Amount:

$600,000

Type of Program:

Loan


Description:

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:

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.
  • between $300,000 and $600,000 for Larger Business Loans.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The Applicant must:

  • be either an existing small business owner wanting to expand his business or an entrepreneur wanting to start a business in the LaCloche Manitoulin region;
  • be unable to secure funding from traditional sources;
  • have sufficient security against the strength of their business plan.

Documentation Needed:

Existing businesses must submit:

  1. 1
    Municipal Tax Certificate showing taxes are current; 
  2. 2
    Proof of Payment of Government remittances; 
  3. 3
    Statement 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:

  1. 1
    Serial numbers, registration, VIN numbers presented for verification; 
  2. 2
    Property mortgage(s). Survey or title insurance must be provided;
  3. 3
    Report from CPIC (Canada Police Information Centre);
  4. 4
    Creditor Loan Life Insurance.
  5. 5
    The 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.

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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