Comments on Funding:
Funding will take the form of an additional credit line up to $500,000.
Loan terms and conditions:
- term: 24-months;
- costs: an interest rate of Prime +1% and no fees;
- secured by general security agreements or universal movable hypothec (Québec only).
contact their local local office or the Customer Service Centre at 1-888-332-3301 for more information;
Normal lending due diligence will be taken on all applications.
- generate a net worth statement,
- collect past three years of tax returns or accountant-prepared financial statements,
- gather recent pay stubs or written employer verification for off-farm income (if applicable),
- bring government-issued photo ID (drivers license, passport),
- collect shareholder agreements (if any),
- assemble copies of existing operating loan agreements
- build a business and marketing plan,
- prepare and maintain a cash flow budget.
Other Things to Note:
This program is still present on their home page, so I considered it ongoing, though it is not mentioned in the Financing tab. There are the same details as last year. Check with FCC if the program is still running.