Access Community Capital Fund – Business Loans
Description:
The Business Loans provide affordable loans plus free business coaching services.
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.
Eligibility:
Applicants must:
Business loans cannot be used to pay off debt.
Applications Steps:
Documentation Needed:
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.;
- Resume.
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.
Program Contact:
When It Ends:
Ongoing
Deadline:
Rolling deadline