BUSINESS OPPORTUNITY PROFILE Prepared for the Inward Investment Facility Linden Economic Advancement Programme

DUCK FARMING

TABLE OF CONTENTS

INTRODUCTION REGION 10 BUSINESS ENVIRONMENT EXECUTIVE SUMMARY THE OPPORTUNITY: DUCK FARMING PRODUCTION PROCESS AND TECHNOLOGY REQUIREMENTS FOR FACTORY SETUP ANNUAL FINANCIAL PROJECTIONS FINANCING SOURCES

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INTRODUCTION
There are numerous exciting business opportunities in Region 10 for investors who wish to invest in agriculture, agro-processing, small-scale mining, manufacturing, logging, sawmilling, tourism, transportation industry, or services to name a few. LEAP Inward Investment Facility (IIF) recognizes that potential investors need information on business opportunities. This series of Business Opportunity Profiles is intended to help investors identify viable opportunities in the various sectors. These profiles address generic issues such as the appropriate technology involved and where possible, potential markets, estimated investment and production costs. However they are not intended to be replacements for project feasibility studies. Selection of technology, financing plans, feasibility studies and other related issues remain the responsibility of the investor.

REGION 10
Region 10 is the logical hub for Guyanas development. With an area of over 16,835sq.km (6,500sq.miles) it is centrally located and contiguous to most other administrative regions. It has abundant land and natural resources, and is the natural gateway into the hinterlands forest and mineral reserves. Boasting excellent river and road transport links out to the coast, it is also the natural choice for Atlanticbound South American trade. Besides the town of Linden there are significant communities in Coomacka, Old England, Great Falls, Rockstone, Anarika, Mabura, Ituni, Aroima and Kwakwani. At present, the main economic activities are mining, logging, agriculture, fishing, transportation and distribution along with manufacturing and construction.

THE TOWN OF LINDEN

Linden, with a population of approximately 30,0001 is the Regions main population centre and is located inland from the coast, 107km (66miles) from the capital city Georgetown. Spread over an area of 142sq.km (55sq.miles), the town is situated on the two banks of the Demerara River. Originally a mining town, whose economy had been based on the bauxite industry, the town is redefining itself as a key port of call in and out of the hinterland. Aware that the time of the Bauxite economy is over, the population is increasingly involved in small business activities like merchandising, furniture manufacture, and construction, thereby transforming the town into a centre for industrial

Census 2000 Statistical Bureau

and service activities. Linden is also a supply centre for hinterland communities and itinerant miners. Some of its specific strengths are: The size and layout of the town lends itself to easy manageability of its resources. There is a well developed network of utility services including stable electric power, water supply and telecommunication services. The town itself possesses abundant natural potential in mineral and forest resources in its immediate environs, and land is available for potential development. The location of the town on both banks of the Demerara River provides for easy transportation arrangements and lends itself to development of an entrept facility for Atlantic-bound Brazilian goods. Linden has an essentially young population with 85% of its residents under 45 yrs. Linden-based Industries are less prone to natural disasters than those along the coastal areas.

BUSINESS ENVIRONMENT
The Government of Guyana has approved various general and sectoral incentives as part of its comprehensive strategy aimed at reviving the economic fortunes of Region 10. These incentives can be found in: Customs (Amendment) Act No. 6 of 1999, Investment Act No. 1 of 2004 Customs Duties (Amendment) (No.1) Order 2004.

Special Incentives for Region 10 and specifically for Linden, Ituni and Kwakwani are:
Waiver of Customs duties and Consumption taxes on all imported items of plant, machinery, equipment and spare parts. For manufacturing and agricultural investments, waiver of Customs duties and Consumption taxes on vehicles imported exclusively for use in the business.

EXECUTIVE SUMMARY
Worldwide ducks are increasingly being reared as viable alternatives to chicken as poultry meat. These are raised under a wide variety of conditions, ranging from backyard scavenger type operations where the birds forage for scraps and feed to large commercial duck farms. There are highly intensive modern commercial duck producing systems particularly in North America. Regardless of the category of duck keeping however, there are some basic requirements in duck farming: 1. 2. Protection from extremes in weather conditions and predators. A clean, dry sheltered area. Although ducks can spend most of their time outdoors, on ponds or in wet areas, they require a clean dry sheltered area where they can retreat, rest, clean and preen their feathers. This allows them to waterproof their plumage, which protects their skin from injury and helps keep their body warm. Clean water for drinking, i.e. water that is free of germs and toxins harmful to ducks. Water for swimming is not essential, but can be beneficial in areas where temperatures are high. A diet that provides all of the duck's daily nutritional needs. Adequate light stimulation, especially for layers. Protection from disease established and maintained by a bio-security program that will prevent the introduction of diseases into the premises where ducks are kept.

3. 4. 5. 6.

Demand & Market Potential In keeping with an international trend, local consumption of duck meat has increased significantly in recent years, only the non-availability of the meat and its consequent high price keeping it out of the reach of many, as it is nearly twice the price of chicken. There are a few duck farms on the coast and these cater to the coastal and Georgetown markets. No farms exist in the Region 10 area that can cater to the demands of hinterland communities. An operation that can supply the meats at prices that make it comparable to chicken will capitalize on the high local demand for the product. This project predicates sales at wholesale chicken prices that put the meat at the reach of the average buyer. Advantages to investing in this industry: Good average returns on investment over the life of the project. Recovery of investment less than 5 years Year round availability of cheap feed materials. Linden has the lowest cost of commercial electricity in the country. The labour involved is not expensive, as it is mostly unskilled and widely available. There are additional government incentives for agro-processing operations.

A duck farming operation may be set up for as little as $2 million. A full feasibility study will be required prior to startup to determine actual startup costs, working capital and financing requirements etc.

THE OPPORTUNITY:

DUCK FARMING

In recent years worldwide consumption of duck meat and eggs has increased steadily. Locally as well, whole festivals and competitions are arranged around duck consumption. Duck farms are still few in number and those that exist cater to the demands of the coastal communities and the capital city Georgetown. Hinterland communities are completely unserved by any suppliers local or foreign. An excellent opportunity exists for establishing farms that can meet potential and actual demands for this increasingly popular meat. Worldwide experience has shown that almost anyone can rear a few ducks successfully as these are hardier fowl than chickens, and duck farming is increasingly employed as an alternative occupation for low-income people around the world. Duck farming is undertaken mainly for meat production since the eggs that have a higher level of cholesterol than chicken eggs, are an acquired taste. Though there are about 50 species of these short-legged water birds with webbed feet and flattened bills, (which also includes the larger geese and swans) the most popular species in the tropics are the mallard, muscovy, peking, shelduck, and shoveler, the most common being the muscovy which originated in South America and the peking which originated in China. There are numerous species of the muscovy, which is also known as the common duck, but many commercial duck industries worldwide use the peking duck that has a better feed-conversion ratio and is therefore more profitable for commercial duck farming. Crosses between the muscovy and the peking grow faster than both parents but are called mule ducks because they are unable to reproduce. Although the fattening of ducks can be undertaken with minimum training and experience, effective breeding of ducks requires a fair amount of practical experience in duck rearing. A labour force of two [2] permanent workers is required for a fattening unit of 1000 to 1500 ducks. Linden has no local duck farms and there are none to serve the hinterland communities. The area has all the requirements for successful poultry fowl production, as witnessed by the numerous poultry farmers in the area. It is an excellent area of business in which to invest. As with all livestock there are dangers and risks involved but once reasonable care is taken to ensure good husbandry practices, ducks are an assured investment. Ducks can either be sold live or plucked, the latter being the preferred delivery method.
Yield Since the yields of the different types of duck vary widely, the choices are essentially between the peking and the muscovy. In terms of feed conversion efficiency the peking is a better commercial item but as some consumers prefer the lower fat level of the muscovy, it may be profitable to offer the local market some quantity of the latter.

PRODUCTION TECHNOLOGY OF DUCK FARMING

The peking duck reaches market size at the end of eight (8) weeks whereas the muscovy reaches market size at the end of twelve (12) weeks. The peking duck has a better feed-conversion ratio and is therefore more profitable for commercial duck farming. However, its fat content is higher than the muscovy and there is often a higher demand for the muscovy because of its leaner (and also tougher) meat. The main disadvantage of the muscovy duck is that after its optimum growing period of twelve (12) weeks, the females that may account for about 50% of the flock, weighs substantially less than the male. Although the fattening of ducks can be undertaken with minimum training and experience, effective breeding of ducks requires a fair amount of practical experience in duck rearing. A labour force of two [2] permanent workers is required for a fattening unit of 1000 to 1500 ducks. Commercial duck housing is usually one of two types: total confinement and semiconfinement. Modern total-confinement housing is usually of the clear-span-truss construction, well insulated and mechanically ventilated. Age groups are kept isolated, either in separate buildings or in separate rooms with solid partitions between them. Floor design is usually one of two types: all wire mesh; or a combination of litter and wire mesh with waterers located on the wire. Ventilation systems are usually the negative pressure type with adjustable or automatically controlled air inlets and exhaust fans located along the sidewalls. And because waterfowl typically drink and excrete more water than land fowl, extra demand is placed on the ventilation and heating system to remove the extra moisture and maintain proper temperatures. The advice of an agricultural engineer or experienced agriculture extension worker, who is familiar with duck housing, is very helpful when designing buildings. When properly designed and managed, modern duck housing provides ducks with a high degree of protection from the detrimental effects of extremes in weather and entry of duck diseases. The ability to exclude wild birds from buildings is alone a large factor in preventing the introduction and spread of diseases. In addition to allowing year-round production and marketing at an earlier age, benefits include improved feed conversion and more predictable and usually better weight gain. Semi-confinement duck housing is similar to the above in many respects with the exception that ducks over 2-3 weeks of age are allowed outdoors during the day. Ducks over 4 weeks of age may spend much of their time outdoors with minimal use of shelter. The production system common in tropical countries is semi confinement as the ducks are fed on ration indoors for part of the day and, and then allowed a period of time out doors to forage for additional food. Similarly to full confinement systems, care must be taken to ensure that free ranging exposure does not lead to their contracting any of a wide range of infectious and non-infectious diseases. The experience of duck farmers in other tropical countries, particularly the Far East, is that serious losses can result if ducks

are left to forage in semi-scavenging style in and around backyards, rice and paddy fields, lakes, mined-out ponds, canals and streams where they are prone to contracting viral, bacterial, fungal and parasitic diseases. Commercial farming demands stricter control of the husbandry involved in duck rearing to eliminate the losses due to multiple and complex infections which lead to both high mortality and low yields. Ducks scavenging feeding habits make them particularly susceptible to endoparasites (worms) as well as paratyphoid, botulism and coccidiosis. Aspergillosis which is a serious respiratory problem for ducklings is encouraged by mouldy environments and feeds; pasteurellosis, a form of cholera, which cause severe economic losses in ducks is spread by loose control of birds and consequent cross-contamination without vaccinations. Nutrient requirements of ducks Though ducks are hardy birds and will survive, and even appear to thrive, on scavenging diets common in backyard operations, commercial production requires scientific approaches to optimise yields. Attention has to be paid to energy requirements (they are active birds much more so than chickens) protein and mineral / vitamin requirements, resistance to diseases and allergies, and nutrition related ailments. Essentially they require the same nutrients as chickens, but in slightly different amounts, particularly in terms of the ratio of each nutrient to the energy concentration of the diet, but they can be raised acceptably on poultry ration. However as requirements more closely tailored to ducks, and even to each particular breed, are available, these are usually preferred by commercial duck producers. Because correct nutrient levels for a particular ration depend on the energy level of that ration (ducks eat progressively more feed as the energy level is lowered and progressively less as it is raised), each type of ration, high or low energy can be calculated using widely available nutrient / energy ratios. Once the activity is on a commercial basis there are a number of choices of feeding practices: (1) If feeds are available and affordable, farmers should purchase nutritionally complete commercially prepared duck feeds. If duck rations are not available, and chicken feeds are, they will serve as a satisfactory substitute. (2) If poultry feed concentrates, which when fed with additional grain constitute a nutritionally complete diet, are available at a reasonable price, this may be a good option. The grain can be purchased from rice farmers and the wheat milling company. (3) For those with sufficient knowledge of nutrition and feed formulation, complete duck rations may be mixed on the farm. This approach is dependent upon the availability of feed ingredients and vitamin and mineral premixes at affordable prices. Small batches can be mixed by turning the feed on a clean floor with a shovel. Energy Like chickens, ducks have simple stomachs, and therefore cannot digest appreciable amounts of dietary fiber (cellulose, lignin). In contrast to chickens, however, ducks over 4 weeks of age have an exceptional capacity to consume large quantities of foodstuffs.

When such foodstuffs contain even small amounts of available energy, ducks may be able to consume enough of such foodstuffs to partially or even fully meet their energy requirements. Generally, however, ducks grown for meat are more likely to attain optimal performance when their diet contains a high proportion of cereal grains that are high in available energy such as corn. Such diets will also result in better feed-conversion (less feed required to produce a pound of duck). However when low energy foodstuffs, such as cereal by-products, are available at favorable prices, they can be incorporated into duck rations at fairly high levels, so long as the ration is well balanced. Protein Ducks, like other poultry, do not actually require "protein" but the individual amino acids dietary proteins contain. The proteins in the diet are broken down during digestion to amino acids that are absorbed and used by the duck to make its own body proteins, such as those in muscle and feathers. Certain of these, called essential amino acids, must be supplied in the diet because the duck cannot make them from other sources. When formulating feeds for ducks, primary attention is paid to meeting the ducks essential amino acid requirements. Protein levels that meet the ducks amino acid requirements may vary slightly, depending upon the amino acid content of the ingredients used in each formulation. Minerals and vitamins Close attention should be paid to calcium, phosphorus and sodium. Note that the phosphorus requirement is expressed in terms of available phosphorus. A large amount of the phosphorus in plants is bound in the form of phytic acid that is unavailable to ducks and other fowl. A rule of thumb used by nutritionists is that only about 1/3 of the phosphorus in foodstuffs of plant origin (cereal grains, soybean meal etc.) is available to poultry. Close to 100% of the phosphorus in inorganic (mineral) sources such as dicalcium phosphate is available. If a duck producer mixes his own feed, the simplest way, and often the most economical as well, is to add vitamins and trace minerals in the form of commercially prepared premixes. If it is not possible to use prepared premixes, the next best choice is to purchase the vitamin and mineral sources and make your own premixes. If neither of the above choices are feasible, it will be necessary to include foodstuffs, high in the vitamins and minerals that are lacking, in the ration. Books on duck and poultry nutrition provide helpful advice for preparing vitamin and mineral mixes. Feed quality and toxicity Some feed ingredients contain substances that are toxic to ducks, and should not be included in duck rations. Peanut meal is often contaminated with aflatoxin, a toxin to which ducks are highly sensitive and should not be used unless tests have proven it to be free of aflatoxin. Rapeseed meal is another feedstuff that is potentially toxic to ducks. Some older varieties of rapeseed meal contain erucic acid and goitrogens at levels high enough to be harmful to poultry. Ducks are much more sensitive to erucic acid than are chickens and turkeys. Genetically improved varieties of rapeseed (Canola) contain much lower levels of these toxins.

One of the most common causes of poor feed quality is failure to dry grains and other feedstuffs properly before storage. If grains that are too high in moisture are stored, without turning or aeration, the grain will heat up and mold and some of its nutritive value will be destroyed. Make sure that the grains and other foodstuffs used in duck feeds are properly dried and are free of molds and other contamination. If table scraps, bakery waste, wet mash or other feeds high in moisture are fed, feed only what ducks will clean up in a day. If such feed remains in troughs longer, it will likely become moldy. Feedstuffs that are to be stored for long periods should contain no more than 10-12% moisture. Water Plenty of clean drinking water should be available to ducks at least 8-12 hours per day. In some management systems it is advantageous to shut off feed and water at night to help maintain litter inside buildings in a dry condition. This applies to breeder ducks or market ducks over 3 weeks of age. If done properly, this practice is not harmful and has no effect on performance during periods of moderate temperatures. During periods when temperatures are above 32 (90 drinking water should be available in the evening C F), until the temperature has dropped below 27C (80 or else made available all night. F), Though ducks do not require water for swimming in order to grow and reproduce normally, it has been shown that they benefit from being able to wade around. Thus, especially in hot climates like ours, providing some water for wading or swimming can be beneficial. Ducks can expel excess heat through their bill and feet when allowed contact with water that is appreciably below their body temperature 41.7C (107 F). Water temperatures of 10-21C (50-70 are ideal for ducks. The more critical issue regarding F) the need for water has to do with the feeding of pelleted feeds. Mash or Pellets It is a well established fact that ducks grow faster, and utilize their feed more efficiently, when fed pelleted rations than when their feed is in mash form. Pelleting all duck rations is common practice in commercial duck production. The problem with feeding dry mash to ducks is that it forms a sticky paste when mixed with saliva, which cakes and accumulates on the outer ridges of the mouth. In attempting to free their bills of caked feed, ducks make frequent trips to water to wash their bills, causing feed wastage. Feeding mash also reduces feed intake, and in the case of market ducks, reduces their growth rate. For small flock owners who are not able to pellet their duck feeds, one solution to the problems of feeding dry mash is to feed wet mash. Enough water is mixed with the mash just before to form a thick mush without making it watery, taking care to mix only what ducks will clean up within a day. Phases of Duck rearing There are three phases in the production process as follows: (1) (2) (3) Breeding and Hatching Brooding Growing/Fattening

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Breeding / Hatching Breeding stock is usually chosen from fattening stock at 7 to 8 weeks old, selection being based on those that have the best weight and vigor at that age. Ratio of 1 drake to 4 hens. Up to 500 breeders can be kept together but smaller flocks of 50 to 100 produce a higher percentage of fertile eggs. Each breeding duck requires a pen space of 0. 33m (3 sq.ft.) and yard space of 1.0m (11 sq.ft.) for foraging. The peking is sexually mature in 5 months, and is a nervous setter that lays up to 130 eggs per year. The muscovy is sexually mature in 6 months, but is a calm setter that will lay up to 200 eggs per year. Typical requirements are: Type of feed: 16% to 17% protein and 2.75% calcium Simple nest boxes 0.3m x 0.3m x 0.4m [height] (12x12x 15) should be constructed in long rows. Drakes for breeding should replaced from outside of flock to prevent inbreeding that may lead to reduced fertility. On large farms eggs are usually incubated artificially but on most small farms, eggs are naturally incubated. Brooding Requirements Move ducklings from breeder pen to brooding pen as soon as possible keeping ducklings warm at an average room temperature of 28-30 (82-86 C F). Curtains made out of industrial plastic, sacking or cardboard can be used to protect the ducklings from strong winds. Also, though ducks are nocturnal and can find feed and water in the dark, artificial light is important the first few days to assist ducklings in getting started drinking and eating, and it is recommended that some supplemental light is provided for at least the first 2 to 3 weeks. Space required for each duckling is 0.1m (1 sq.ft.) and a maximum of 500 ducklings should be kept together as this helps in reducing mortality rates. Adequate litter must be provided on floor. Ducklings are fed a high-energy starter with 20 crude proteins until two [2] weeks old. Growing / Fattening In practice many farmers undertake the brooding and fattening phases in the same pen where 0.1m (1 sq.ft.) living space and 0.2m (2 sq.ft.) yard space is required per duck. In practice, most farmers feed ad lib but the feed conversion ratio should not exceed 3:1. Note that the peking reaches market size at the end of 8 weeks with an average market weight of 3.0kg (6lb9oz), while the muscovy reaches market size at the end of 12 weeks. The average weight of the muscovy female is 2.5kg (5lb8oz) and the male is 4.3kg (9lb8oz). Adequate litter must be provided on floor and pens should be cleaned, disinfected and rested 5 to 7 days between batches to help in preventing diseases. It is best to provide clean drinking water each day for all ducks.

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REQUIREMENTS FOR DUCK FARMING

Some of the critical factors for setting up of a duck farming enterprise are:

1. Location and Layout

A duck farm usually comprises pens, yard space for foraging and ponds / water troughs for swimming. While the latter is optional because ducks can survive without water for swimming, experience has shown that the presence of ponds / troughs help to maintain ducks in healthier condition. Yards should slope gently away from the pens to provide good drainage. Ponds/water troughs should be located at the end of the yard opposite the pens. Pens should be constructed in an East West direction to protect the birds from direct sunrays and reduce the amount of rain that can be blown into the pens.

2. Building
While duck houses or shelters for small flocks usually do not require mechanical ventilation as used in large commercial duck buildings, some forced air ventilation may be necessary when ducks are kept in a house enclosed on all sides. Ventilation systems for ducks should deliver a minimum of 0.2 cfm/lb duck weight at .05 inches (water gauge) static pressure and a maximum ventilation rate (when temperatures are above the desired point) of 0.8 cfm/lb duck weight at .02 inches static pressure. Proper ventilation of commercial duck buildings requires the expertise of an agricultural engineer or someone with knowledge and experience in designing and ventilating poultry buildings. For smaller operations such as that being considered, duck pens can be constructed with galvanized roofs supported by cheap hardwood posts and fenced with chain link wire. A finer mesh wire should be placed along the perimeter of the fence, from the floor up to 0.5m (20) in height for added protection from predators. The height of the pen should be at least 1.8m (510) for proper air circulation. It is highly recommended that appropriate fencing from theft and security surveillance be implemented.

3. Electrical supply
The pen buildings should be wired appropriately to provide artificial lighting for young birds and power for the plucking equipment that is typically electrically operated as well as on-site refrigeration storage of plucked birds. Certified electrical contractors many of who are available in Linden should be employed to install appropriate supply wiring based on the needs of the operation.

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4. Equipment
1. Most feeders used for other poultry are satisfactory for ducks, provided sufficient room is allowed for the larger bill of ducks and their "shoveling" eating motion. Providing an apron in front of the feeding area, for catching feed that is dropped or billed out, will reduce feed wastage. 2. Waterers designed for chickens and turkeys are usually satisfactory for ducks, as long as the size of the duck's bill is considered. Trough, can or jar-type waterers can be used so long as the drinking area is wide enough (at least 4 cm / 1) for the duck to submerge its bill. If waterers are located indoors where the floor is bedded with litter, they should be located on a wire-mesh screen to reduce wetting of the litter. 3. Plucking machine (manually operated). 4. Hand tools such as paring knives used in slaughtering. 5. Stainless Steel buckets and other containers for providing water, feed etc.

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ANNUAL FINANCIAL PROJECTIONS

The assumption is made that the common muscovy duck will be the bird of choice initially since its leaner meat should appeal to more health conscious persons who increasingly eschew fats in meat diets. Four batches of ducks per year (1500 per batch) will be produced at a very conservative expected survival rate of 90 %. The yields will be 1:1 male (drakes) to female (hens) with average weights of 4.0 kg and 2.3kg from a feed conversion ratio of 3:1. It should be noted that the actual choice of bird will be farmerdetermined at the time of the investment based on prevailing market forces. The peking duck will offer significantly better returns than the muscovy due to its better feed conversion ratio and the shorter time it takes to mature. Input: Output: Day old ducklings Hens: Drakes: @ $150 1,553kg 2,700kg 4,253kg

750 x 90% x 2.3kg 750 x 90% x 4.0kg

Total weight per batch Wholesale Price: Total revenues per batch: $440 / kg $1,871,320

Average feed cost per kg of body weight: $50 / kg Total acquisition costs per batch: Feed Cost: Hens: Drakes: 750 x 6.9kg x $50 750 x 12kg x $50 $225,000 $258,750 $450 000 $933,750 50% / $937,570

Total cost per batch: Average margin per batch:

Investment Year 1 Revenues Expenditure Net Profit Breakeven Point Breakeven Break even point Period Percentage Sales

$2,050,000

$7,485,280 $5,261,000 $2,224,280 4 months 38% $2,885,600 14

Break even point

Production

6,490 units

The major capital and operational items associated with this level of operations are: Investment Items Land and buildings Equipment & machinery Working capital for 3 months Total capital investment Receipts per annum Cost of production per annum Annual Fixed costs Profit per annum Break Even point Rate of Return Labour Manager salary $35,000/ mth, $105,000 per batch 2 labourers / farm hands @ $6,000/ wk Total labor cost $144,000 per batch. Inputs Ducklings Feed costs Medication Litter Other Considerations Transportation Depreciation 10yr Miscellaneous 100,000 205,000 75,000 420,000 576,000 900,000 2,835.000 50,000 100,000 1,100,000 350,000 600,000 2,050,000 7,485,280 3,885,000 1,376,000 2,224,280 38% 109%

Supplementary expenses (many semi-variable) will include provisions for Lease of land, Water supply, Electricity, Insurance, Licenses and Permits but will depends on options such as location and proximity to natural water supplies such as creeks etc, and choices of natural or forced air ventilation with implications for use of electrical fans etc. and whether or not the investor chooses insurance and at what level. These additional expenses are directly deductible from the margins indicated above. And if chosen, will directly affect breakeven and rate of return calculations.

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FINANCING SOURCES
The following are some of the funding sources from which a borrower may access financing for an operation of this nature, either singly or in combination. The Linden Economic Advancement Fund (LEAF) provides financing for Region 10 projects. Small Business Development Trust Institute of Private Enterprise Development National Bank of Industry and Commerce Citizens Bank

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