Comments on Funding:
Initial funding is up to $5,000. If additional funding is needed, after paying off the first loan in good standing, a small business can apply for up to $10,000. For a foreign credential recognition loan, the applicant can borrow up to $15,000 for career-related expenses.
Our interest rates are prime plus 1.25% for business loans. Prime is the standard rate which banks charge, which can change and affect the overall interest rate.
There is a one-time administrative fee of 5% added to business loans at the time of disbursal.
Applicants may be charged additional fees for paying your loan late.
Business loans cannot be used to pay off debt.
All clients will need to open an Alterna Savings account to receive the funds, which also has a small fee to open ($15), similar to most bank accounts.
Applicants must submit:
- Proof of income, e.g. copy of pay stub;
- Credit report and score from Equifax or TransUnion;
- Notice of Assessment from Canada Revenue Agency;
- Business Plan and Cash Flow Projections;
- Business registration, if registered;
- Two pieces of valid photo ID (e.g. Driver’s Licence, Passport or Immigration Documents);
- Proof of residence, .e.g. utility bill, bank statement etc.;
Other Things to Note:
Access Community Capital Fund is a registered Canadian Charity based in Toronto that provides microloans and supports to individuals working towards improving their economic livelihood.