LaCloche Manitoulin Business Assistance Corporation – Access to Capital Program
Description:
LAMBAC offers small business loans of up to $300,000 to any one business. In its loan decisions LAMBAC balances sufficient security against the strength of business plan.
LAMBAC has several loan programs to meet business needs:
1. Micro-loan Program;
2. Standard Business Loan Program.
Comments on Funding:
Funding is:
– up to $10,000 for Micro Loans, repayable over 36 months;
– between $10,000 and $300,000 for Standard Business Loan Program. Currently the business interest rate is 7% including life insurance. All LAMBAC business loans are open and can be re-paid without penalty at any time.
Eligibility:
The applicant must:
Applications Steps:
Applicants must complete and submit the application form and supporting documentation.
Documentation Needed:
Existing businesses must submit:
Applicants with approved loans, will be expected to supply / comply with some or all of the following, depending on their particular applications:
Program Contact:
When It Ends:
Ongoing
Deadline:
Rolling deadline