Comments on Funding:
Funding is a loan between $2,500 and $20,000 for new and existing businesses.
Loan terms and conditions:
- 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.
- The loan will be for a maximum term of 36 months at a minimum interest of prime (Bank of Canada) rate for existing business.
- 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.
- First three month’s payments are deferred for existing businesses.
- Loans are repayable in full at any time without penalty.
New businesses must attach to their application:
Existing businesses applicants must submit their completed application form, including: