Maurice
Posted: January 21, 2022
  • This program is currently closed.

Amount:

$5,000

Type of Program:

Loan


Description:

Impact Loan offers financing of up to $5,000 to local enterprises that want to start or grow their business.

Comments on Funding:

Funding is up to $5,000, with the option of an additional $5,000 Step-Up Loan after one year. The yearly interest rate is Libro Credit Union’s Prime Rate + 2%.


When It Ends:

Currently closed

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • Be located in southwestern Ontario
  • Have difficulty obtaining traditional bank financing.

Applications Steps:

The Applicant must:

1

Meet with the coordinator to evaluate the business idea and eligibility. 

2

Gather required documents and complete a formal application. A credit check will also be performed.

3

Complete a formal business plan, as well as prepare to present his business idea.

4

Meet with Libro Credit Union staff to set up a business account and obtain the funds, if the loan is approved.

Documentation Needed:

Applicants must submit the following:

  • Financing application,
  • Business plan,
  • Their credit report,
  • Supporting documentation as required.

Other Things to Note:

Same status in January 2021 and January 2022: Due to COVID-19, we are currently not taking any new applications until further notice.

About the author 

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Ontario to identify and maximize government grants to grow their business.
Click here to learn more about Moe's background and how he can help your business.

Tags

You may also like

Research and Development Grants for Ontario Businesses (2021): 23 Government Incentives to Boost Your R&D

Research and Development Grants for Ontario Businesses (2021): 23 Government Incentives to Boost Your R&D
Success message!
Warning message!
Error message!