Grand Erie Business Centre – Express Loans

ByMaurice

Description:

Grand Erie Business Centre provides funding to new and existing small businesses that need capital between $2,500 and $20,000 for equipment, project costs or operating. Approval can be granted in as little as two business days for an Express Loan.

Comments on Funding:

Funding is a loan between $2,500 and $20,000 for new and existing businesses.

Loan terms and conditions:

  1. The loan will be for a maximum term of 36 months with competitive interest rates (a minimum interest of prime (Bank of Canada) rate for existing businesses and an interest rate between prime (Bank of Canada) plus 4% to 9% for new businesses.
  2. The loan will be for a maximum term of 36 months at a minimum interest of prime (Bank of Canada) rate for existing business.
  3. Security for the loan may consist of: a personal guarantee, promissory note, real property mortgage/assignment of insurance, general security agreement, business assets, and/or assignment of life insurance.
  4. First three month’s payments are deferred for existing businesses.
  5. Loans are repayable in full at any time without penalty.

Eligibility:

Applicants must:

  • be new or existing small businesses;
  • be in the Grand Erie Business Centre’s service area (Haldimand County and the Township of West Lincoln);
  • need capital between $2,500 and $20,000 for equipment, project costs or operating.

Applications Steps:

Applicants must:

1

fill out the appropriate application form (for new or existing businesses);

2

download the application form and save them in order to include the applicant’s signature.

Documentation Needed:

New businesses must attach to their application:

  • a Mission Statement including goals and objectives for the first 2 years of operation;
  • a SWOT Analysis – Strengths, Weaknesses, Opportunities and Threats;
  • a marketing plan demonstrating the strategies, tactics, tools and channels they will use;
  • Projected Cash flow/Revenue projections for the first 2 years of business.

Existing businesses applicants must submit their completed application form, including:

  • a Business Plan;
  • a Financial Statement or Projections.

Program Contact:

EXPRESS LOANS

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.

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