Comments on Funding:
Funding will take the form of a loan between $10,000 and $25,000.
Loan terms and conditions:
- Fees and interest rates: Prime +3%
- The administration fee is $100 (once approved; can be deducted from loan proceeds)
- Interest only up to 12 months;
- Repayment terms: up to 5 years.
Eligible Businesses must be majority black owned. Where there are multiple shareholders: majority shareholdings and voting rights are to favor a black majority of no less than 51%.
Applicants must submit:
- detailed business plan;
- 24 months projected cashflow;
- business registration;
- up to date personal statement of affairs;
- up to date t1 and t2 income tax returns with notice of assessments;
- up to date historical financial statements.
Other Things to Note:
Link it to ISED’s Black Entrepreneurship Program: Black Entrepreneurship Loan Fund entry. It provides a few additional details and the program is available just in Ontario and British Columbia..