Comments on Funding:
The applicant will pay interest and other fees, if applicable.
Applicants must be:
- 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 (if applicable),
- build a business and marketing plan,
- prepare and maintain a cash flow budget.
Other documentation might be required to prove the Indigenous status.
Other Things to Note:
Financial institutions deliver the program and are solely responsible for approving the loan. Once the decision is made to offer financing under the program, the financial institution will disburse the funds and register the loan with Innovation, Science and Economic Development Canada.
The cost associated with a CSBFP loan are: a 2% registration fee, a fixed or variable interest rate and other lender fees.