Type of Program:
LAMBAC offers small business loans of up to $300,000 to any one business.
Special business loans are available to larger businesses to a maximum of $600,000 through the North Eastern Ontario Investment Pool Network. LAMBAC as a member of this network can process such business loan application.
Comments on Funding:
When It Ends:
The Applicant must:
Existing businesses must submit:
- 1Municipal Tax Certificate showing taxes are current;
- 2Proof of Payment of Government remittances;
- 3Statement showing HST is current.
Applicants with approved loans, will be expected to supply / comply with some or all of the following, depending on their particular applications:
- 1Serial numbers, registration, VIN numbers presented for verification;
- 2Property mortgage(s). Survey or title insurance must be provided;
- 3Report from CPIC (Canada Police Information Centre);
- 4Creditor Loan Life Insurance.
- 5The spouse / partner of the applicant will be expected to sign all documents and will require Independent Legal Advice.
Other Things to Note:
The LaCloche Manitoulin Business Assistance Corporation (LAMBAC) is a community organization committed to supporting local businesses and promoting community economic development in the LaCloche Foothills and Manitoulin Island area.
The interest rate is mandated by FedNor to be at least the prime rate plus two percent, since as stated above our loans are geared to the needs of small businesses that have been unable to secure funding through conventional sources, and are therefore in a higher risk category.