or term loan, a loan guarantee, or equity investment.
Loans with CBDC will be secured and can be from one to 10 years, giving businesses the chance to develop while being free from financial burdens. Unlike traditional banks, CBDCs focus on community needs and find ways to support local businesses so they can do what they do best: run a thriving and successful business.
To start the business, Bennett bought a building before moving back to Newfoundland and Labrador, but it needed to be equipped before he could open up shop. At that point, he had researched different automotive companies and ultimately decided to move forward with the OK Tire franchise.
“OK Tire Burin gives customers more options for automotive services at competitive pricing, and we employ local people from the community,” says Bennett.
OK Tire is a one-stop-shop for all your automotive needs; this includes all forms of auto services, from car accessories to alignments, vehicle inspections and oil changes to tires, wheels, brakes, steering and suspension.
Bennett grew up in a family of business owners and, at a young age, quickly learned the importance of hard work and dedication.
He started his career as a truck driver but decided to hang up his truck keys to open his own shop. His knowledge of the trucking industry has helped him expand the business to include truck services and tire sales, along with full passenger and light truck mechanical services.
“We are a tire shop and full-service garage that can do any type of repair,” says Bennett. “The shop is equipped with three lifts so that we can provide commercial services as well.”
OK Tire can fix everything, from daily commuter vehicles to construction and industrial vehicles, farm equipment, mining and forestry vehicles. Their services range from heavy-duty mechanical services, diesel services, emissions tests and much more.
OK Tire also provides customers with the best brands, such as Michelin, Firestone, Bridgestone and Toyo Tires, to name a few.
“Our certified technicians know exactly what your vehicle needs,” says Bennett. “Our team of highly trained technicians will provide users with the top equipment to service your vehicle and give you excellent advice to help keep it running smoothly and everyone in the vehicle safe.”
OK Tire also offers customers a national warranty program of 12 months per 20,000km, when your vehicle is serviced at any OK Tire store across Canada. OK Tire has got you covered from top to tires with full auto service that protects your warranty.
Bennett says the best part about owning a business is interacting and helping customers by ensuring they get quality service for the best price possible. It also gives him a sense of pride knowing he was able to grow a business from the ground up.
If you have a business idea and want to get help launching or growing, get in touch with CBDC Burin Peninsula, or any of our CBDCs by visiting: https://www.cbdc.ca/
