Comments on Funding:
Funding is up to $250,000.
Loan terms and conditions:
- Interest rates are prime plus 2.0% plus a risk premium based on Community Futures Oxford’s evaluation of the application, business plan, cash flow forecast, and pledged security.
- An application fee of 1.0% is due upon loan approval.
- Repayment terms are very flexible and are negotiated in the best interest of the business. All loans are open for prepayment without penalty.
complete their Business Loan Application, make a copy for their records and return the original to Community Futures Oxford;
Completed Business Loan Application along with the business plan will be reviewed by the General Manager. Eligible proposals will be submitted to Community Futures Oxford’s loan review committee to determine whether the loan will be recommended for approval. Approved applications must receive final authorization from Community Futures Oxford’s Board of Directors and applicants will be notified following the Board meeting of the decision regarding their application.
Applicants must submit a completed application package including:
- the Business Loan Application;
- a business plan describing the new business, expansion, purchase or restructuring plans. The business plan should also include at minimum a 2-year Profit and Loss forecast and Cash Flow (if applicable). Any format is acceptable as long as it clearly explains how the business will succeed.
- the last 3 years financials of the business, if an existing business.
- a Personal Statement of Net Worth (PSONW) form for each owner or shareholder.
Other Things to Note:
Priority Sectors extracted from the Oxford County website and from the Future Oxford Community Sustainability Plan (http://www.futureoxford.ca/General/SustainabilityPlan/index.htm).