Salmon River

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bank's action could adversely affect the reputation of the Inn, especially in the small community of Salmon River After some additional discussion, Fred agreed to meet Eileen at Salmon River the following morning.

Background Information

Eileen Timmons was a Registered Nurse living in Salmon River, Newfoundland. A single parent with two children in their late teens, she found that in 1990 her income was significantly reduced when Provincial Government attempts to cut costs in the health care sector resulted in her employment status changing from full-time to part-time. As a result, she found it increasingly difficult to meet her living expenses. In order to supplement her income, Eileen had been considering the use of the proceeds of her late husband's insurance policy, $25,000, to start a small business, and had actively searched for the right opportunity. This opportunity seemed to present itself when, in early 1991, she learned that the local convent was for sale.

The ...

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would carry out an extensive examination of the building to determine the necessary improvements and modifications. He would also be responsible for raising the money to finance the purchase and renovations. Fred felt the Inn would qualify for funding under the Fisheries Alternative Program. This program, administered through the Atlantic Canada Opportunities Agency, would provide contributions toward approved capital costs of up to 65%. An equity contribution of 20% would normally be required from the project's owners, and the balance could then be financed through conventional lenders.

Fred was disappointed by the results of his survey of the property Although the building was sound ...

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